Ashcroft Homes – 101 Richmond Road Inc., Ashcroft Homes – 108 Richmond Road Inc., and Ashcroft Homes – 111 Richmond Road Inc., Receivership

Ashcroft Homes – 101 Richmond Road Inc., Ashcroft Homes – 108 Richmond Road Inc., and Ashcroft Homes – 111 Richmond Road Inc., a real estate development group primarily doing business in the Ottawa, Ontario region, were placed into receivership on June 17 on application by DUCA Financial Services Credit Union, owed approximately $6.5 million.

The companies own condominiums located in the Westboro neighbourhood of Ottawa.

In October 2018, DUCA provided a $8.8 million non-revolving term loan. The loan matured in November 2023 and was not paid. The parties then entered into a forbearance agreement, which also expired without repayment.

BDO is the receiver.

Counsel is Blaney McMurtry for DUCA.