Terrasan 327 Royal York RD. Limited

On February 24, 2017 pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the “Receivership Order”), BDO Canada Limited was appointed as receiver and manager (the “Receiver”) to exercise the powers and duties as specifically set out in the Receivership Order with respect to the assets, undertakings and properties of Terrasan 327 Royal York Rd. Limited (the “Company”).

Copies of orders, reports and other pertinent public information may be accessed via the sidebar links at any time. Updates, including all relevant orders issued by the court, have been and will be posted as they become available.

The Company's principal assets include a partially constructed residential condominium development on project lands municipally known as 327 Royal York Road, Toronto, ON, marketed as the “On the Go Mimico” residential condominium development. The condominium project together with the project lands are hereinafter referred to collectively as the “Project”.

SYNDICATED MORTGAGE CLAIMS PROCEDURE

On July 15, 2019, the Court granted a further order, establishing a claims procedure in respect of claims against Terrasan asserted by investors in a syndicated mortgage held in the name of Olympia Trust Company, John Fletcher and Community Trust Company (the "Syndicated Mortgage") for the purposes of the Terrasan receivership proceedings (the "Syndicated Mortgage Claims Procedure Order"). A copy of the Syndicated Mortgage Claims Procedure Order may be accessed by clicking the following link: Syndicated Mortgage Claims Procedure Order or by clicking on the "Court Documents/Receiver's Reports" tab on the side bar.

Pursuant to the Syndicated Mortgage Claims Procedure Order, the Receiver is required by July 19, 2019, to send a Claims Package to each known investor, with instructions regarding a claims procedure whereby an investor can prove its Claim. To obtain a Claims Package and to receive further information regarding the Claims Process please click on the "Syndicated Mortgage Claims Procedure" tab on the side bar.

All investors that do not submit a Proof of Claim Form to the Receiver or agree with the Claim set forth in the Notice to Investors on or before on or before 5:00 PM (Toronto Time) on August 20, 2019, (the "Claims Bar Date"), shall have their Claim deemed accepted for distribution purposes. For greater certainty, those investors that agree with the Claim set forth in the Notice to Investors shall NOT be required to submit a Proof of Claim Form with the Receiver.

DEPOSIT CLAIMS PROCEDURE

On November 16, 2017, the Court granted a further order, prescribing the process by which the identity and status of all deposit claims of purchasers, with a valid and enforceable agreement of purchase and sale for the purchase of a condominium unit from Terrasan, is established for the purposes of the receivership proceedings (the "Deposit Claims Procedure Order"). A copy of the Deposit Claims Procedure Order may be accessed by clicking the following link: Deposit Claims Procedure Order or by clicking on the "Court Documents/Receiver's Reports" tab on the side bar.

Pursuant to the Deposit Claims Procedure Order, the Receiver is required, by November 24 2017, to send a Claims Package to each known Purchaser, with instructions regarding a deposit claims procedure whereby a Purchaser can submit and prove a Deposit Claim Form. To obtain a Claims Package and to receive further information regarding the Deposit Claims Procedure please click on the "Deposit Claims Procedure" tab on the side bar.

If you are a Purchaser, and you do not submit a Deposit Claim Form to the Receiver on or before on or before 5:00 PM (Toronto Time) on January 24, 2018 (the "Claims Bar Date"), your Deposit Claim will be forever barred and extinguished.

SALES PROCESS

The Receiver is inviting offers for the purchase of the Project with an offer deadline date of May 12, 2017.

Interested parties are invited to register to receive a Confidentiality and Non-Disclosure Agreement (“NDA”). Upon signing and returning the NDA, BDO will grant the individual access to the Receiver's confidential encrypted online data room (“Data Room”). For more information concerning the sales process, please click on the ‘Sales Process' tab on the sidebar.

