5684995 Manitoba Ltd., Receivership

5684995 Manitoba Ltd., which owns an apartment complex with 46 residential units in Winnipeg, was placed into receivership on December 6, on application by First National Financial GP Corporation. Between 2011 and 2014, First National and the company entered into a series of loan agreements under which First National loaned over $3.6 million to the company. The company has defaulted on the loan, and First National is owed approximately $3.1 million, with arrears exceeding $550.0 thousand. There have been three fires at the property since 2020 and it is now in a state of disrepair and is unsafe. In February 2023, First National attempted to sell the property but was unable to engage a broker willing to assist. MNP was appointed receiver. Counsel is Thompson Dorfman Sweatman for First National, Pitblado for the receiver and Smith Neufeld Jodoin for the company.

By: Dina Milivojevic