Nature of Engagement

Appointed by the Ontario Superior Court of Justice on August 23, 2012 as Receiver over Senarra Driftwood Inc., Senarra Waterways Inc., Senarra Waterways Ltd., Sentex Homes (Estates of Guildwood Village) Inc., and Sentex Properties Ltd. (the “Debtors”). The Debtors are related companies in the business of land acquisition, site servicing and home building with liabilities owing to secured lenders of approximately $18.3 million. Significant assets include an incomplete town house development located in Bracebridge, Ontario known as The Waterways of Muskoka and undeveloped land located at 19 Orchard Point Rd. in Orillia, Ontario.

Summary of Strategy Employed & Outcome

The Receiver attended to various issues with respect to the construction deficiencies in the projects, preservation of partially constructed units, Tarion and purchaser issues etc., and conducted sales processes to sell the properties.