Hundreds of ordinary people want a say in who buys up the Urbancorp assets that are being sold off in the home builder’s restructuring. Reported in Toronto Star
The couple, who are both studying for master’s degrees, paid a $90,000 deposit on a semi-detached home in Urbancorp's St. Clair development two years ago, only to learn last spring the builder was being restructured under the Bankruptcy and Insolvency Act.
They are among the hundreds of ordinary people who want a say in who buys up the Urbancorp assets that are being sold off in the restructuring. They fear the properties will be sold off to new developers who won't honour their contracts or return their deposits, which in many cases represent families' life savings.
The buyers feel like they are the last in line for consideration among Urbancorp's creditors that include banks, financial heavyweights and Israeli bond holders.
Their lawyer, Lisa Corne is asking Justice Frank Newbould to let her firm, Dickinson Wright, represent the buyers in five Urbancorp developments, with the legal bills to be paid out of the Urbancorp estate.
The hearing, originally scheduled for next Wednesday, has been moved up.
If the court grants the buyers' legal representation, Corne expects that she would meet with the trustee in the insolvency proceedings, KSV Kofman, and the proposed bidders on the properties to look at whether there's an opportunity to actually complete the purchase of their homes.
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