August 3, 2018
Union Waterfront, a Richmond Hill, Ontario-based corporation that owns two real properties located at 12 Lakeport Road and 16 Lock Street in St. Catharines, Ontario, was placed in receivership on August 3 on application by FirstOntario Credit Union, who provided the company with a $10.0MM business loan. On June 12, FirstOntario issued a formal demand on the company for payment of all outstanding indebtedness under the loan. The company failed to comply with this demand and did not offer any proposal to FirstOntario. msi Spergel (ICIN) was appointed receiver. Counsel is Scarfone Hawkins for the applicant and Simpson Wigle Law for the receiver.