GC King Bond Limited Partnership & GC King Bond GP Inc.

GC King Bond Limited Partnership and GC King Bond GP Inc. have been under court-appointed receivership in Ontario since May 2, 2025, following a demand for repayment and s. 244 notice by Caisse Desjardins Ontario Credit Union Inc., the first secured senior lender under a June 18, 2021 credit agreement for construction loan and letter of credit facilities. Desjardins reports $27,900,000 owing as at August 31, 2025, secured by a collateral mortgage over the King Bond Site, a general security agreement, assignments of purchase and sale agreements, and guarantees from at least 12 corporate and individual parties. Also registered against the lands are a $9,000,000 Westmount Guarantee Services Inc. charge, postponed to Desjardins but retaining a first charge on purchaser deposits excluded from the Property under the Receivership Order, a $550,000 notice in favour of Markham Centre Financial Investments Inc., and a $400,000 third mortgage held by Song Shao and Yingjie Li, whose security the Receiver has referred to Blaney McMurtry LLP for independent review.