Ashcroft Homes - Eastboro Inc.
Filing Date: October 17, 2024
On October 17, 2024, Ashcroft Homes – Eastboro Inc. (“Eastboro”) was placed into Receivership on application of the Royal Bank of Canada, owed approximately $80 million.
Eastboro is a housing development project approved to construct approximately 2,000 homes in subdivision located in Ottawa East. Phase 2 of the project, approved for 980 homes has fully serviced lots however, the City of Ottawa was not prepared to allow Eastboro to register the subdivision until it completes a storm sewer system. Eastboro did not have funds to complete the storm sewer system and as a result, the construction of homes came to a standstill. To date, there are approximately 25 homes at various stages of completion along with 90 customers who have placed deposits on a specified lot.
Legal representatives for the Royal Bank of Canada are McMillan LLP and for the Receiver, Dentons Canada LLP.
Receiver's Appointment
Receiver's Reports
Other Court Documents
- Draft Amended and Restated Receivership Order - Receiver - MNP Ltd. - file_download
- Draft Sales Process Order - Receiver - MNP Ltd. - file_download
- Court Order : Approval of Sale - file_download
- Amended Order (Replacing the Order of Justice Rees dated October 17, 2024) - file_download
- Order to Lift Stay of Proceedings - file_download
Other
Contact Information
John Haralovich
CIRP, LIT
Senior Vice-President
Servicing Ottawa and 8 other offices.