​Receivership Proceedings of Victoria Avenue North Holdings Inc. and The Parties Listed on Schedule "A".

On August 3rd, 2021 by Order of the Ontario Superior Court of Justice (Commercial List) (the "Receivership Order"), KPMG Inc. was appointed receiver and manager ("KPMG" or the "Receiver") of, among other things, Victoria Avenue North Holdings Inc., which owns the buildings located at 304 Victoria Avenue North and 414 Victoria Avenue North (the "Properties"), pursuant to section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and under Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43.

Schedule A [PDF 59 KB]

Sale Process

On October 29, 2021, the Court granted an order, which among other things, approved:

  • the Receiver's engagement of CBRE as listing broker to assist the Receiver in the marketing and sale of the primary assets of the Legal Owner (being 2 medical office buildings); and
  • the Sale Process, as appended to the order.

Pursuant to the Sale Process, the Receiver, in consultation with the Broker, has revised the Initial Bid Deadline to February 8th, 2022. Any parties interested in purchasing the assets of the Legal Owners may contact the Broker or the Receiver. The contact details of the Broker can be found directly below. A copy of the Sale Process is posted in the "Sale Process" section of this website, below.

Pursuant to the Sale Process, the Receiver, in consultation with the Broker, has determined to initiate a second, binding round of bidding and has set a Qualified Bid Deadline for March 7, 2022. The Qualified Bid Deadline is the deadline by which Qualified Bidders continuing to participate in the Sale Process are required to submit a Binding Offer to the Receiver. The Qualified Bid Deadline has been communicated directly to certain Qualified Bidders which the Receiver, in consultation with the Broker, has determined should advance to the second binding round of bidding.

Broker contact

CBRE Limited
Michael.Bellissimo@cbre.com
Jordan.Lunan@cbre.com

Town Hall

The Receiver will be holding a meeting (the "Town Hall") in respect of the Victoria Avenue North Holdings Inc. and the Southmount Et Al. receivership proceedings (the "Proceedings"). The purpose of the Town Hall is to provide parties claiming a beneficial ownership interest in the properties subject to the Proceedings an update on the Proceedings and the anticipated net proceeds of same, and to offer an opportunity for parties to raise questions directly with the Receiver. The coordinates of the Town Hall are included in the Notice of May 18, 2022 Town Hall attached below.

Parties who wish to join the meeting must register with the Receiver at victoriaholdings@kpmg.ca.

Contact information

Town Hall

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