1076255 B.C. Ltd. and Lightstone Development Ltd.
- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
- File
- H250150
- Industry
- Real estate · Residential development
Court File No. H250150, recorded as the FTI Consulting matter, is a bankruptcy proceeding under the Bankruptcy and Insolvency Act commenced on February 13, 2025 in the Supreme Court of British Columbia. A court officer report was filed the same day the proceeding commenced. The proceeding remains active. The record carries no further steps, hearings or reports after February 13, 2025, and no stage has been assigned to it.
A claims procedure has been established — see the order for deadlines.
The court granted an approval and vesting order for the sale to Inni Home (Real Estate) Ltd. Closing terms, as extracted: Vacant possession delivered at noon on the Closing Date; Receiver may extend Closing Date with Purchaser's consent without further order.
Source: Approval and Vesting Order
The officer filed report no. Third Report. The Receiver continues to market and sell the Debtors' remaining unsold residential and commercial strata units at the Chloe development, overseeing construction/deficiency work while pursuing a revised pricing strategy for residential units and an en-bloc sale of the remaining commercial units. Court file H250150.
Source: Third Report of the Receiver
The court granted an approval and vesting order. Closing terms, as extracted: Vacant possession delivery at noon on the Closing Date, with liberty to extend by consent.
The officer filed report no. Second Report of the Receiver. The Receiver is selling the remaining unsold residential and commercial strata units of the Chloe development (nine residential and two commercial sales completed), managing construction/deficiency work, and seeking a distribution order to repay National Bank of Canada from sale proceeds.
Source: Second Report of the Receiver
Notice of Application - Petitioners (re Sales Approval Amending Order) — Application / notice of application
The officer filed a report. The receiver is managing and marketing the Debtors' unsold residential and commercial strata units through brokers, and expects sale proceeds to be insufficient to repay secured creditors in full, so no distribution to unsecured creditors is anticipated.
Requisition (rescheduling hearing of SPA Holdback Application) — Application / notice of application
July 14, 2025 - Application Response - L. Sun and 1250334 BC Ltd. (to Vesting, Sales Approval and Bankruptcy Application) — Response / objection pleading
July 14, 2025 - Application Response - L. Sun and 12503343 B.C. Ltd. (to Disclaimer Application) — Application / notice of application
July 14, 2025 - Application Response - L. Sun and 12503343 B.C. Ltd. (to SPA Holdbacks Application) — Response / objection pleading
July 11, 2025 - Application Response - Peterson Investment Group (to Disclaimer Application) — Response / objection pleading
July 11, 2025 - Application Response - Peterson Investment Group (to NoA of Sun and 1250334 B.C. Ltd.) — Response / objection pleading
July 11, 2025 - Application Response - Peterson Investment Group (to SPA Holdbacks Application) — Response / objection pleading
July 11, 2025 - Application Response - Peterson Investment Group (to Vesting, Sales Approval and Bankruptcy Applications) — Response / objection pleading
July 4, 2025 - Application Response - Lei Bun Leung et al (to NoA of Sun and 1250334 B.C. Ltd.) — Response / objection pleading
Notice of Application (Vesting, Sales Approval and Bankruptcy Application) — Application / notice of application
The court appointed FTI Consulting Canada Inc. as receiver and manager, on the application of Peterson Investment Group Inc.. Court file H-250150.
Source: Receivership Order
Guide
What happens to your deposit if your builder goes bankrupt in Canada
When a Canadian builder goes bankrupt or into receivership, buyers of condos, new homes and presales have paid deposits that may be in trust, insured or already spent. How Tarion, deposit insurance and the trust rules work in Ontario, British Columbia, Alberta and Québec, what a receiver can do with your purchase agreement, and how deposits come back, drawn from the court record.
Debtor
FTI Consulting
Receiver
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Fitzpatrick | Supreme Court of British Columbia | 8 orders, Feb 2025 – Jul 2026 | 60 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFTI | McCarthy Tétrault LLP | 4 Jul 2025 | Application · 4 Jul 2025 |
| ApplicantPeterson Investment Group Inc | DLA Piper (Canada) LLP | 18 Dec 2025 | Service list · 18 Dec 2025 |
| CreditorFT! Consulting Canada, Inc | McCarthy Tétrault LLP | 17 Jul 2025 | Affidavit · 17 Jul 2025 |
| CreditorLei Bun Leung, Xiao Lian Zhang, Johnson Rui Leung, Jon Kit Leung | Yan Muirhead LLP | 18 Dec 2025 | Service list · 18 Dec 2025 |
| CreditorLei Bun Leung, Xiao Lian Zhang, Johnson Rui Leung, Jon Kit Leung, Karen Leung | Yan Muirhead LLP | 17 Jul 2025 | Affidavit · 17 Jul 2025 |
| CreditorMNP Ltd | McCarthy Tétrault LLP | 28 Nov 2025 | Application · 28 Nov 2025 |
| CreditorNational Bank of Canada | Blake, Cassels & Graydon LLP | 17 Jul 2025 | Affidavit · 17 Jul 2025 |
| CreditorPeterson Investment Group | DLA Piper (Canada) LLP | 17 Jul 2025 | Affidavit · 17 Jul 2025 |
| CreditorShun Feng Investment Ltd | Lawson Lundell LLP | 18 Dec 2025 | Service list · 18 Dec 2025 |
| CreditorWestmount West Services Inc | Lawson Lundell LLP | 17 Jul 2025 | Affidavit · 17 Jul 2025 |
| CreditorYihan Yang | Gall Legge Grant Zwack LLP | 17 Jul 2025 | Affidavit · 17 Jul 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada (NBC) · in 101 casesFirst Mortgage Credit Agreement; first mortgage registered against title to the Lands under registration numbers CB294025 and CB294026, ranking ahead of Peterson's Mortgage pursuant to priority agreement — Plus professional and late reporting fees; interest accruing at per diem rate of CAD $8,679.69; NBC issued its own demand letters and 244 Notices on Jan 24, 2025 — debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. (the Borrower) · as of 22 Jan 2025 | $47.4M | Affidavit #1 of Evan Carew-Gibson |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors |
9 more claims in 2 classes The stack holds Secured and PMSI / lessors claims.
