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Home Builder Urbancorp CEO Files for Bankruptcy Protection

  • Alan Saskin claims assets and liabilities of $0 in filing
  • CEO joins Urbancorp firms in filing for bankruptcy protection

The head of Toronto residential developer Urbancorp joined his companies in filing for bankruptcy protection.

Chief Executive Officer Alan Saskin filed a proposal under Canada’s Bankruptcy and Insolvency Act, claiming assets and liabilities of C$0, according to documents submitted to the Tel Aviv Stock Exchange in Israel, where the closely help company issued a bond last year. The proceeding is dated April 29. Saskin is the controlling shareholder of Urbancorp, a Toronto-based residential developer that’s built more than 5,500 units in 25 years in business.