Centurion Mortgage Capital Corporation (the “Mortgagee”) made an application for the appointment of a Receiver (the “Receiver”) on August 4, 2023 (the “Receivership Order”). The Receivership Order was held in abeyance to allow Dundas Shorncliffe Limited Partnership and Dundas Shorncliffe Ltd. (collectively the “Debtors”) the opportunity to refinance or sell the real property owned by the Debtors. Pursuant to the Receivership Order should the Debtors’ efforts to refinance or sell the real property not be successful and upon the filing of an affidavit by a representative of the Mortgagee, BDO’s appointment as Receiver pursuant to the Receivership Order would become effective.
On March 26, 2024, the Mortgagee, swore an affidavit and the Appointment Order to become effective in accordance with the Justice Kimmel Endorsement.
Court Documents
- Receivership Order – August 4, 2023
- Endorsement of Justice Kimmel – August 4, 2023
- Sworn Affidavit of H. Bob Vavaroutsos for the Appointment Order to Become Effective – March 26, 2024
- Motion Record, dated May 13, 2024
- Receivers Report, dated May 10, 2024
- Endorsement, dated May 15, 2024
- Order, dated May 24, 2024
- Service List, dated June 3, 2024
Creditor Materials
Sales Process
REQUEST FOR OFFERS TO PURCHASE THE ASSETS, PROPERTIES AND UNDERTAKINGS OF DUNDAS SHORNCLIFFE LIMITED PARTNERSHIP AND DUNDAS SHORNCLIFFE LTD.
Pursuant to an order dated August 4, 2023, (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List) (the “Court”) which became effective on March 26, 2024, BDO Canada Limited was appointed as receiver and manager (the “Receiver”) over the assets, properties, and undertakings of Dundas Shorncliffe Limited Partnership and Dundas Shorncliffe Ltd. (together the “Company”).
The Receiver is inviting offers for the purchase of the assets, properties and undertakings of the Company. The Company’s principal asset consists of lands located at 5507 and 5509 Dundas Street, West, Etobicoke, ON (together the “Real Property”). The Real Property was approved for construction of a 22-storey, 242,187 square foot mixed use building with up to 265 residential rental suites and 176 parking stalls (the “Project”).
The Receiver has accepted a stalking horse offer of $9,000,000 for the Real Property and Project which has been approved by the Court (the “Stalking Horse Offer”). Accordingly, prospective bids must exceed the Stalking Horse Offer by a minimum of $100,000 in order to be considered for acceptance by the Receiver.
The Receiver requires interested parties to sign a confidentiality and non-disclosure agreement (“the NDA”) prior to gaining access to an encrypted electronic data room (“Data Room”) that contains the Receiver’s Confidential Information Memorandum (“CIM”) and other pertinent information with respect to the Real Property, Project and the sale process. A copy of the NDA can be found here and executed copies should be sent via e-mail to Antoinette Fielding, [email protected].
The deadline date for the submission of offers is June 28, 2024.
Contact Us
Gary Cerrato, CIRP, LIT – Senior Vice President
BDO Canada Limited, Corporate FRS
Direct: 416-369-6058
[email protected]