2642988 Ontario Inc. Receivership

2642988 Ontario Inc. is in court-appointed receivership before the Ontario Superior Court of Justice, with MNP Ltd. acting as receiver and manager under court file CV-23-00082809-0000. The proceeding began on May 28, 2024 on the application of Owemanco Mortgage Holding Corporation under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Owemanco's security consists of a first-ranking general security agreement over the debtor and a Land Titles charge against 2170 Ghent Avenue, Burlington, Ontario, securing an original $2,000,000 loan; the payout figure as of May 1, 2024 was $2,400,263.60, accruing at a per diem of $726.76. An independent opinion from Reconstruct LLP confirmed the security valid and enforceable, and PPSA and title searches disclosed no other registrations. A sale has been approved. The receivership remains active.