720434 NB Inc., a New Brunswick company in the business of residential real estate acquisition and investment, was placed in receivership on April 15 on application by Caisse Populaire Acadienne Ltée, owed over $15 million.

The company has 11 apartment buildings financed by the Caisse via 9 different loans. Many of these loans expired in September 2023 without repayment.

The company has also committed several non-monetary defaults under the loans, including by failing to provide financial statements, failing to remit security deposits to Service NB and allowing tax arrears to accrue.

Grant Thornton is the receiver.

Counsel is McInnes Cooper for the Caisse.

By: Dina Milivojevic