2284649 Ontario Inc., 2270613 Ontario Inc. and 2270613 Limited Partnership (250, 252 and 256 Phillip Street, Waterloo, Ontario)

2284649 Ontario Inc., together with 2270613 Ontario Inc. and 2270613 Limited Partnership, owners of 250, 252 and 256 Phillip Street in Waterloo, were placed in court-appointed receivership on February 6, 2018 by the Ontario Superior Court of Justice under s. 243 of the BIA and provincial Judicature Act powers. The principal secured creditor is China Machinery Engineering Corporation, holder of a mortgage registered June 9, 2014 under a loan agreement of the same date; CMEC claimed approximately US$72 million as at May 2018 while the Company put the figure at approximately US$54 million, a dispute referred to litigation by court order dated May 7, 2018. The Company's books showed approximately $23.7 million owing to unsecured creditors at the date of the Receivership Order, including roughly $13 million to related parties, alongside construction liens registered against the Phillip Street parcels, the largest being Melloul-Blamey Construction's claim of $8,109,944.47. The proceeding is closed.