There are more than 30 companies and 18 properties connected to the Forme insolvency, and in the case of a condominium project proposed for 250 Danforth Road there are close to 200 potential buyers who purchased presale contracts for units that remain unbuilt
Mohammed Haq looks out from the balcony of his current Scarborough, Ont., apartment on Feb. 16, 2019. Mr. Haq purchased two condominiums at the proposed 250 Danforth Road project by Forme Developments, which has now filed for bankruptcy and left Mr. Haq and others worried about their investments.
On Feb. 26, KSV Kofman Inc., the monitor overseeing the sale of some of the 18 properties assembled by businessman Yuan Hua Wang, filed a report that raised an alarm about actions taken by Mr. Wang regarding some properties outside of Forme’s bankruptcy filings. After weeks of seeking more information on $2.
“In my view, the Monitor is quite correct in requesting the relief sought,” said David Morrison, president of Morrison Financial in an e-mailed response to a request for comment. “We are simply first mortgagee in respect to a different property [Mr. Morrison is owed $3-million by Forme company 1326 Wilson Development Inc.] we are confident will yield the full amount of our debt when sold.
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