2616766 Ontario Limited, Receivership

2616766 Ontario Limited, a Windsor, Ontario-based real estate holding company, was placed into receivership on April 17 on application by Cerruti Investments Inc., owed approximately $20 million.

The company owns a 53.4 acre industrial property in Windsor, Ontario with approximately 492,000 square feet of industrial space that is occupied by commercial tenants.

Cerruti’s mortgage is subordinate to two mortgages registered in favour of 2763161 Ontario Inc., owed approximately $17 million.

The company completed a significant renovation of the property between 2021 and 2024, but these efforts remain incomplete, leading to tenant issues and operational deficiencies. Approximately eight construction liens have been registered against the property, at least one tenant has claimed set off in respect of rent owing, and property taxes are now in arrears. A summons regarding certain building code infractions has also been issued and funding is needed to remedy those issues.

KSV is the receiver.

Counsel is McMillan for Cerruti, Chaitons for 2763161 Ontario, Goodmans for the receiver, Dickinson Wright for Vipen Chauser, Winter Law for certain lien claimants, and Reconstruct for Mahan Dhillon and Hira Dhillon.