1034786 B.C. Ltd. (formerly Inspira Development (Insignia) Ltd.)
- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 and Section 39 of the Law and Equity Act, R.S.B.C. 1996 c. 253
- File
- H230146
- Industry
- Real estate
1034786 B.C. Ltd., formerly Inspira Development (Insignia) Ltd., has been under court-appointed receivership in the Supreme Court of British Columbia since April 11, 2025, when Ernst & Young Inc. was named receiver and manager on the application of CMLS Financial Ltd. under section 243(1) of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act. The court approved a sale process on June 27, 2025, built on a stalking horse bid with a $100,000 break fee and an August 15, 2025 bid deadline. Marketing drew no formal competing offers. On October 31, 2025, Justice Veenstra granted a reverse vesting order in respect of a transaction with Bannatyne Asset Management Inc. The receivership remains active under court file H230146.
Heard at Vancouver, authorised the reverse vesting transaction with purchaser Bannatyne Asset Management Inc., using NewCo, a subsidiary of 1034786 B.C. Ltd., as the residual entity.
Further interim order granted by Justice Veenstra on the same day the reverse vesting order was made.
Source: Discharge Order
Receiver's Second Report recorded that SISP marketing produced no formal competing offers beyond the deemed Stalking Horse Bid, reported negotiated amendments to the Subscription Agreement, cumulative receipts of $240,922.87 and professional fees of $240,892.90.
Source: Second Report of the Receiver
The court approved a sale and investment solicitation process.
Source: Notice of Application (re SISP)
Heard at Vancouver, approved the sale and investment solicitation process for the Property, anchored by a stalking horse bid carrying a $100,000 break fee, with bids due August 15, 2025.
Source: SISP Order
Interim order pronounced the same day in the proceeding, which also names Gurrjit Daara, Chase Allen, 1294049 B.C. Ltd. and Brokers Edge Financial Services Inc. as respondents.
Source: Order Replacing Respondents
Appointed Ernst & Young Inc. receiver and manager over the Property on CMLS Financial Ltd.'s application, granted a stay, and created a first-ranking Receiver's Charge for the Receiver and its counsel plus a subordinate Receiver's Borrowings Charge securing monies borrowed.
Source: Receivership Order
1034786 B.C. Ltd. (formerly Inspira Development (Insignia) Ltd.) — Receivership filed, British Columbia.
Source: Receivership Order
Debtor
1034786 B.C. Ltd. (formerly Inspira Development (Insignia) Ltd.)
Applicant
CMLS Financial Ltd.
Receiver
EY
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's Charge — first charge on the Property in priority to all security interests, trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subject to Sections 14.06(7), 81.4(4), and 81.6(2) of the | — | Receivership Order |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
8 more claims in 3 classes The stack holds Court-ordered charges, Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale approvedApproval and Reverse Vesting Order · 31 Oct 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Bannatyne Asset Management Inc.ResidualCo: NewCo (subsidiary of 1034786 B.C. Ltd.) | not stated | Approved31 Oct 2025 | Approval and Reverse Vesting Order |
CMLS Financial Ltd.: shortfall.Notice of Application · 4 Apr 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | CMLS Financial Ltd. | — | shortfall | per the debtor | Notice of Application · 4 Apr 2025 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
Cumulative receipts
$241K
As at 22 Oct 2025Second Report of the Receiver
Professional fees
As at
1 more reported figure
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
| Receiver's Discharge Certificate | PDF · Subscribers | |
| Notice to Creditors | PDF · Subscribers | |
Approval and Reverse Vesting Order
| PDF · Subscribers | |
Discharge Order
| PDF · Subscribers | |
| Affidavit #1 of Jordan Schultz | PDF · Subscribers | |
| Affidavit #1 of Phillippe Mendelson | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Service List | PDF · Subscribers | |
| Teaser | PDF · Subscribers | |
Amending Receivership Order
| PDF · Subscribers | |
SISP Order
| PDF · Subscribers | |
| Affidavit #1 of Navneet Sidhu | PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Notice of Application (re SISP)
| PDF · Subscribers | |
Notice and Statement of the Receiver
| PDF · Subscribers | |
| Amended Petition | PDF · Subscribers | |
Order Replacing Respondents
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
| Application Response | PDF · Subscribers | |
Affidavit #1 of Joey Law
| PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “1034786 B.C. Ltd. (formerly Inspira Development (Insignia) Ltd.)” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/1034786-b-c-ltd-formerly-inspira-development-insignia-ltd