Summary of Opportunity Teaser

Court Documents/Receivers Reports

Service List: As at April 4, 2017

Notice to Condo Unit Purchasers

Deposit Claims procedure

On November 16, 2017, the Court granted an order, prescribing the process by which the identity and status of all deposit claims of purchasers, with a valid and enforceable agreement of purchase and sale for the purchase of a condominium unit from Terrasan, is established for the purposes of the receivership proceedings (the “Deposit Claims Procedure Order”). A copy of the Deposit Claims Procedure Order may be accessed by clicking the following link: Deposit Claims Procedure Order or by clicking on the "Court Documents / Receivers Reports" tab on the side bar.

Pursuant to the Deposit Claims Procedure Order, the Receiver is required, by November 24 2017, to send a Claims Package to each known Purchaser, with instructions regarding a deposit claims procedure whereby a Purchaser can submit and prove a Deposit Claim Form. In addition, the Deposit Claims Procedure Order requires the Receiver to publish a notice, in order to give notice of this proceeding to all Purchasers.

If you wish to assert a Deposit Claim, you can immediately obtain a Claims Package by clicking the following link: Claims Package or you may request a Claims Package by submitting a request in writing to the Receiver at the following address:

BDO Canada Limited, Court appointed receiver of Terrasan
123 Front Street West, Suite 1100
Toronto, ON M5J 2M2
Fax No.: 416‑865-0904
Email: [email protected]

All Purchasers who wish to assert a Deposit Claim must submit a completed Deposit Claim Form to the Receiver at the above address on or before 5:00 PM (Toronto Time) on January 24, 2018 (the "Claims Bar Date"), in accordance with the Deposit Claims Procedure Order.

If you are a Purchaser, and you do not submit a Deposit Claim Form to the Receiver on or before the Claims Bar Date, your Deposit Claim will be forever barred and extinguished.

Claims Package

Syndicated Mortgage Claims Procedure

If you wish to assert a Claim, you can immediately obtain a Claims Package by clicking the following link: Claims Package or you may request a Claims Package by submitting a request in writing to the Receiver at the following address:

BDO Canada Limited, Court appointed receiver of Terrasan
20 Wellington Street East, Suite 500
Toronto, ON M5E 1C5
Fax No.: 416‑865-0904
Email: [email protected]

All investors that do not submit a Proof of Claim Form to the Receiver or agree with the Claim set forth in the Notice to Investors on or before on or before 5:00 PM (Toronto Time) on August 20, 2019, (the “"Claims Bar Date"”), shall have their Claim deemed accepted for distribution purposes. For greater certainty, those investors that agree with the Claim set forth in the Notice to Investors shall NOT be required to submit a Proof of Claim Form with the Receiver.

Claims Package

Sales Process

REQUEST FOR OFFERS TO PURCHASE THE ASSETS, UNDERTAKINGS AND PROPERTIES OF TERRASAN 327 ROYAL YORK RD. LIMITED

On February 24, 2017, pursuant to an order (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List), BDO Canada Limited was appointed as receiver and manager (the “Receiver”) to exercise the powers and duties as specifically set out in the Receivership Order with respect to the assets, undertakings and properties of Terrasan 327 Royal York Rd. Limited (the “Company”).

The Receiver is inviting offers for the purchase of the assets, undertakings and properties of the Company. The Company's principal assets include a partially constructed residential condominium development on project lands municipally known as 327 Royal York Road, Toronto, ON, marketed as the “On the Go Mimico” residential condominium development. The condominium project together with the project lands are hereinafter referred to collectively as the “Project”.

The Project was to be developed into 242 suites ranging from 534 sq. ft. to 2,748 sq. ft. including two levels of penthouses. Additionally, the Project was to include 242 residential parking stalls, 173 lockers and 8,245 sq. ft. of retail/commercial space. Construction is currently suspended.

Interested parties must register with the Receiver click here before being granted access to a Confidentiality and Non-Disclosure Agreement (“NDA”). The Receiver requires interested parties to sign the NDA prior to gaining access to an encrypted electronic data room (“Data Room”) that contains the Receiver's Confidential Information Memorandum (“CIM Fourth Report of Receiver - September 8, 2017”) and other pertinent information with respect to the Project and the Receiver's Sale Process. The deadline date for the submission of offers is May 12, 2017.

No results found for {{ searchText }}