Ashcroft Homes - Eastboro Inc.

Ashcroft Homes - Eastboro Inc. has been in court-appointed receivership since January 23, 2025, when Justice Rees of the Ontario Superior Court of Justice appointed MNP Ltd. as receiver under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, on the application of Royal Bank of Canada (court file CV-24-00096352-0000). RBC, the senior secured creditor, holds a first-priority charge over the Eastboro Development registered in the amount of $120,000,000 together with a site-specific general security agreement and PPSA registration. As of August 2, 2024, principal outstanding under the May 13, 2021 credit agreement was $75,301,430.18, with accrued and unpaid interest, fees and costs of $4,851,425.80 in addition; a further $10,482,197 is outstanding under two letters of credit issued June 30, 2021. The receivership remains active.