CB 11 South Woodbridge Corp.

CB 11 South Woodbridge Corp., the owner of 1.91 acres of development land in Woodbridge, Ontario, was placed in receivership on September 18, on application by Canada ICI Capital Corporation ("ICI"), owed approximately $7.6 million. The proposed development was a 4-storey multi-family residential condominium building with approximately 90 units and 108 parking spaces. When the ICI mortgage was entered into, a second mortgage in favour of Fred Hui was subordinated to the ICI mortgage. Contrary to the terms of the subordination agreement, Hui made demand for payment under the second mortgage, issued a notice of sale and entered into a listing agreement for the property. In addition, a number of construction liens and cautions have been registered against the property. EY was appointed receiver. Counsel is Blaney McMurtry for ICI and Dickinson Wright, Tyr and Murray Maltz Professional Corporation for the company.