2270613 Limited Partnership

2270613 Limited Partnership was placed in court-appointed receivership by order of the Ontario Superior Court of Justice on February 6, 2018, under s. 243 of the BIA and provincial Judicature Act authority. China Machinery Engineering Corporation, secured by a mortgage registered June 9, 2014 against title under a loan agreement of the same date, was reported owed US$72 million as at May 2018 by 2284649 Ontario Inc.; the Company disputed that figure, putting it at approximately US$54 million, and a May 7, 2018 order set a timetable for debt litigation to determine the actual amount. CMEC advanced a further $100,000 on February 13, 2018, funded through a Receiver's Certificate. Trades and suppliers registered construction liens against 250, 252, 254 and 256 Phillip Street, the largest being Melloul-Blamey Construction's claim of $8,109,944.47 on a contract of $9,237,956.63. The Company's books and records showed $23.7 million owing to unsecured creditors at the date of the Receivership Order, including roughly $13 million to related parties and the balance largely to trades that worked on Parcel D. The proceeding is recorded as closed.