1046089 B.C. Ltd. was placed into receivership by order of the Supreme Court of British Columbia on May 20, 2025, made by Justice Masuhara in Court File No. S-252592. The appointment rests on section 243 of the Bankruptcy and Insolvency Act together with provincial Judicature Act jurisdiction. The proceeding is now recorded as closed. The record for this file consists of the appointment order alone, and nothing beyond the commencement of the receivership can be stated from it.
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Justice Masuhara granted the order putting the company into court-appointed receivership, commencing the proceeding under Supreme Court of British Columbia file S-252592.
KingSett Mortgage Corporation · in 28 casesFirst mortgage and assignment of rents ($17,500,000 registered principal, registered March 29, 2022, LTO charge numbers CA9822429 and CA9822430); general security agreement (site-specific) registered under charge number 628606N; general assignment of material contracts; assignment of insurance; fraud/misrepresentation and environmental indemnities — Indebtedness comprised of: $14,000,000 principal, $583,013.71 accrued unpaid interest, $14,388.19 costs/charges, $9,745.00 legal fees (continuing to accrue); interest accruing at $3,785.06/day and professional fees continuing to accrue; earlier dem · as of 2 Apr 2025
$14.6M
Petition to the Court dated April 4, 2025
Secured
City/Municipal taxing authority (property tax arrears)Property tax lien on the Lands — Property tax arrears from 2023 and 2024 with respect to the Lands, inclusive of interest, continuing to accrue — debtor: 1046089 B.C. Ltd.
$281K
Petition to the Court dated April 4, 2025
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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.
RecoveriesAs stated in the filings
Closed · the record states no distribution outcome.
First Report of the Receiver dated November 20, 2025
Fee scheduleEngagements: Form: invoice_listing · Rows: N. Goldstein; D. Perlman; Fees: 479 · Rate: 233.66 · Hours: 2.05 · Quote: Other | Administrative Staff | $233.66 | 2.05 | $479.00 · Title: Administrative Staff · Row kind: bucket · Rate kind: standard · Name as stated: Other; Fees: 11595 · Quote: TOTALS | TOTALS | TOTALS | TOTALS | $11,595.00 · Row kind: subtotal · Rate kind: standard · Name as stated: TOTALS · Money: Tax: $1.69K · Label: taxes · Quote: taxes in the amount of $1,689.72 · Fees: $11.6K · Quote: KSV invoiced fees totalling $11,595.00 · Total: $14.8K · Quote: for a total of $14,787.53 (the ' Receiver's Fees ') · includes tax · includes disbursements · Approximate: false · Disbursements: $1.5K · Quote: incurred and invoiced for disbursements in the amount of $1,502.81 · Period: End: 2025-09-30 · Kind: invoice · Quote: from May 1 to September 30, 2025 · Start: 2025-05-01 · Approval: State: unstated · Averages: · Currency: · Invoices: Tax: 1689.72 · Date: 2025-10-31 · Fees: 11595 · Quote: 4767 | October 31, 2025 | 11,595.00 | 1,502.81 | 1,689.72 | 14,787.53 · Total: 14787.53 · Disbursements: 1502.81 · Firm text: KSV Restructuring Inc. · Firm quote: KSV Restructuring Inc. (' KSV ') was appointed as receiver · Context quote: As detailed in the Receiver's Invoice, from May 1 to September 30 2025, KSV invoiced fees totalling $11,595.00 · Comparability quote: the Receiver's fees in this matter are consistent with fees charged by other insolvency firms of a similar size for work of a similar nature and complexity in British Columbia; Form: time_summary · Rows: Noah Goldstein; Dean Perlman; Fees: 479 · Hours: 2.05 · Quote: Other Staff and Administration | | 175-240 | 2.05 | 479.00 · Rate max: 240 · Rate min: 175 · Row kind: bucket · Rate kind: range · Name as stated: Other Staff and Administration · Money: Tax: $1.69K · Label: HST · Quote: HST | 1,689.72 · Fees: $11.6K · Quote: Total Fees | | | | 11,595.00 · Total: $14.8K · Quote: Total due | $ 14,787.53 · includes tax · includes disbursements · Approximate: false · Disbursements: $1.5K · Quote: Add: Out-of-pocket expenses | | | | 1,502.81 · Period: End: 2025-09-30 · Kind: invoice · Quote: For May 1 to September 30, 2025 · Start: 2025-05-01 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: For professional services rendered by KSV Restructuring Inc., in its capacity as receiver and manager without security · Context quote: For professional services rendered by KSV Restructuring Inc., in its capacity as receiver and manager without security, of the property located at Lot 3 Section 19 Block 5 North West Range 2 West New Westminster