The receivership was initiated by KingSett, who was owed $47M, but the receiver has since revealed debt to other secured and unsecured creditors., as first reported by STOREYS, the court-appointed Receiver has provided an update on the case that reveals the developer's debt far exceeds what was previously known.
"Aggregated Investments Inc., through MarshallZehr Group Inc. as the bare trustee of its rights under the charges, is the sole beneficial owner of the second-ranking mortgage charge registered on title to certain of the Real Property," the Receiver noted. "MarshallZehr also holds two other charges. As at the date of the Receivership Order, MarshallZehr was owed approximately $99M in respect of its second, third, and fourth-ranking mortgages.
As is often the case with receivership proceedings, the case is now heading towards a sales process that will facilitate the creditors recovering the outstanding amounts. The proposed sales process would begin immediately following court approval, with the qualified bid deadline set at 45 days after the date the court approves the sales process. Any transaction will require final approval from the court.
Pace Developments — Mapleview Developments Ltd., specifically — is also currently under investigation by the HCRA after the developer "unlawfully terminated dozens of agreements of purchase and sale in 2021 and misled 33 purchasers to unethically extract over $3M from them." The HCRA alsothat Pace Developments altered most of the pre-sale agreements and provided fake versions to the HCRA during the investigation.
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