- Insolvency Insider Canada
- Posts
- 154 Shuter Street, Receivership
154 Shuter Street, Receivership
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c63cd5c2-1633-48d9-bcd0-3f988ea37086/henry-becerra-rwpKI0ULWmQ-unsplash.jpg?t=1716311470)
The property municipally known as 154 Shuter Street in Toronto, Ontario, was placed in receivership on May 13 on application by a group of first mortgage lenders owed approximately $1.7 million.
Located between Pembroke Street and Sherbourne Street, the three storey building contains four apartments and was originally constructed in 1910 as a coach house for the Rosar Funeral Home to accommodate horses and carriages.
The receivership order was granted over the objections of BMO, the second mortgagee owed approximately $1.2 million. BMO wanted the property to be sold through power of sale proceedings to minimize costs. The court, however, felt that a receiver, with the court’s assistance, would be more readily able to ensure vacant possession and also be more able to deliver clear title to a buyer through a court approval and vesting order.
Rosen Goldberg was appointed receiver. Counsel is Dickinson Wright for the applicants and Rubenstein, Siegel for BMO.
By: Dina Milivojevic