District Plan BCP39778; Form: invoice_listing · Rows: Kibben Jackson; Mishaal Gill · Money: Tax: $2.05K · Label: taxes · Quote: taxes in the amount of $2,049.20 · Fees: $17K · Quote: Fasken invoiced fees amounting to $17,014.00 · Total: $19.2K · Quote: for a total of $19,219.60 ('Fasken's Fees') · includes tax · includes disbursements · Approximate: false · Disbursements: $156 · Quote: incurred and invoiced for disbursements in the amount of $156.40 · Period: End: 2025-11-19 · Kind: invoice · Quote: from April 2 to November 19, 2025 · Start: 2025-04-02 · Approval: State: unstated · Averages: · Currency: · Invoices: Tax: 207.12 · Date: 2025-05-13 · Fees: 1726 · Quote: A | 2133851 | May 13,2025 | 1,726.00 | - | 207.12 | 1,933.12 · Total: 1933.12; Tax: 936.28 · Date: 2025-06-09 · Fees: 7748 · Quote: B | 2144971 | June 09, 2025 | 7,748.00 | 130.40 | 936.28 | 8,814.68 · Total: 8814.68 · Disbursements: 130.4; Tax: 19.44 · Date: 2025-07-08 · Fees: 162 · Quote: C | 2156701 | July 08, 2025 | 162.00 | - | 19.44 | 181.44 · Total: 181.44; Tax: 886.36 · Date: 2025-11-20 · Fees: 7378 · Quote: D | 2206818 | November 20, 2025 | 7,378.00 | 26.00 | 886.36 | 8,290.36 · Total: 8290.36 · Disbursements: 26 · Firm text: Fasken · Firm quote: Fasken's Invoices · Context quote: As detailed in Fasken's Invoices, from April 2 to November 19, 2025, Fasken invoiced fees amounting to $17,014.00
Secured creditors$14.6M · Note: Loan facility (commitment letter dated March 1, 2022) was a non-revolving demand loan in the amount of $14,000,000 (facility amount, not balance); outstanding indebtedness of $14,607,147 as at April 2, 2025 per Pollack Affidavit is the stated balance. Also secured by unlimited joint and several personal guarantees of Nirmal Singh Bains and Satnam Singh Bains (personal guarantors, related individuals of the Debtor). · Page: 6 · As of: 2025-04-02 · Debtor: 1046089 B.C. Ltd. · Creditor: KingSett Mortgage Corporation · Security: Registered first mortgage and assignment of rents (registered principal amount $17,500,000) against the Lands; general security agreement dated March 29, 2022 (BC PPR base registration 628606N); general assignment of material contracts dated March 29, 2022; pledge of securities dated March 29, 2022 by Bains Brothers Holding Inc. over shares of the Debtor
Secured creditors$14.6M · Note: Indebtedness comprises $14,000,000 principal, $583,013.71 accrued interest, $14,388.19 costs/charges, $9,745.00 legal fees (as of demand letter dated March 12, 2025 stated as $14,518,338.55); current loan discharge statement as of April 2, 2025 gives $14,607,146.89 with interest/fees continuing to accrue at $3,785.06/day; also secured by unlimited joint and several personal guarantee of Nirmal Singh Bains and Satnam Singh Bains, and limited recourse guarantee of Bains Brothers Holding Inc. (recourse limited to shares of Borrower held by Limited Recourse Guarantor), and pledge of Borrower's shares (PPR base reg. 628616N) · Page: 2 · As of: 2025-04-02 · Debtor: 1046089 B.C. Ltd. · Creditor: KingSett Mortgage Corporation · Security: First mortgage and assignment of rents ($17,500,000 registered principal, LTO charge nos. CA9822429/CA9822430); general security agreement (site-specific, PPR base reg. 628606N); general assignment of material contracts; assignment of insurance
Secured creditors$14.6M · Note: Indebtedness comprised of: $14,000,000 principal, $583,013.71 accrued unpaid interest, $14,388.19 costs/charges, $9,745.00 legal fees (continuing to accrue); interest accruing at $3,785.06/day and professional fees continuing to accrue; earlier demand letter dated March 14, 2025 stated amount owing as of March 12, 2025 of $14,518,338.55 (superseded by later dated balance); also secured by unlimited joint and several personal guarantee of Nirmal Singh Bains and Satnam Singh Bains, and limited recourse guarantee of Bains Brothers Holding Inc. (limited to shares of Borrower held by guarantor), and hypothecation/pledge of shares in Borrower · Page: 7 · As of: 2025-04-02 · Debtor: 1046089 B.C. Ltd. · Creditor: KingSett Mortgage Corporation · Security: First mortgage and assignment of rents ($17,500,000 registered principal, registered March 29, 2022, LTO charge numbers CA9822429 and CA9822430); general security agreement (site-specific) registered under charge number 628606N; general assignment of material contracts; assignment of insurance; fraud/misrepresentation and environmental indemnities
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/1046089-b-c-ltd
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