The struggling Vandyk Group of Companies is about to sell its development property in Toronto. Some Vandyk properties are presently under receivership, including the 41 Wabash Avenue property, which has approval for a 15-unit townhome development.

This week, a court is supposed to approve Telon Land Group Inc.'s land purchase. The buyer purchased the site from THMR Development Inc. Colliers Macaulay Nicolls Inc. advertised the property as "shovel-ready" for an unknown sum.

Allegations of a $9.96 million debt to Fiera Capital Corporation have put the Vandyk Group in financial trouble. Some Vandyk properties were sold during the receivership process to raise money for creditors.