Ashcroft Homes - 108 Richmond Road Inc.

On October 17, 2024, Ashcroft Homes – 108 Richmond Road Inc. (“108 Richmond”) was placed into Receivership on application of the Royal Bank of Canada, owed approximately $7.5 million.

108 Richmond owned several properties along Richmond Road in central Ottawa.  A portion of the properties were placed into receivership by Duca Financial Services Credit Union Ltd. on May 16, 2024, excluding 114 Richmond Road, which is primarily vacant land.  Since the majority of 108 Richmond assets were already under the control of a Receiver, the Royal Bank of Canada, who has a first charge over 114 Richmond Road, filed application to appoint a receiver.

Legal representatives for the Royal Bank of Canada are McMillan LLP and for the Receiver, Dentons Canada LLP.