Ajax Meadows Ltd., Receivership

Ajax Meadows Ltd., which owns a development property in Ajax, Ontario, had a receiver appointed over the property on April 22 on application by Vector Financial Services Limited, owed approximately $4.1 million.

The company acquired the property with plans to construct 27 townhomes and a commercial plaza. However, construction of the development has not been commenced in any material fashion, and the company has defaulted on its mortgage from Vector as well as a subordinate mortgage from Max Capital Corp.

In addition, a recent attempt to sell the property in order to refinance the mortgages fell through.

TDB Restructuring was appointed receiver.

Counsel is Gowling WLG for Vector and KMB Law for Max Capital.

By: Dina Milivojevic