Port Daniel Holdings Inc., Receivership

Port Daniel Holdings Inc. (“PDHI”), a holding company that was incorporated by the former Mayor of Mississauga, Hazel McCallion, deceased, was placed in receivership on November 7, on application by Paul McCallion, a shareholder of PDHI.

PDHI holds certain assets that were intended to be realized on and distributed amongst Ms. McCallion’s children after her death. However, at the time of her death, Ms. McCallion was the only director of PDHI, and, nearly two years since her passing, there has been no one with legal authority to manage PDHI’s assets, address its liabilities or effect a distribution of any value in accordance with Ms. McCallion’s Last Will and Testament.

PDHI has accrued liabilities in respect of certain credit facilities made available by TD Bank as well as GST owing to CRA on account of certain real property.

PDHI also faces potential liability in connection with proceedings commenced by the Township of Puslinch under the Provincial Offences Act with respect to allegations of environmental contamination of real property contrary to the Township’s by-laws.

The appointment of a receiver is intended to place a person with legal authority at the helm of PDHI to make payments in respect of liabilities and respond to or challenge the charges facing PDHI. The Receivership Order was obtained on consent by the applicant, Paul McCallion, and the other two shareholders, Peter McCallion and Linda McCallion.

Fuller Landau is the receiver.

Counsel is Aird & Berlis for Paul McCallion, Loopstra Nixon for the receiver, WeirFoulds for Linda McCallion and Miller Thomson for Peter McCallion.