CBJ Developments Inc., CBJ - Clearview Garden Estates Inc., and CBJ - Bridle Park II Inc., Receivership

CBJ Developments Inc., CBJ - Clearview Garden Estates Inc., and CBJ - Bridle Park II Inc., the owners of vacant lands in Nottawasaga and Stayner, Ontario, were placed into receivership on January 26 on application by 1180554 Ontario Inc., owed approximately $16.3 million.

The receivership application was initially adjourned for just over five weeks to allow the companies to conduct a sale process which they had just commenced. This did not result in any sale prospects and the second and third mortgagees issued demands during the adjournment period.

TDB (formerly RSM) is the receiver.

Counsel is Teplitsky for 118, Aird & Berlis for the companies and Simpson Wigle for the second and third mortgagees.

By: Dina Milivojevic