Nory30
New Member
Not sure
I was told to find a litigation lawyer to seek help. I haven’t received any updates about my deposit either.Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK
- Thread starter gquest
- Start date
I was told to find a litigation lawyer to seek help. I haven’t received any updates about my deposit either.athundo
New Member
According to KSV, yes our initial deposits should be covered by Tarion Guarantee + ECDI from Trisura Insurance. Also I think someone reached out to SR Law a couple months ago and they told us that they still have our deposits in the trust account. Because technically our Agreements of Sale are still valid, we aren't entitled to get them back until someone decides to cancel them, or if a new developer gives us the option of a new closing date or our deposit back.
Long story short, we can't do much other than wait. You can see what the litigation lawyer says but I think we are stuck. Money should be given back, just not sure when. Anyone else please chime in if I got something wrong.
Deanfeb
Active Member
Basically after jan31 is when this receivership takes shape%!!
Michelle C
New Member
Drove past site today, lots of workers present. I spoke briefly with worker who wouldnt say who he worked for but did say they are fixing the wall that is crumbling on the north side. Had orange spray paint marked where was being repaired. Workers handing down buckets of cement they were using their hands to put cement on wall, if in receivership who could be working and who is paying them?
jbaa1
Active Member
They are employed by KSV, or whoever KSV employed to employ them.
KSV will take their money from proceeds of asset sale, after paying services rendered, the remaining will go to creditors.
Ravibh
New Member
Cbc news article Any update guys..? There was a CBC investigation as well. But no results.
Deanfeb
Active Member
Results? VANDYK is in receivership!! thats the end game..
jbaa1
Active Member
If projects are all being put in receivership before Jan 31.. what is the significance of the Jan 31 date? What is supposed to happen by Jan 31?
Deanfeb
Active Member
Jan31 is Vandyk deadline date to payup o assets will be selling after jan31 per court - those receivership docs
jbaa1
Active Member
Jan 31 can’t come soon enough, really looking forward to the deposits back. Hopefully we can get them quickly, and don’t fall at the bottom of the priority list.
Deanfeb
Active Member
Will need a buyer first for uptowns!!
jbaa1
Active Member
Can they decide to cancel the project and just sell off assets of Vandyk? And take possession of their assets, bank accounts, etc?
To cut everyone’s losses?
Deanfeb
Active Member
Not sure how it flows! But Uptown is 20-30 % done so most likely sold to a buyer ,?then probably an option for deposit, as ksv say cancellation of project comes from the court!
jbaa1
Active Member
Vandyk probably make new company or use other members of their family, buy it for cheap, and increase the contract price lol.
Geniuses.
Deanfeb
Active Member
We can file a class action lawsuit against too after jan31 and probably get some cash as of unit prices today! Providing they have cash left over! People are filing for other projects , i read in reddit!