Scollard Development Corporation

Scollard Development Corporation has been under court-appointed receivership in Ontario since February 2, 2017, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Kofman Inc. as receiver and manager on the application of the Superintendent of Financial Services, under subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The proceeding is active under court file CV-16-11567-00CL. Registered security against the company's Boathaus property at 1606-1614 Charles Street, Whitby, includes a Trisura Guarantee Insurance Company charge registered June 30, 2015 for $3,500,000 in principal, amended by a November 13, 2015 registration to $11,000,000, and a Firm Capital Mortgage Fund Inc. mortgage, for which a commitment letter dated January 25, 2017 recorded an approximate payout of $2,500,000. A charge held by Olympia Trust Company in trust for RRSP account holders, registered September 8, 2014 against Scollard Trustee Corporation, was postponed in rank to the Trisura mortgage on November 13, 2015.