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TD faces $5M negligence claim on behalf of Assaly creditors

September 1, 2015 | in-the-media
The Toronto Dominion Bank, its investment arm, and one of its Ottawa executives are facing a claim for $5 million in damages filed on behalf of a group of Ottawa investors who lost millions of dollars in two stillborn real estate projects promoted by Thomas G. For more information see the latest article from the Ottawa Citizen reporting on this matter:
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Ottawa real estate agent a partner in Golden Oaks scheme, arbitrator rules

September 1, 2015 | in-the-media
An Ottawa real estate agent and his brother who were involved with now-bankrupt Golden Oaks Enterprises will have to pay an estimated $658,000 to a bankruptcy trustee for their role in what an arbitrator has described as both a Ponzi and a pyramid scheme. For more information see the latest article from the Ottawa Citizen reporting on this matter:
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Thomas C. Assaly’s estate seeks to recoup $5.3M from charitable foundation

April 30, 2014 | Commercial Fraud
The estate of Thomas C. Assaly has filed an 11th-hour claim for $5.3 million with a receiver and trustee over four bankrupt companies and a charitable foundation formerly controlled by the late developer’s eldest son, Thomas G. Assaly. The estate’s claim far exceeds assets trustee Doyle Salewski Inc. expects to recover. If accepted, it could leave dozens of Ottawa residents who lost $3.37 million after investing in two real estate projects promoted by Assaly Jr. with nothing. For more i
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Moore et al. v. Assaly et al.

September 15, 2013 | Corporate Finance
Four companies owned by Thomas G. Assaly have now been declared bankrupt following the appointment of Doyle Salewski Inc. as Receiver over those companies. The Receiver has found that moneys from these companies, many of which funds were solicited from our clients as investments in real estate developments which did not proceed, were collapsed into a charitable foundation known as the Assaly Millennium Research and Charitable Foundation (the "Foundation"). The Foundation moneys were later tran
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Impact Tool & Mould Inc. (Receiver of) v. BDO Dunwoody Ltd. (2013) ONSC 2616

September 2, 2013 | Corporate Finance
In a recent decision of the Ontario Superior Court of Justice, the Court found in favour of our client and ordered the disclosure of information over which BDO Dunwoody Ltd. claimed solicitor-client privilege, accepting our argument that solicitor-client privilege could not shield a Trustee's documents from disclosure where there exists an apparent conflict of interest. For details of the decision and its implications, see: Read more…

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