Alvaro Developers Inc. et al.

Alvaro Developers Inc. et al., the developers of a residential development comprising 10 townhomes and two condominium units in Calgary, Alberta, were placed in receivership on December 6, on application by Bancorp Financial Services Inc. and certain related entities (collectively, "Bancorp"), owed approximately $4.7 million as at August 19. In 2019, Bancorp advanced a $5.35 million loan to the company as first mortgage construction financing for the development. The company first defaulted on the loan in August 2021, and has since defaulted on a forbearance agreement, including by failing to make payment when due, permitting charges to be registered against the development, permitting substantial property tax arrears to accrue and failing to pay insurance premiums on the development. In September 2022, construction on the development halted. The fencing surrounding the development has been compromised, in part due to the company's failure to pay the fencing company, leading to individuals seeking shelter in the parkade and completed units. There is an accepted offer from 1188716 B.C. Ltd. to purchase the development. However, clear title could not be conveyed without a court order on account of the registered charges. A&M was appointed receiver. Counsel is Torys for the receiver and Fasken for Bancorp. By Dina Milivojevic

Northern Citadel Capital Inc., One8One Davenport Inc. and 181 Davenport Retail Inc.

Northern Citadel Capital Inc., One8One Davenport Inc. and 181 Davenport Retail Inc., companies involved in the development of a condominium project at 181 Davenport Road in Toronto, Ontario, were placed in receivership on October 31, on application by PwC as the receiver of Bridging Finance Inc. and certain related entities (collectively, “Bridging”). In December 2014, Bridging provided a loan to the companies, which has been amended and restated on various occasions. As at June 2022, approximately $55 million is owing under the loan. PwC as the receiver of Bridging made a demand on the loan, but it has not been repaid. In addition, PwC has significant concerns regarding various transactions involving the companies and the former principals of Bridging, including various alleged conflicts of interest and potentially improper uses of the loan. Richter was appointed receiver. Counsel is Osler for the receiver, TGF for PwC as the receiver of Bridging, Henein Hutchinson for the companies and Lax O'Sullivan for Mizrahi Inc. and 2495159 Ontario Inc. By Dina Milivojevic

Concept Lofts Ltd.

Concept Lofts Ltd., the owner of a property municipally known as 1183 Dufferin Street, Toronto (the "Property"), a church converted to a residential condominium project, had an interim receiver appointed over the Property on October 21, on application by Owemanco Mortgage Holding Corporation, a secured creditor owed approximately $6.7 million. Construction on the Property is substantially complete. The loans have been in financial default since September 7, and the defaults have not been cured. In addition, on October 14, it became apparent that the Property is uninsured. Accordingly, Owemanco sought the urgent appointment of an interim receiver to take possession of the Property and insure it. Rosen Goldberg was appointed interim receiver. Counsel is Dickinson Wright for Owemanco. By Dina Milivojevic

Cutting Edge Precision Services ULC, Proper Windsor Holdings ULC and SGM Real Estate Holdings ULC

Cutting Edge Precision Services ULC, Proper Windsor Holdings ULC and SGM Real Estate Holdings ULC, an Oldcastle, Ontario-based group of companies, were placed in a limited receivership on October 12, on application by TD Bank, owed in excess of CDN$3.6 million and US$265,000. Cutting Edge carries on business as a designer and manufacturer of tooling and plastic injection molding services, while Proper Windsor Holdings holds the shares of Cutting Edge and SGM Real Estate owns the real property from which Cutting Edge operates. Over the last 10 months, the companies have been attempting to refinance their indebtedness with TD Bank. TD Bank agreed to forbear from enforcing its security until September 30 to allow the companies to complete a sale transaction. The sale fell through on September 26. TD Bank, which has a first priority charge over certain assets, initially sought a full receivership order. However, BDC, another secured lender with a first priority charge over certain other property, sought an adjournment to allow it to consider its position. The Court granted a receivership order over the property of the companies, excluding the assets in respect of which BDC is in the first secured position. The full receivership application was adjourned to October 21. Albert Gelman was appointed receiver. Counsel is Chaitons for TD Bank, Aird & Berlis for the receiver, Miller Thomson for BDC and McTague Law for the companies. By Dina Milivojevic

CB 11 South Woodbridge Corp.

