5021647 Ontario Inc., the owner of two properties located in New Tecumseth, Ontario, was placed into receivership on July 11 on application by Melvyn Eisen, owed approximately $4.9 million.

The properties are 10.16 acres and 25.46 acres, respectively, and their value lies in their multi-residential redevelopment potential.

Mr. Eisen advanced loans to the company in 2019 and 2022. No payments have been made on the loans since September 2023.

Rosen Goldberg is the receiver.

Counsel is Dickinson Wright for Mr. Eisen.