Russell Hill Investments Limited

Russell Hill Investments Limited, a Concord, Ontario-based company that was incorporated to purchase and develop three residential properties located on Russell Hill Road in Toronto (the "Russell Hill Properties"), filed for bankruptcy on June 30, listing approximately $14.9 thousand in assets and $4.2 million in liabilities, including $2 million to Alexandria Bancorp Limited and $2.1 million to Shetfield Management Ltd. After the Russell Hill Properties were sold in 2014 for approximately $10.5 million, with the proceeds used to repay the first mortgage to BMO, the company paid $1.5 million to purchase another property in Toronto for the purpose of rental income and re-development. It was sold in March 2020 for $2.4 million, with the proceeds used to pay the first mortgage to BMO. Currently, there are not sufficient funds from the transactions to repay two of the unsecured lenders in full. Link & Associates is the bankrtupcy trustee.