Receiver Appointed Over Vandyke Group Company Owing $10M

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Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.

This week brought the final nail in the coffin for a company owned by John Vandyk: Founder, President, and CEO of Vandyk Properties. Home Trust Company is alleging that Vandyk-Backyard Humberside Limited is in default of a $10M loan, and requested the company be placed under receivership earlier this week.dated March 5, 2024, appoints msi Spergel Inc.

At that time, the debtor also agreed in writing that the lender would be entitled to pursue a receivership order in the event of default. In the time that has elapsed since, Home Trust demanded a $10,145,007 payment , and the debtor attempted to sell the property at 10 Neighbourhood Lane . In addition, it says there is a $9,473 construction lien registered by Live Patrol Inc. against the property on November 22, 2023.

 

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