2750876 Ontario Inc., Receivership

2750876 Ontario Inc., the owner of three adjoining parcels in the City of Kawartha Lakes, Ontario, was placed into receivership on March 3 on application by 405 St. David Street Investments, owed approximately $10.5 million.

The company acquired the properties from 405 St. David in February 2020, with 405 St. David providing a vendor-take-back mortgage. The company failed to repay the mortgage on maturity in May 2024. In addition, it has come to the attention of 405 St. David that the company’s principal, Michael Moldenhauer, is the director of other companies involved in receivership proceedings commenced in the last year.

TDB Restructuring is the receiver.

Counsel is Rousseau Mazzuca for 405 St. David.