Carleton Condominium Corporation 396

Carleton Condominium Corporation 396 was placed into receivership on May 29, 2019 as Ordered by Justice Kane as a result of several years of litigation between condo owners. There are no secured creditors and the property and book debts will be used to satisfy unsecured claims and the remaining proceeds to be allocated based on unit holders percentage of ownership in the existing structure. The courts have Ordered the Condominium terminated and the Receiver to complete the process for such termination. The court ordered dissolution is the first of its kind in Ontario. The defendants did seek leave to have the matter appealed before the Supreme Court of Canada and it was denied. The plaintiffs are represented by several law firms in Ottawa and Percy Ostroff Law represents the Receiver. Upon termination of the condominium corporation, the interests of the owners will be converted into one property and sold by the Receiver.