July 23, 2018
Virk Hospitality, a Toronto, Ontario-based company that owns a hotel and conference centre, was placed in receivership on July 23 on application by the receiver of the Paramount Group. The company defaulted on its debt obligations and, as a result, a receivership proceeding has commenced in order to sell the underlying assets and repay approximately $32.0MM in secured debt due to the mortgage holders. Grant Thornton was appointed receiver. Chaitons is counsel to the applicant and receiver.