7 Maple Avenue and 161 Beckwith Street North, Smith Falls, Ontario, Receivership

7 Maple Avenue and 161 Beckwith Street North, Smith Falls, Ontario, Ontario properties owned by Hammer & Nails Developments Ltd. (Maple Street) and Hammer & Nails Developments Ltd (Beckwith Street), were placed into receivership on 16 May on application by First Source Financial Management Inc. et al., owed approximately $12 million.

The loan facilities have been in default since February, and both properties require active management to preserve asset value and maximize recoveries.

TDB is the receiver.

Counsel is Robins Appleby for First Source, MBC Law for 2384921 Ontario Ltd. and TBG Mechanical Solutions Limited, Valley Law for 1136234 Ontario Ltd., and Arjomandi Law for the companies.