Troubles for developer Vandyk Properties continue in 2024 as delayed orders to appoint a receiver on more of its building projects have come into effect
The insolvency application covers five projects in the Greater Toronto Area, which include 1,757 unbuilt homes in a mix of apartments, townhomes and detached houses
Meridian Credit Union filed an application to appoint a receiver for StateView Homes which was planning to build 206 townhouses on raw land near at 12942 York Durham Line in Stouffville, Ont.,
StateView is facing claims that have climbed past $230-million, and the company is in the midst of marketing and building more than 1,500 homes across the Greater Toronto Area
The lenders are demanding repayment of $167.8-million and $4-million that was advanced to StateView for a variety of residential and commercial properties