11016946 Canada Inc., a Nova Scotia-based real estate investment and property management company, was placed in receivership on August 4, 2023, on application by BDC. BDC initially brought a receivership application in 2020. Since the initial filing, the company was able to complete a refinancing for three properties in Nova Scotia and BDC agreed to a partial release of its security in exchange for a payment of $7.3 million. BDC agreed to give the company time to sell the remaining property in New Brunswick (the Bank of New Brunswick building, which is located within the Trinity Royal Heritage Conservation Area of the City of Saint John and is a designated heritage building) but the company was unable to secure a deal that would pay the over $1 million still owing to BDC. Deloitte was appointed Receiver, represented by McInnes Cooper. Stewart McKelvey is counsel to BDC and Heritage Law is counsel for the company.

By: Dina Milivojevic