Bank applies to replace owners of embattled private school
Canadian Montessori Academy's liabilities add up to almost $1.9M, bank says
Posted: Jul 20, 2012 5:58 PM ET
Last Updated: Jul 20, 2012 7:45 PM ET
The Business Development Bank of Canada has filed an application to replace the owners of a debt-ridden Ottawa private school with a court-appointed receiver.
The bank said the Canadian Montessori Academy owes the bank close to $800,000 and has not received a loan payment since 2010. The bank also claims the school and its owners have been uncooperative.
"The conduct of the company and its principal has left the bank with no alternative but to proceed to enforce its security through the appointment of a receiver," the claim states.
The school is owned and operated by the de Mel family, and its principal is Sherie de Mel.
Academy's liabilities add up to almost $1.9M
The bank's claim is just one of many. Federal tax authorities have slapped multiple liens on the property, and the City of Ottawa claims it’s owed hundreds of thousands of dollars in back taxes.
The academy's total liabilities, according to the bank, amount to almost $1.9 million.
The school is also facing numerous lawsuits.
None of the allegations or claims have been proven in court and in their own defence documents, the de Mels said they have always acted openly, honestly and professionally.
Lester de Mel, the school's business manager, said Friday that he had no comment.
A hearing on the bank's application is scheduled for an Ottawa courtroom on Monday.
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