CCAA protection obtained by Clarkson Road Holdings Inc., Clarkson Road Developments GP Inc., and 2813427 Ontario Inc.

On May 3, 2024, 2813427 Ontario Inc., Clarkson Road Developments GP Inc. and Clarkson Road Holdings Inc. (the "Applicants") obtained CCAA protection, listing approximately C$58 million in liabilities.  The Applicants are the owners of a residential development project located in Mississauga, Ontario.  As a result of a dispute with Kenaidan Contracting, the general contractor, construction is on hold.  Construction liens totalling approximately C$27 million have been registered against the property and the companies have defaulted on their mortgage from CS Capital, owed approximately C$21 million.  The purpose of the CCAA proceedings is to conduct a stalking horse SISP to sell the property quickly.

McCarthy Tétrault is assisting the Applicants with a team led by Heather Meredith that includes Saneea Tanvir and Meena Alnajar (Bankruptcy and Restructuring).