Toronto Cosmetic Clinic Inc., a Toronto, Ontario-based cosmetic surgery clinic, was placed in receivership on November 17 on application by TD Bank, owed approximately $2 million. The company has defaulted on its loan from TD Bank, including by breaching certain financial covenants and allegedly delivering inaccurate financial information and reporting which could result in a material adverse change in the company’s financial situation. The receivership order became effective on November 17, after the parties were unable to reach a settlement. msi Spergel Inc. was appointed receiver. Counsel is Harrison Pensa for TD Bank and Fred Tayar & Associates for the company.

By: Dina Milivojevic