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Deposit Return Process

All capitalized terms used in this update have the meaning given to them in the Deposit Return Procedure Order.

On April 7, 2021, the Court issued an order (the “Deposit Return Procedure Order”) which, among other things:

  1. Approved the Deposit Claims Process for the identification, quantification, and resolution of claims for the return of deposits to Pre-Sale Purchasers in the 33 Yorkville project;
  2. Authorized and directed the Receiver to make an interim distribution or distributions to Westmount, as set out in the Sixth Report, subject to any necessary or desirable reserves as determined by the Receiver;
  3. Approved the fees and disbursements of the Receiver and its counsel; and
  4. Approved the activities of the Receiver as described in the Sixth Report.

The Deposit Return Procedure Order can be found at the bottom of this page and on the “Court Orders” subpage of this website.

If you believe that you are owed a Deposit Amount and have not received an Acknowledgement of Deposit Claim please contact the PricewaterhouseCoopers Inc., LIT (the “Receiver”) at project.yorkville@pwc.com and the Bennett Jones LLP (the “Trustee”) at 33yorkvilledeposits@bennettjones.com  immediately.

IF YOU AGREE with the Deposit Amount set out in the Acknowledgement of Deposit Claim, and wish to be paid by cheque, you do not have to take any further steps. The Deposit Amount will be paid to you by cheque promptly following the Deposit Claims Bar Date (defined below).

IF YOU AGREE with the Deposit Amount set out in the Acknowledgement of Deposit Claim and wish to be paid by wire transfer, you must remit a Wire Transfer Form (available at the bottom of this page) to the Trustee by email at 33yorkvilledeposits@bennettjones.com or by prepaid ordinary mail, courier, personal delivery or other electronic or digital transmission at the address set out below so as to be received by the Trustee by 5:00 p.m. (Toronto time) on May 14, 2021 (theDeposit Claims Bar Date”). In this case, the Deposit Amount (less any payment processing costs) will be paid to you by wire transfer promptly following the Deposit Claims Bar Date.

Bennett Jones LLP
3400 One First Canadian Place
P.O. Box 130
Toronto, ON M5X 1A4

Attention: Susana Shen
E-mail: 33yorkvilledeposits@bennettjones.com

IF YOU DISAGREE with the Deposit Amount as set out above and wish to have your Deposit Claim determined in accordance with the Deposit Return Procedure Order, you must notify the Receiver by filling out the Notice of Dispute form (available at the bottom of this page), and delivering it to the Receiver along with supporting documentation by prepaid ordinary mail, courier, personal delivery or electronic or digital transmission so as to be received by the Receiver by the Deposit Claims Bar Date at the following address:

PricewaterhouseCoopers Inc., LIT
In its capacity as Court-appointed receiver of 33 Yorkville
PwC Tower
18 York Street, Suite 2600
Toronto, ON M5J 0B2

Attention: Tammy Muradova
E-mail: project.yorkville@pwc.com

IF YOU DO NOT SUBMIT A NOTICE OF DISPUTE by the Deposit Claims Bar Date:

A.    You will be deemed to accept the Deposit Amount (in the case of payment by wire transfer, less any payment processing costs) in full satisfaction of your Deposit Claim, and the Deposit Amount (in the case of payment by wire transfer, less any payment processing costs) will be paid to you by cheque (or by wire transfer if you have provided your wire details to the Trustee by the Deposit Claims Bar Date) promptly following the Deposit Claims Bar Date; and

B.    You will be forever barred from claiming or asserting a Deposit Claim as against any of 33 Yorkville, the Receiver, Tarion Warranty Corporation, Westmount Guarantee Services Inc., Aviva Insurance Company of Canada, Liberty Mutual Insurance Company, Intact Insurance Company, and Bennett Jones LLP as well as any person who or which might claim contribution or indemnity (or any claim similar or akin thereto) from any of these parties, and, except as against 33 Yorkville, from asserting any Claim in relation to a Purchase Agreement, other than a claim for an Accepted Deposit Amount pursuant to the Order, and any such Claim you may have will be barred, extinguished, released, and discharged forever upon cashing or depositing the Deposit Cheque sent to you, the successful wiring of a Deposit Wire to you, or the Deposit Cheque sent to you becoming a Cancelled Cheque at the Uncashed Cheque Deadline set out in the Order, in accordance with the Order. This result will also occur upon agreement as to the Deposit Amount.

It is your responsibility to ensure that the Receiver receives your Notice of Dispute by the Deposit Claims Bar Date, if you disagree with the Deposit Amount.

If your personal details listed above, including full legal name and mailing address are incorrect, please notify the Receiver by email at project.yorkville@pwc.com prior to the Deposit Claims Bar Date.

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Title Date
Deposit Return Procedure Order 2021-04-07
Wire Transfer Form  2021-04-07
Notice of Dispute 2021-04-07

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Natalia Chtcherbakova

Consulting & Deals, PwC Canada

Tel: 416-687-8946

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