King Development Inc., Receivership

King Development Inc., the owner of a development property in Richmond Hill, Ontario, was placed in receivership on June 11 on application by C&K Mortgage Services Inc., owed over $22.5 million.

The company defaulted on the monthly interest payment due in December and C&K demanded repayment of the loan, which remains outstanding.

Rosen Goldberg is the receiver.

Counsel is Dickinson Wright for C&K, and Garfinkle Biderman for Cameron Stephens Mortgage Capital Ltd.