On December 5, 2024, the Ontario Superior Court of Justice granted members of the Ashcroft Homes Group, an Ottawa-based property developer and operator of residential communities with over $393 million in liabilities, protection under the Companies Creditors’ Arrangement Act. At the comeback hearing on December 12, 2024, Cassels represented ACM Advisors Ltd. on its motion for an order terminating the CCAA proceedings and appointing KSV Restructuring Inc. as interim receiver. ACM’s motion was supported by secured creditors owed $194 million. The court ruled that receivership proceedings would be more appropriate than continuing the CCAA proceedings given the nature of the security, interests of both financial and non-economic stakeholders and the debtors’ lack of coordination with their secured creditors leading up to filing for CCAA.
Cassels acted for ACM.