1230172 Ontario Inc., which operates a 100-unit assisted living seniors’ community known as Park Place Retirement located in Ottawa, Ontario, was placed into receivership on July 21 on application by Cameron Stephens Mortgage Capital Ltd., owed approximately $12.5 million.

The company is a member of the Ashcroft Group of Companies, a number of which have already been placed into receivership following a previous CCAA filing by the companies.

Cameron Stephens initially brought the receivership application in February, but agreed to adjourn after the parties entered into a forbearance agreement which required the company to repay the debt by July 9. The debt was not repaid and KSV was appointed receiver.

Counsel is Garfinkle Biderman for Cameron Stephens, Norton Rose Fulbright for the receiver, Cassels for ACM Advisors, and Fogler Rubinoff for the Retirement Homes Regulatory Authority.