Builder defaults on payments linked to Fortress Real Developments collapse
Richmond Hill, Ont.-based real estate developer Sunrise Homes has defaulted on a court-ordered settlement to repay the millions of dollars it owes to lenders caught up in the collapse of Canada’s one-time largest syndicated mortgage company Fortress Real Developments Inc.
On May 8, 2023, Justice Peter J. Osborne endorsed a settlement agreement whereby a collection of Sunrise-related parties and companies – including Sunrise CEO Sajjan Hussain, COO Muzammil Kodwavi and their spouses – would repay to the court-ordered receiver, KSV Advisory, $10.5-million that it owed lenders.
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