Receivers appointed to last of developer Vandyk’s projects
The collapse of the Vandyk group of companies appears total now after a court-appointed receiver seeking to recover more than $350-million owed to lenders has been installed on all the significant properties of the troubled builder.
The eight sites now declared insolvent represent more than 2,000 unbuilt homes, the majority sold to preconstruction buyers who are now uncertain about whether or when they will get back deposits pledged to those purchases. In some cases, the deposits appear to be insured. In other cases lenders have alleged buyer deposit funds have been misused.
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