Chacon Holding Corp., the owner of a commercial multi-tenant industrial building located in Brampton, Ontario, was placed in receivership by 2439656 Ontario Inc. and MS Capital Corp., the holders of the second mortgage on the property, owed over $4.1 million.

Chacon failed to repay the mortgage when it became due in December 2023 and default judgment was obtained in January 2024. The first mortgage, held by National Bank, is also in arrears.

BDO was appointed receiver.

Counsel is Sidhu Tannenbaum Shokar for 2439656 Ontario Inc. and MS Capital Corp., S and S Lawyers for Chacon and Weirfoulds for the receiver.