August 3, 2021
Victoria Avenue North Holdings Inc., the legal owner of two medical office buildings in Hamilton, Ontario, had a receiver appointed over its assets on August 3, on application by American General Life Insurance Company and the National Union Fire Insurance Company of Pittsburgh, PA (collectively, the "Applicants"). On March 30, 2015, the Applicants advanced a loan to the company in the principal amount of $24.5 million to fund the purchase of the medical office buildings. As at June 30, 2021, the total amount of principal and interest outstanding on the loan was approximately $22.9 million. The company has failed to make a regularly scheduled payment under the loan since March 2020. KPMG was appointed receiver. Counsel is Blakes for the Applicants, Norton Rose for the receiver and Weisz Fell Kour for the company.