GC King Bond Limited Partnership & GC King Bond GP Inc., which own land in Richmond Hill, Ontario, intended for the construction of a 115-unit residential development, were placed into receivership on May 2 on application by Caisse Desjardins Ontario Credit Union, owed approximately $26.7 million.

The companies have defaulted on their obligations to Caisse Desjardins, including by failing to pay interest when due, failing to provide financial statements as required, and failing to repay the indebtedness on demand.

Deloitte is the receiver.

Counsel is Gowling WLG for Caisse Desjardins.