Alai Developments Inc., Receivership

Alai Developments Inc., the owner of two real property developments in Markham, Ontario, was placed in receivership on July 24, 2023, on application by Foremost Financial Corporation, Foremost Mortgage Holding Corporation and Foremost Second Mortgage Holding Corporation (collectively, “Foremost”). 39 three story townhouse units were proposed to be constructed on one property, while 13 residential detached homes were proposed to be constructed on the other. The company has failed to make certain monthly payments due under the loans and to pay arrears in accordance with the terms of a standstill agreement. Goldhar was appointed Receiver. Chaitons is counsel for Foremost.

By: Dina Milivojevic