Vandyk-Backyard Queensview Limited and Vandyk-Backyard Humberside Limited, Receivership

Vandyk-Backyard Queensview Limited and Vandyk-Backyard Humberside Limited, Toronto, Ontario-based members of the Vandyk Group of companies, had a receiver appointed over their unsold condominium units on February 6, on application by Peoples Trust Company and Firm Capital Mortgage Fund Inc., owed approximately $12 million.

The companies are special-purpose entities that were incorporated to develop a condominium building located at 25 Neighbourhood Lane, Toronto, Ontario, which is now fully constructed.

Various Vandyk Group entities were placed into receivership in the fall of 2023 and January 2024, on application by their respective secured lenders after defaulting on numerous mortgages for the properties they are developing.

The companies have defaulted on their loan to Peoples Trust and Firm Capital as a result of over $8 million in construction liens being registered against the units.

TDB was appointed receiver.

Counsel is TGF for Peoples Trust and Firm Capital; Paliare Roland for the companies; Chaitons for Home Trust Company; Drudi Alexiou Kuchar, Bianchi Presta, Carlton Law, Miller Thomson, Robins Appleby, BLG, Giffen Lawyers and RAR Litigation for certain lien claimants; and Torkin Manes for the receiver.

By: Dina Milivojevic