2460467 Ontario Inc., Receivership

2460467 Ontario Inc. (“Yeo Towns”) a partially completed development in Belleville, Ontario, was placed in receivership on August 12 on application by DUCA Financial Services Credit Union, owed over $7 million.

Yeo Towns consists of four stacked townhouse units with a total of 62 residential blocks, 61 of which have been sold to purchasers.

DUCA sought the appointment of a receiver after being advised that the trades on the project have not been paid in five months. Yeo Towns also failed to make an interest payment owing to DUCA, failed to pay tax arrears and allowed liens to be registered against title to the property.

KSV is the receiver.

Counsel is BLG for DUCA, Friedmans for the company and Dickinson Wright for the receiver.