10603503 Canada Inc., 11393251 Canada Inc. and 11393235 Canada Inc., Receivership

10603503 Canada Inc., 11393251 Canada Inc. and 11393235 Canada Inc., the owners of three real properties located in Owen Sound, Ontario, were placed into receivership on November 20 on application by Kindred Credit Union Limited, owed over $2.8 million. 

Kindred provided credit facilities to the companies in 2021 and 2022. The companies have defaulted on the loan, including by failing to pay property taxes for all three properties.

In April 2024, Kindred sued the companies for payment and possession of the properties. The parties then entered into minutes of settlement pursuant to which the companies agreed to pay Kindred by August 8, but failed to do so. Kindred subsequently obtained judgment against the companies, but they have refused to deliver possession of the properties.

Albert Gelman is the receiver.

Counsel is Harrison Pensa for Kindred and SZK Law for the receiver.