9408-7129 Québec Inc., the owner of Montréal real estate project “Le Projet Du Musée”, had the vast majority of its assets placed in receivership on February 5 on application by Laurentian Bank of Canada, owed approximately $26.8 million.

The company was incorporated in 2019 for the purpose of developing the project, a luxurious residential development featuring townhouses and condominiums located in the heart of downtown Montréal.

The project has faced significant delays and cost overruns such that it has not been completed and no townhouses or units have been sold. The company has not been able to cover interest payments or ongoing maintenance costs for the properties.

Deloitte was appointed receiver with power to complete construction if necessary and sell the properties.

Laurentian Bank, represented by McCarthy Tétrault, is providing interim financing.