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Pre-Construction Purchasers/Halo Deposit Return Procedure/ 预售合同/預售合同

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.


Status of File as of February 18, 2021

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:

  1. Approved a procedure for the identification, quantification, and resolution of claims for the return of deposits to certain Pre-Sale Purchasers (the “Deposit Return Procedure”); and
  2. Approved the Seventh Report of the Receiver, and the activities described therein with respect to Halo.

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 halo.clover@pwc.com.

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 halo.clover@pwc.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:

PricewaterhouseCoopers Inc.
capacity as Court-appointed receiver of Halo
PwC Tower
18 York Street, Suite 2600
Toronto, ON M5J 0B2

E-mail: halo.clover@pwc.com

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

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

  1. You will be deemed to accept the Deposit Amount (less any payment processing costs) in full satisfaction of your Deposit Claim, and the Deposit Amount (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 Receiver by the Deposit Claims Bar Date pursuant to the instructions above) promptly following the Deposit Claims Bar Date; and
  2. You will be forever barred from claiming or asserting a Deposit Claim as against any of Halo, the Receiver, Tarion Warranty Corporation, Aviva Insurance of Canada, or Dale & Lessmann LLP other than a claim for an Accepted Deposit Amount pursuant to the Order, and any Deposit 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.

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.

Status of File as of October 15, 2020 

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.

Status of File as of September 16, 2020

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:

  1. Should the Purchaser re-launch the Halo Project as a condominium within 24 months of closing, the Purchaser will give current unit purchasers the opportunity to enter into a reinstated agreement of purchase and sale for the same unit they previously purchased, at a discount of $150 per square foot from the new list price.  Current unit purchasers who decline this opportunity will receive a cash payment equal to 2% of the amount of the cash deposit previously paid by such unit purchaser.
  2. If no offer to enter into a reinstated agreement of purchase and sale is made to current unit purchasers within six months of the closing of the proposed transaction, those unit purchasers will receive a cash payment equal to 2% of the amount of the cash deposit previously paid by such unit purchaser.  If an offer is made subsequently and the unit purchaser declines the opportunity, they are not entitled to another 2% payment.

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. 

Status of File as of June 22, 2020

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.

Status of File as of June 11, 2020

Clover Project:

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.

Halo Project:

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.

Status of File as of May 6, 2020

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.

Status of File as of April 21, 2020

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:

  • Clover: 499 purchasers have provided deposits totaling $49 million.
  • Halo: 388 purchasers have provided deposits totaling $43 million.

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:

  • On Clover:  $6.2 million is held by the law firm, Dale & Lessman LLP, as escrow agent pursuant to a deposit trust agreement.
  • On Halo: $1.8 million is held by Dale & Lessman LLP, as escrow agent pursuant to a deposit trust agreement.

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.

Pre-Construction Contracts

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 halo.clover@pwc.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10月15日情况

正如此前情况报告所述,法院于2020年9月15日发布了批准和授予令,其中法院批准了接管人与494公司之间的买卖协议(以下简称“销售交易”)相关的销售交易,并指示接管人在完成销售交易时终止由Halo项目施工前购买者签订的所有现有买卖协议。
由于上述销售交易已经结束,所有现有Halo公寓购买者的买卖协议也因此终止并不再具有进一步的效力。
接管人将寻求法院批准执行申报程序以确定债权金额,并将出售Halo 项目的资金在分配给有担保债权人后剩余的部分进行分配。本网页将会尽快公布退还定金相关程序的后续信息。

2020年10月15日情況

正如此前情況報告所述,法院於2020年9月15日發佈了批准和授予令,其中法院批准了接管人與494公司之間的買賣協議(以下簡稱“銷售交易”)相關的銷售交易,並指示接管人在完成銷售交易時終止由Halo項目施工前購買者簽訂的所有現有買賣協議。

由於上述銷售交易已經結束,所有現有Halo公寓購買者的買賣協議也因此終止並不再具有進一步的效力。
接管人將尋求法院批准執行申報程式以確定債權金額,並將出售Halo 項目的資金在分配給有擔保債權人後剩餘的部分進行分配。本網頁將會儘快公佈退還定金相關程續的後續信息。

2020年6月22日情况

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日情況

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日情况

Clover项目

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。

Halo项目

2020年6月12日,Halo项目的销售和投资者询价流程(“SISP”)正式启动。法院在批准SISP时指出,在SISP中,Halo项目的任何潜在收购方与Halo公寓购买者之间的沟通不需要获得接管人的同意亦无需通知接管人。因此,接管人知晓Halo项目的潜在收购方会与Halo公寓的购买者相互沟通。此外,法院还指出,如果在与公寓持有者的沟通过程中发生隐私或公平方面的问题,法院可协助解决这些问题。

2020年6月11日情況

Clover項目

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。

Halo項目

2020年6月12日,Halo項目的銷售和投資者詢價流程(“SISP”)正式啟動。法院在批准SISP時指出,在SISP中,Halo項目的任何潛在收購方與Halo公寓購買者之間的溝通不需要獲得接管人的同意亦無需通知接管人。因此,接管人知曉Halo項目的潛在收購方會與Halo公寓的購買者相互溝通。此外,法院還指出,如果在與公寓持有者的溝通過程中發生隱私或公平方面的問題,法院可協助解決這些問題。

2020年5月6日情况

鉴于每个项目的后续安排有待确定,接管人将不再收取买家的定金。本网页将适时发布接管工作的进一步情况。

2020年5月6日情況

鑒於每個項目的後續安排有待確定,接管人將不再收取買家的定金。本網頁將適時發佈接管工作的進一步情況。

2020年4月21日情况

接管人根据接管申请人提交的资料以及相关审阅工作了解到,已就下列项目签署买卖协议的买家人数为:

  • Clover: 499名买家,共支付加元4,900万保证金。
  • Halo:388名买家,共支付加元4,300万保证金。

公寓法令(安大略)第81(7)条规定,保证金须在申报者“确定已就保证金提供指定类别的担保……”以及满足其他条件前被托管(通常由律师事务所托管)。目前,我们了解到:

  • Clover:根据保证金托管协议,加元620万现由Dale & Lessman LLP作为托管代理人托管。
  • Halo:根据保证金托管协议,加元180万现由Dale & Lessman LLP作为托管代理人托管。

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。

接管人正尝试获取及审阅保证金保险及担保书的信息,这是接管人整体项目评估的一部分,并将于其后提供进一步的意见和信息。

預售合同

接管人根據接管申請人提交的資料以及相關審閱工作瞭解到,已就下列項目簽署買賣協定的買家人數為:

  • Clover: 499名買家,共支付加元4,900萬保證金。
  • Halo:388名買家,共支付加元4,300萬保證金。

公寓法令(安大略)第81(7)條規定,保證金須在申報者“確定已就保證金提供指定類別的擔保……”以及滿足其他條件前被託管(通常由律師事務所託管)。目前,我們瞭解到:

  • Clover:根據保證金託管協議,加元620萬現由Dale & Lessman LLP作為託管代理人託管。
  • Halo:根據保證金託管協議,加元180萬現由Dale & Lessman LLP作為託管代理人託管。

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。

接管人正嘗試獲取及審閱保證金保險及擔保書的信息,這是接管人整體項目評估的一部分,並將於其後提供進一步的意見和信息。

预售合同

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 halo.clover@pwc.com,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。

預售合同

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 halo.clover@pwc.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。

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Consulting & Deals, PwC Canada

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