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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Dylan Suitor, Ryan Molony and Aruba Butt are behind 11 now-insolvent corporations that face a “liquidity crisis” with only $100,000 in the bank, the documents say.
Can’t be a real name
