10268054 Canada Corp., a Toronto, Ontario-based residential condominium developer, was placed in receivership on January 21 on motion by Centurion Mortgage Capital Corporation ("Centurion"), which had made a secured loan to the company for approximately $16.6 million to finance the company's condo project located at 135 Mandrake Street, Ajax, Ontario (the "Project"). To date, the company has defaulted on its loan by, among other things, failing to deliver a satisfactory construction budget or Project completion schedule to Centurion, and by failing to proceed expeditiously with the construction of the Project. Even though there have been substantial pre-sales of the Project, the company has failed to make any progress on the Project's construction. Furthermore, a review by Centurion into whether the company had applied the advanced funds for proper purposes uncovered that the company appeared to have misapplied over $2.9 million of funds. At this stage, Centurion has no clarity into where the $2.9 million was used and suspects the funds were misappropriated. BDO was appointed receiver. Robins Appleby is counsel for Centurion.