2807823 Ontario Inc., Receivership

2807823 Ontario Inc., which owns property located at 142 Queenston Street in St. Catharines, Ontario, was placed into receivership on November 27, on application by First Source Financial Management, owed approximately $10 million. The property consists of residential lands which are intended to be developed into mixed residential and commercial buildings. The company failed to repay the First Source mortgage when due and subsequently defaulted on a forbearance agreement. The receivership order was stayed for almost a month to allow the company to enter into a share purchase agreement and repay the First Source mortgage, but became effective when time ran out and First Source was not repaid. RSM is the receiver. Counsel is Paliare Roland for First Source and Friedmans for the company.

By: Dina Milivojevic