CB 11 South Woodbridge Corp., the owner of 1.91 acres of development land in Woodbridge, Ontario, was placed in receivership on September 18, on application by Canada ICI Capital Corporation ("ICI"), owed approximately $7.6 million. The proposed development was a 4-storey multi-family residential condominium building with approximately 90 units and 108 parking spaces. When the ICI mortgage was entered into, a second mortgage in favour of Fred Hui was subordinated to the ICI mortgage. Contrary to the terms of the subordination agreement, Hui made demand for payment under the second mortgage, issued a notice of sale and entered into a listing agreement for the property. In addition, a number of construction liens and cautions have been registered against the property. EY was appointed receiver. Counsel is Blaney McMurtry for ICI and Dickinson Wright, Tyr and Murray Maltz Professional Corporation for the company. By Dina Milivojevic

Tankhouse Development Inc.

Tankhouse Development Inc., which owns real estate and operates a brewery known as Signal Brewing Company in a heritage building in the Corbyville, Ontario distillery district, was placed into receivership on August 25, on application by the Business Development Bank of Canada, owed approximately, $1.6 million. The company's operations were significantly impacted by the restrictions imposed on restaurants during the COVID-19 pandemic and the recent passing of its majority shareholder. The company has been unable to service its secured debt for a significant period of time and BDC has lost confidence that the operations, under new management, could change the past operating results. MNP was appointed as receiver. Counsel is Soloway Wright for BDC. By Dina Milivojevic

1761112 Alberta Ltd.

1761112 Alberta Ltd., whose business consists of leasing commercial and residential units in Edmonton, Alberta, was placed in receivership on August 19, on application by RBC, owed approximately $660,000, plus interest pursuant to a commercial mortgage. The company defaulted on the payment of principal and interest, and RBC demanded payment in full of the indebtedness in January. RBC agreed to forbear until May 18, but no payment was made. EY Parthenon was appointed receiver. Counsel is Dentons for RBC and Witten for the receiver. By Dina Milivojevic

Relance D.P inc. and 9298-9524 Quebec inc.

Relance D.P inc. and 9298-9524 Quebec inc., Trois-Rivières, Québec-based real estate companies, obtained CCAA protection on August 17. The business of the companies is to invest in distressed construction projects (typically condominiums) so that the projects can be completed and the units sold. The companies are subject to various litigation claims in relation to the projects, and intend to seek a global resolution of these claims under a CCAA plan. Mallette was appointed monitor. Counsel is Daigle & Matte for the companies. By Dina Milivojevic

Epic Alliance Real Estate Inc.

Epic Alliance Real Estate Inc., a Saskatoon, Saskatchewan-based real estate company, was placed into bankruptcy on August 4. EY was previously appointed as inspector of the company and certain related entities (the "EA Group") on February 25 on application by various investors to investigate what happened to the $211.9 million in investor funds raised by the EA Group. The inspector reported that, among other things, investors may never know exactly what happened to the money raised, in part because the company's books were unaudited and incomplete and two of three computer servers that stored the electronic records had been wiped clean. EY is the bankruptcy trustee. Counsel is MLT Aikins for the inspector. By Dina Milivojevic

Applewood Marketplace Inc.

Applewood Marketplace Inc., the owner and developer of a real estate development project known as the Applewood Project, located in London Ontario, was placed in receivership on August 3, on application by MarshallZehr Group Inc., owed approximately $58 million pursuant to four credit facilities. Part of the property was being developed as apartment buildings with commercial space on the ground floor, which were expected to be completed by year-end but for the company's financial difficulties. This phase of the Project is approximately 75% complete, and the company ceased its construction operations at the site on June 1. In contravention of the credit facilities, 46 construction liens have been registered on the property in the aggregate amount of over $8 million. To date, the company has not taken any steps to vacate the liens. In addition, the company failed to pay monthly interest on three of the four credit facilities and to repay three of the four credit facilities on their maturity dates. EY was appointed receiver. Counsel is Miller Thomson for MarshallZehr and Siskinds for the company. By Dina Milivojevic