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.
All capitalized terms used in this update have the meaning given to them in the Halo Deposit Return Procedure Order.
On February 18, 2021, the Court issued the Halo Deposit Return Procedure Order which, among other things:
The Halo Deposit Return Procedure Order can be found 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 Receiver immediately at firstname.lastname@example.org.
IF YOU AGREE with the Deposit Amount as set out in the Acknowledgement of Deposit Claim, and wish to be paid by cheque, you do not have to take any further steps. In this case, 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 as 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 Receiver by email at email@example.com or by prepaid ordinary mail, courier, personal delivery or other electronic or digital transmission at the Receiver’s Address set out below so as to be received by the Receiver by 5:00 p.m. (Toronto time) on March 18, 2021 (the “Deposit 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.
IF YOU DISAGREE with the Deposit Amount as set out in the Acknowledgement of Deposit Claim and wish to have your Deposit Claim determined in accordance with the Halo 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 Deposit Claims Bar Date at the following address:
capacity as Court-appointed receiver of Halo
18 York Street, Suite 2600
Toronto, ON M5J 0B2
If your personal details listed above, including full legal name and mailing address are incorrect, please notify the Receiver by email at firstname.lastname@example.org prior to the Deposit Claims Bar Date.
IF YOU DO NOT SUBMIT A NOTICE OF DISPUTE by the Deposit Claims Bar Date:
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.
As noted in previous status updates, on September 15, 2020, the Court issued the Approval and Vesting Order which, among other things, approved the sale transaction contemplated by the Agreement of Purchase and Sale between the Receiver and 494 Inc. (the “Sale Transaction”) and directed the Receiver to terminate all existing agreements of purchase and sale entered into by the pre-construction unit purchasers of the Halo Project upon closing of the Sale Transaction.
The Sale Transaction has closed, and as such, all existing agreements of purchase and sale entered into by Unit Purchasers are hereby terminated and of no further force and effect.
The Receiver will be seeking Court approval to conduct a claims process to determine claims and distribute remaining funds from the sale of the Halo Project after payment of secured creditors. Further information regarding the process to reclaim the deposits will be provided shortly and will be posted on this website.
The Approval and Vesting Order was approved by the Court on September 15, 2020. Closing of the sale transaction is expected to occur in early October 2020.
The Receiver notes that the sales transaction contemplates the termination of all existing agreements of purchase and sale for units in the Halo Project. The Receiver further notes that there was no bid received at any stage of the SISP that contemplated retaining the existing agreements of purchase and sale.
The Receiver is aware that deposits paid by pre-sale purchasers are insured. Subject to closing of the transaction with 494 Yonge Street Inc. (the "Purchaser"), the Receiver will work with the deposit insurer and trust law firm to return deposits to individual pre-sale purchasers.
The proposed sale transaction also provides the following for unit purchasers:
If the proposed sale transaction is completed, the Receiver anticipates it will seek a Court order authorizing the Receiver to conduct a claims process. Any distributions to the creditors of the Halo Project will only be made after the closing of the sale of the Halo Project to the Purchaser and the completion of a claims process.
On June 22, 2020, the Court made an order to commence proceedings under the Companies' Creditors Arrangement Act ("CCAA") in respect of The Clover on Yonge Inc. and The Clover on Yonge Limited Partnership. Decisions with respect to the status of the contracts for the Clover Project will now be made in the context of those proceedings. Further information on those proceedings will be posted on the following website: www.pwc.com/ca/clover-ccaa.
On June 11, 2020, a member of the Concord Group of Companies ("Concord") acquired all of the debt of BCIMC owing in respect of the Clover project. Previously, the Receiver understands, Concord had also acquired all of the equity of The Clover on Yonge Inc. As a result of these transactions, there is now no restriction on communications between Concord and purchasers of Clover condominium units.
A Sale and Investor Solicitation Process (“SISP”) commenced for the Halo project on June 12, 2020. In approving the SISP, the Court stated that communication between any potential purchasers of the Halo project and purchasers of Halo condominium units in the SISP does not require consent of or notification to the Receiver. As a result, the Receiver understands that communications may take place between potential purchasers of the Halo project and purchasers of Halo condominium units. However, the Court also noted that if privacy or fairness issues are raised with respect to communications with unit holders, the Court would make itself available to resolve such issues.
Pending determination of the future of each Project, the Receiver will no longer be accepting deposits from purchasers. Further information will be made available on the status of the receiverships on this website as it becomes available.
Based on the materials filed by the receivership Applicants and its initial review, the Receiver is aware that there are a number of purchasers on each Project who entered into agreements of purchase and sale for units in the projects:
The Condominium Act (Ontario) provides at section 81(7) that deposit monies shall be held in trust (usually by a law firm) until, among other things, the declarant “ensures that security of a prescribed class is provided for the money…”. At this time, we understand that:
The “prescribed security” under the Act includes insurance coverage by Tarion Warranty Corporation (the government’s warranty corporation, “Tarion”) for the first $20,000 of a purchaser’s deposits. It also includes excess deposit insurance from an insurance company issued in favour of a purchaser in relation to deposits in excess of $20,000 that are being released from trust.
