13995291 Canada Inc., the owner of a two-tower office property located at 95-105 Moatfield Drive, Toronto, was placed in receivership on August 27 on application by Bank of China (Canada), owed approximately $60 million.

The debtor is a wholly owned subsidiary of Visionary Holdings, a technology education company traded on the NASDAQ which operates out of the property.

The company has been in default of the loan since at least March 2023 and the notice periods under the bank’s demand letter have expired.

EY is the receiver.

Counsel is Blakes for Bank of China (Canada), THC Lawyers for the company, Aird & Berlis for the receiver, BLG for Hitachi Rail GTS Canada, Cassels for 1000386642 Ontario and WeirFoulds for Arguson Projects.