In the context of CCAA proceedings for a land lease community, the senior secured lender brought a motion to appoint a receiver.
The CCAA stay of proceedings was expiring, DIP financing was exhausted, and no viable restructuring plan or purchaser had emerged.
The court found it just and convenient to appoint a receiver to stabilize the community, ensure continuation of essential water and sewage services, and facilitate a credit bid by the secured lender.
A separate unopposed motion to lift the stay to allow repossession of unused modular homes was also granted.
