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3 landlords among largest real estate holders in Ontario owe $144M, under bankruptcy protection: documents (www.cbc.ca)

submitted 8 months ago by 0x815@feddit.de to c/canada@lemmy.ca

8 comments fedilink hide all child comments

Also known as bankruptcy protection, it means any legal action taken by lenders to recoup their money has been paused so the landlords can attempt to save their business. Documents say 32 lawsuits are currently filed against the corporations in courthouses across Ontario.

The landlords and their corporations are based in the Hamilton area, but specialize in buying, renovating and in some cases relisting "distressed residential real estate in undervalued markets," said a court factum.

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[–] LostWon@lemmy.ca 8 points 8 months ago

Real estate investors often try to "limit liability" by creating multiple corporations.

"It's not that uncommon, but it does create this really complicated corporate structure where you have multiple companies, multiple lenders, and sometimes the links between them are hard to unravel," Fellowes said.

You don't say?