Union Waterfront

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.

Park Terrace Development

Park Terrace Development, a company owned by Harvey Ambrose that owns real property at 8923 Chippawa Creek Road, Niagara Falls, Ontario, had its property placed in receivership on August 2 on application by Romspen Investment, owed over $139.0MM. Rosen Goldberg was appointed receiver. Dickinson Wright is counsel to the applicant.

10148369 Canada

10148369 Canada, a Gatineau, Quebec-based company, filed for bankruptcy on August 2, listing $191.4M in liabilities, with majority of that amount owing to Scotiabank. Raymond Chabot is the bankruptcy trustee.

2546456 Ontario

2546456 Ontario, a Thornhill, Ontario-based company that owns a three-unit rental building located at 558 Dovercourt Road, Toronto, Ontario, had its property placed into receivership on July 30 on application by Money Gate Mortgage Investment Corporation, owed approximately $611.0M. When the mortgage was not paid on maturity, Money Gate issued a formal demand for repayment and a Notice of Intention to Enforce Security. Ira Smith Trustee & Receiver was appointed receiver. Steinberg Title Hope & Israel is counsel to the applicant.

Seaway Travel Centre

Seaway Travel Centre, a company whose principal asset is a property municipally known as 2690 Brookdale Avenue, Cornwall, Ontario, was placed in receivership on July 16 on application by Laurentian Bank. KSV Advisory was appointed receiver. Counsel is Chaitons for the applicant and Loopstra Nixon for the receiver.

211 Ivy Inc

211 Ivy Inc. a company whose primary asset is a six unit residential building municipally known as 211 Ivy Crescent in Ottawa, Ontario, was placed in receivership on July 9 on application by First National Financial, owed approximately $827.1M. The property was purchased in 2012 as a joint venture between Rashad Aumeerally, who was responsible for the day-to-day operations of the joint venture, and Michael Raymond Dube. A second and third mortgage were soon placed on the property without the knowledge or consent of First National. By October 2016, Ivy defaulted on the payments due under the First National mortgage. Dube, who provided the third mortgage, claimed that he had no knowledge of the second mortgage and only discovered in July 2017 that the First National mortgage was in default. He subsequently issued a statement of claim against his partner, alleging that he used the rent revenue from the property for his own personal use and/or in his other business ventures. Despite many promises, the first mortgage was not put in good standing and First National sought the appointment of a receiver to sell the property. MNP was appointed receiver. Counsel is Blaney McMurtry for the applicant, Merovitz Potechin for the company, Dickinson Wright for the receiver and SKS Law for Dube.

6974406 Canada

6974406 Canada, a Brownsburg-Chatham, Quebec-based company filed for bankruptcy on June 26, listing approximately $1.1MM in liabilities. Raymond Chabot is the bankruptcy trustee.

Corner Equipment

Corner Equipment, a Carroll, Manitoba-based company that carries on the business of sales, leasing, rental and service of new and used agricultural machinery and equipment, filed an NOI on June 15, listing $10.0MM in liabilities, including $2.4MM to Farm Credit Canada ("FCC") and $1.5MM to the National Bank of Canada. Part of the reason for the company's desire to seek creditor protection is the fact that FCC, one of the company's floor plan lenders, has taken the position that the company is out of trust with respect to certain equipment sold. Another factor that contributed to the company's financial difficulties is a clear trend of acquiring used equipment at unprofitable valuations. On July 11, the company received an extension of time within which it may file a proposal. While a sale on a going concern basis as well as payment of unsecured creditors are both highly unlikely at this point, an orderly wind down will benefit some of the company's secured lenders. PwC is the proposal trustee. Counsel is Tapper Cuddy for the company, Taylor McCaffrey for FCC and MLT Aikins for the National Bank of Canada.

VI Fitness Centres Inc.

VI Fitness Centres Inc., a British Columbia-based fitness chain with eight locations on Vancouver Island, filed for bankruptcy on May 1, listing $5.7MM in liabilities. The company went through financial difficulties due to increased competition and could no longer sustain the operating loss. The Bowra Group Inc. is the Licensed Insolvency Trustee.

6998674 Canada

6998674 Canada, a Rouyn-Noranda, Quebec-based company, filed for bankruptcy on April 27, listing $67.6M in liabilities, including $30.0M to CRA. Raymond Chabot is the bankruptcy trustee.