On April 1, 2025, Toronto’s iconic El Mocambo music venue came under court-appointed financial monitoring after owner Michael Wekerle defaulted on approximately $55.6 million in debt through companies he controls. At an Ontario Superior Court hearing, lawyers representing Wekerle and creditor Waygar Capital Inc. agreed to appoint Fuller Landau LLP as a monitor to assess the business and determine its viability during a potential receivership process. The move follows Waygar’s January court application for receivership, noting no payments had been made since June 2021.

Wekerle had borrowed the funds—issued through the Canadian Senior Debt Fund managed by Ninepoint Partners, which engaged Waygar as a consultant—to fund working capital and extensive renovations of the El Mocambo, originally purchased in 2014 for $3.8 million. Despite investing over $30 million into the venue, including state-of-the-art equipment, operations struggled after delays caused by the pandemic.

Although Wekerle indicated he has assembled a new ownership group to revive the business, his lawyers from Cassels Brock & Blackwell LLP did not oppose the possibility of receivership. Waygar is represented by Aird & Berlis LLP. Discussions around the monitoring period ranged from one to two weeks.