Vandyk Group of Companies, Receivership
The Vandyk Group of Companies, Ontario-based real estate development companies which own lands in Mississauga, Brampton and Etobicoke intended for residential development projects, were placed in receivership on November 14, on application by KingSett Mortgage Corporation and Dorr Capital Corporation, owed approximately $183 million. The companies have defaulted on numerous mortgages for the five properties they are developing, including by allegedly diverting more than $37 million of funds, failing to pay property taxes and failing to pay interest when due. KSV was appointed receiver. Counsel is Osler for the receiver, Bennett Jones for KingSett and Dorr Capital, Paliare Roland for the companies, and Gowlings for Otera Capital.
By: Dina Milivojevic