9089802 Canada Corp. et al., Receivership

9089802 Canada Corp. et al., the legal and beneficial owners of a 2.55-acre property in Richmond Hill, Ontario intended to be improved with 49 townhomes, was placed into receivership on application by Laurentian Bank, owed approximately $16 million.

Laurentian Bank extended a loan to the companies in March 2021. Despite several extensions and a renewal of the loan through to August 2024, the companies have failed to repay their indebtedness to Laurentian Bank. The companies have also made multiple unsuccessful attempts to secure refinancing to advance the development of the project.

After issuing a demand in June 2025, Laurentian Bank agreed to forbear, but the forbearance agreement never came into effect because the forbearance fee was not paid and one of the signatories for the companies failed to execute the agreement. 

KSV is the receiver.

Counsel is Chaitons for Laurentian and Gowling WLG for the receiver.