Gamalo Holdings Limited and Asfars Holdings Ltd., Receivership

Gamalo Holdings Limited and Asfars Holdings Ltd., related companies that own residential apartment buildings on Vancouver Island, British Columbia, were placed in receivership.

Gamalo Holdings, whose main asset is a building located on Yates Street in Victoria, was placed in receivership on June 28 on application by CIBC Mellon Global Securities Services, owed approximately $2.1 million.

Asfars Holdings, whose main asset is a building located on Quadra Street in Victoria, was previously placed in receivership in March 26 on application by RBC Investor Services Trust, owed approximately $11.8 million.

The companies are owned by Irene Asfar Szlanko, who has failed to comply with court orders to pay over the rental income from the properties.

MNP is the receiver on both matters.

Counsel is DLA Piper for RBC Investor Services Trust and CIBC Mellon Global Securities Services, Lawson Lundell for the receiver, Owen Bird for First Island Financial Services (a judgment creditor), Helen Sevenoaks for the Szlanko Family Trust (a trust claimant with registered CPLs against the properties), and Crease Harman for Jeffrey Todd Sims and Laurence Sims.