Results | Aug 8, 2019

Success on a Contested Receivership Application

Back to all news Andrew Winton and Sapna Thakker were successful in an application brought on behalf of First Source Financial Management and KingSett Mortgage to appoint a receiver over the property of Ideal Developments, a single purpose corporation owning vacant land in Richmond Hill. Ideal planned to develop 24 stacked townhouses and 47 front loaded townhouses on the vacant land. In late 2018, the company failed to make its scheduled interest payments and has been unable to repay the loan, despite several extension agreements with the lender. Although Ideal contested the receivership application, Mr. Winton and Ms. Thakker were successful and the Court appointed KSV Kofman Inc. over Ideal’s property.