Mario’s Catering Services Ltd. et al., Receivership

Mario’s Catering Services Ltd. et al., Hamilton, Ontario-based hospitality companies, were placed into receivership on May 15 on application by BMO, owed approximately $8.2 million.

The companies are related businesses which are owned and operated by members of the Elahi family. They operate the Michelangelo Banquet Centre and The Grand Olympia Hospitality & Convention Centre, popular wedding venues in the Hamilton area.

The companies are in default of their obligations to BMO. They have, among other things, defaulted on their payment obligations, allowed tax and realty taxes to accumulate and erode the value of the bank’s collateral, and failed to provide financial reporting as required to the bank.

msi Spergel Inc. is the receiver.

Counsel is Torkin Manes for BMO and Harrison Pensa for the receiver.