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Morrison Laurier Mortgage Corporation
Morrison Laurier Mortgage Corporation, a Toronto, Ontario-based mortgage investment corporation (the “Company”) that invests in mortgage loans to builders, developers, and owners of commercial, industrial, and residential real estate, had HPI Advisory Inc. appointed as Marketing and Mortgage Agent, as directed by inspectors also appointed. The order was obtained on consent by a majority of the Company’s stakeholders, with powers to wind up the affairs of the company pursuant to section 207 of the Ontario Business Corporations Act and to deal with the assets of the Company, including an eight storey mixed use project located in Barrie, Ontario (the "Collier Centre") whose mortgage had gone into default and which was in the process of a “work out” when the project was significantly impacted by the current pandemic. Title to the Collier Centre had been transferred under power of sale to an affiliate of the Company in 2019. The Company had continued to operate and manage the Collier Centre through Crown Realty Partners, Index Construction, and Cushman & Wakefield which will now be overseen by the Marketing and Mortgage Agent and the Inspectors as appointed by the court. In an earlier version of this article, reference was made to Morrison Financial Mortgage Corporation (“Morrison Financial”) which had been the Investment Manager of the Company until July 2020, and as to unproven and unsubstantiated claims raised against it and others by the Company board in a claim issued in November 2020 (but not served until April 2021) which action is currently in abeyance with no defences being required. However, the allegations have been denied, and, as set out in documents filed, Morrison Financial had successfully defended prior similar allegations raised against it by the Company board in 2020, which the Commercial List Court rejected holding that they were unfounded and that there was no misconduct by Morrison Financial and no harm caused to the Company. Further to the consent order, the Marketing and Mortgage Agent will continue to consult with Morrison Financial regarding the Collier Centre to assist in realizing on the Company’s investment. All of these facts were not set out in the prior version of this reporting and Insolvency Insider apologizes and regrets any confusion this may have caused. HPI Advisory Inc. was appointed Marketing and Mortgage Agent and Miller Thomson LLP is counsel to HPI Advisory Inc.