Ajax development site placed into receivership over $30.8 million Ducimus debt

1613935 Ontario Inc., the owner of a 24.80-acre residential development site in Ajax, Ontario, was placed into receivership on July 16, 2026, on application by first-ranking lender Ducimus Capital Inc., owed approximately $30.8 million.

The property, located at the corner of Taunton Road West and Ravenscroft Road, was intended for a four-phase condominium and townhouse project. The first phase had received site-plan approval, but construction did not commence. The site reportedly remained vacant apart from a presentation centre under construction.

Ducimus originally advanced a $28.3 million mortgage loan under a December 2018 commitment letter. A further $157,230 from a prior loan to a related entity was later added to principal. The original January 2020 maturity date was extended repeatedly at the debtor’s request, ultimately to September 7, 2025. When the loan matured, approximately $28.5 million of principal and all accrued obligations became due, but the debtor did not repay them.

The defaults extended beyond the missed maturity. The company accumulated approximately $1.78 million in municipal tax arrears, resulting in tax arrears certificates against the property. Hyot GP Inc. and Valour Partners High Yield Opportunity LP, subsequent mortgagees, also commenced private enforcement by issuing a notice of sale.

Ducimus delivered a demand and notice of intention to enforce security on December 11, 2025, but agreed to defer enforcement under a March 9, 2026 forbearance agreement. The debtor was required to deliver a binding property sale or refinancing agreement by April 30, obtain waivers of all closing conditions by May 31 and repay the indebtedness by June 30. No qualifying sale or refinancing was completed. The failure to meet the April deadline terminated the forbearance period, activating the debtor’s previously executed consent to a receivership order.

BDO is the receiver. Counsel is Cassels for Ducimus, Norton Rose Fulbright for the receiver, Rory McGovern Professional Corporation for the company, and Dickinson Wright for Hyot GP Inc. and Valour Partners High Yield Opportunity LP.