Deal to sell debt-ridden Montessori school falls through
CBC News
Posted: Nov 18, 2012 10:34 AM ET
Last Updated: Nov 18, 2012 12:53 PM ET
The building that once housed a debt-ridden Montessori elementary school is back on the market after a potential buyer fell through.
In an email to parents, a BDO Canada associate said the potential purchaser wasn't able to provide sufficient information about when it might be able to close the deal after two closing dates (Oct. 16 and Oct. 31) came and went.
"We are disappointed in this turn of events, however, in the best interest of all stakeholders, the property must be marketed for sale," the email said.
A judge ordered the Canadian Montessori Academy to be put into receivership in July, saying he had no confidence that the owners of the school — Sherie, Lester and Sabena De Mel — would be able to find their way out of their financial woes.
Parents who pre-paid tuition at the school for the 2012-2013 school year — about $15,000 each, on average — are hoping the sale of the property could generate enough profit to pay off all stakeholders.
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