Yeo Towns (2460467 Ontario Inc.)

Yeo Towns (2460467 Ontario Inc.) has been under the court-appointed receivership of KSV Restructuring Inc. since August 12, 2024, when the Ontario Superior Court of Justice appointed KSV as receiver and manager on the application of DUCA Financial Services Credit Union Ltd. under section 243 of the BIA and provincial Judicature Act authority, in court file CV-24-00096502-0000. DUCA holds a first-ranking mortgage on the real property and a general security agreement dated December 6, 2022, and was owed approximately $7,500,000 as at June 12, 2024, with interest and costs continuing to accrue, plus approximately $200,000 under a letter of credit facility. Westmount Guarantee Services Inc., ranking behind DUCA on a charge registered for $7,000,000 securing purchaser deposit insurance, is owed approximately $3,800,000 in released deposits. Eight suppliers have registered nine construction liens against the property, aggregating approximately $2 million. The proceeding remains active.