Applefest Lodge, a retirement residence in Brighton, Ontario, was placed in receivership on October 4 on application by Pace Savings & Credit Union, owed approximately $6.4 million. Originally opened in 1984, the residence was expanded in 2010 by opening a new wing with an additional 31 suites, resulting in a total of 67 suites. The expansion, however, created financial difficulty for the company due to construction delays, expensive financing and low occupancy and Stephen Bardo, the residence's sole officer and director, turned to Bill Dillane, a personal friend and private investor for funds to cover the shortfall. In July 2019, Bardo passed away. He had no will, and there was no mechanism in the residence's articles of incorporation to replace him as officer or director. With no other signing officer for the company, Dillane continued to fund expenses personally and then reimburse himself using pre-signed cheques provided by Bardo prior to his death. While an essential arrangement, it is not sustainable, and Pace therefore sought the appointment of a receiver who could borrow money while managing and preparing the residence for a sale. Grant Thornton was appointed receiver. Counsel is Harrison Pensa for the applicant and Aird & Berlis for the receiver.