Cedar Village Holdings Ltd., Receivership

Cedar Village Holdings Ltd., the Saanich, British Columbia-based owner of a strata development project known as “Paragon Parc,” was placed in receivership on October 20, on application by Costal Community Credit Union, owed approximately $8.5 million. The project consists of a 33-unit strata development across 8 separate buildings, of which 15 units are completed, sold and occupied. The remaining 18 units are in various stages of completion, and construction activity has stalled as the company does not have financing in place to fund the project. Grant Thornton is the receiver. Counsel is Owen Bird for the receiver and Lawson Lundell for the company.

By: Dina Milivojevic