From its initial review of the materials filed with the receivership application, the Receiver understands that each of the project entities arranged with Aviva Insurance Company of Canada (“Aviva”) to provide bonds to Tarion to secure the insurance coverage by Tarion in favour of purchasers. In addition, it appears that each of the project entities arranged excess deposit insurance policies with Aviva to enable deposit amounts in excess of $20,000 to be released from trust.
The Receiver is in the process of obtaining and reviewing the deposit insurance and bond information as part of its overall project assessment and will provide further comments and information once available.
The Receiver understands that the Cresford Group entered into pre-construction unit purchase contracts with numerous persons in respect of the Clover, Halo and 33 Yorkville projects. No decisions have been made in respect of these contracts. Persons who made pre-construction purchases of units in the projects are asked to e-mail the Receiver at email@example.com, with details of your contract and your contact details. In due course once decisions have been made on the path forward for each of the projects, you will be contacted by the Receiver regarding the status of these contracts. Further information will be made available on the status of the receiverships on this website as it becomes available.
2020年6月22日，法院颁布法院令决定根据《公司债权人安排法》（“CCAA”）发起有关The Clover on Yonge Inc和 The Clover on Yonge Limited Partnership的法律程序。关于the Clover项目的合同状态将在上述法律程序中决定。有关这些法律程序的更多资料将公布在下列网站上：www.pwc.com/ca/clover-ccaa。
2020年6月22日，法院頒布法院令決定根據《公司債權人安排法》（“CCAA”）發起有關The Clover on Yonge Inc和 The Clover on Yonge Limited Partnership的法律程序。關於the Clover項目的合同狀態將在上述法律程序中決定。有關這些法律程序的更多資料將公佈在下列網站上：www.pwc.com/ca/clover-ccaa。
2020年6月11日，Concord Group of Companies ("Concord")的一家成员公司收购了BCIMC所有与Clover项目相关的负债。此前，接管人了解到，Concord也已收购The Clover on Yonge Inc. 的所有股权。上述交易发生后，Concord与Clover公寓的购买者间的沟通不再受到任何限制。
2020年6月11日，Concord Group of Companies ("Concord")的一家成員公司收購了BCIMC所有與Clover項目相關的負債。此前，接管人瞭解到，Concord也已收購The Clover on Yonge Inc. 的所有股權。上述交易發生後，Concord與Clover公寓的購買者間的溝通不再受到任何限制。
上述法令的“指定担保”包括由Tarion Warranty Corporation（政府的保证机构“Tarion”）为每名买家首2万元保证金提供的保险。“指定担保”还包括保险公司为从托管账户中释放的每名买家保证金超出2万元部分提供的保险。
接管人通过对接管申请所提交的资料进行的初步审阅了解到，上述项目的项目主体分别通过Aviva Insurance Company of Canada (“Aviva”)向Tarion发出了担保书，以取得Tarion为买家提供的保险。此外，项目主体还为从托管账户中释放的超出2万元的保证金部分与Aviva安排了额外的保单。
上述法令的“指定擔保”包括由Tarion Warranty Corporation（政府的保證機構“Tarion”）為每名買家首2萬元保證金提供的保險。“指定擔保”還包括保險公司為從託管帳戶中釋放的每名買家保證金超出2萬元部分提供的保險。
接管人通過對接管申請所提交的資料進行的初步審閱瞭解到，上述項目的項目主體分別通過Aviva Insurance Company of Canada (“Aviva”)向Tarion發出了擔保書，以取得Tarion為買家提供的保險。此外，項目主體還為從託管帳戶中釋放的超出2萬元的保證金部分與Aviva安排了額外的保單。
接管人了解到，Cresford Group 与众多买家就 Clover、Halo 及 33 Yorkville 项目签署了期房购买合同。目前接管人尚未决定如何处理该等合同。请已购买前述项目期房的买家发送电子邮件至接管人邮箱 firstname.lastname@example.org，并提供您的合同信息及联系方式。接管人将于就每个项目的下一步行动有所决定时，联系您并通报合同的相关情况。本网页将于适当的时候，发布有关接管工作的进一步消息。
接管人瞭解到，Cresford Group 與眾多買家就 Clover、Halo 及 33 Yorkville 項目簽署了期房購買合同。目前接管人尚未決定如何處理該等合同。請已購買前述項目期房的買家發送電子郵件至接管人郵箱 email@example.com，並提供您的合同信息及聯繫方式。接管人將於就每個項目的下一步行動有所決定時，聯繫您並通報合同的相關情況。本網頁將於適當的時候，發佈有關接管工作的進一步消息。
|Wire Transfer Form (re Halo Deposit Return Procedure)||2021-02-18|
|Notice of Dispute (re Halo Deposit Return Procedure)||2021-02-18|
|FAQs for Pre-Construction Purchasers||2020-03-02|
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