By Robert Frank
The court ordered Deloitte Touche, the receiver for the insolvent Dollard des Ormeaux senior’s residence, to proceed with a sale offer put forward by LRM Management Ltd., of Montreal, on behalf of a company yet to be incorporated.
A large Toronto investment firm, Kingsett Canadian Real Estate Income Fund, sued the owners of Château Royal in January, seeking repayment of a $15 million loan. According to documents provided by Deloitte, Château Royal also owes unsecured creditors $6.4 million.
According to Deloitte partner Benoît Clouâtre, any transaction of this magnitude will take some time to conclude, despite the court order, while the parties complete their “due diligence”.
Mr. Clouâtre oversees the operations to ensure that the elderly residents of Château Royal remain well cared-for.
In the meantime, there have been no developments in the insolvency of another insolvent Dollard des Ormeaux eldercare centre, Château Dollard, Éric St. Amour of Pricewaterhouse Coopers told The Suburban.
Both seniors residences were operated by financially troubled Liberty Assisted Living of Toronto.