Every creditor and every amount, drawn to scale.
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See all plans7 transactions · 3 closed · 3 approved · 1 proposed — Receiver granted liberty to obtain vesting and approval orders by desk order for Remaining Units, replacing prior sales approval orderSales Approval Order · 7 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| purchasers of nine Residential Units under the Sales Approval Order, unnamednine Residential Units · real property | not stated | Closeddate not stated | Second Report of the Receiver |
| 7D Holdings Ltd.Commercial Units 1 and 2 · real property | not stated | Closeddate not stated | Second Report of the Receiver |
| Inni Home (Real Estate) Ltd.all of the remaining commercial retail strata lots, Commercial Unit 3 to Commercial Unit 11 · real property · agreement 1 May 2026 | Subscribers | Proposed | Third Report of the Receiver |
| unnamednineteen Residential Units | not stated | Closeddate not stated | Third Report of the Receiver |
| Inni Home (Real Estate) Ltd.the Debtor's right, title and interest in and to the Purchased Assets described in the Sale Agreement · real property · agreement 17 Mar 2026 | not stated | Approved7 Jul 2026 | Approval and Vesting Order |
| Purchasers of individual Remaining Units under future desk-order sale certificates; unnamed in this orderthe strata lots, parking or garage units (the "Remaining Units") located at the civic addresses as set out in Schedule "C" · real property | Subscribers | Approved7 Jul 2026 | Sales Approval Order |
| Purchaser(s) of Remaining Parking and Garage Units, described in Schedule E; unnamedthe Remaining Parking and Garage Units, described in Schedule "E" attached hereto · real property | Subscribers | Approved7 Jul 2026 | Sales Approval Order |
Unsecured creditors: no distribution. National Bank of Canada a distribution.Estimated1076255 B.C. Ltd. First Report of the Trustee · 18 Aug 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | National Bank of Canada | — | per the receiver | Third Report of the Receiver · 25 Jun 2026 | |
| Unsecured | — | — | no distribution | Estimatedper the trustee | 1076255 B.C. Ltd. First Report of the Trustee · 18 Aug 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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$34.4M
As at 25 Jun 2026Third Report of the Receiver
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Approval and Vesting Order
| PDF · Subscribers | |
Sales Approval Order
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
Third Report of the Receiver
| PDF · Subscribers | |
Order (Contested Holdback Declaration and Direction to Pay)
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Distribution Order | PDF · Subscribers | |
Notice of Application - Receiver (re Distribution)
| PDF · Subscribers | |
Approval and Vesting Order - Strata Lot 6
| PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Affidavit #3 of S. Danielisz | PDF · Subscribers | |
| Notice of Application - Residential SL 6 AVO | PDF · Subscribers | |
| Authorisation and Direction to Disclaim | PDF · Subscribers | |
Sales Approval Amending Order
| PDF · Subscribers | |
| Affidavit #2 of S. Danielisz | PDF · Subscribers | |
| Application Record Index | PDF · Subscribers | |
| Notice of Application - Petitioners (re Sales Approval Amending Order) | PDF · Subscribers | |
1076255 B.C. Ltd. First Report of the Trustee
| PDF · Subscribers | |
Lightstone Development Ltd. First Report of the Trustee
| PDF · Subscribers | |
| 1076255 B.C. Ltd. Certificate of Appointment | PDF · Subscribers | |
1076255 B.C. Ltd. Form 36 - Proxy
| PDF · Subscribers | |
1076255 B.C. Ltd. Notice of Bankruptcy
| PDF · Subscribers | |
Lightstone Development Ltd Form 36 - Proxy
| PDF · Subscribers | |
| Lightstone Development Ltd. Certificate of Appointment | PDF · Subscribers | |
| Lightstone Development Ltd. Form 31 - Proof of Claim | PDF · Subscribers | |
Lightstone Development Ltd. Notice of Bankruptcy
| PDF · Subscribers | |
| Affidavit #1 of S. Danielisz | PDF · Subscribers | |
Notice of Application - Receiver
| PDF · Subscribers | |
| Notice of Withdrawal of Lawyer H-250150 | PDF · Subscribers | |
| Notice of Withdrawal of Lawyer S-253165 | PDF · Subscribers | |
| Requisition (rescheduling hearing of Disclaimer Application) | PDF · Subscribers | |
Requisition (rescheduling hearing of SPA Holdback Application)
| PDF · Subscribers | |
Authorization and Declaration to Disclaim Order
| PDF · Subscribers | |
Authorization to Assign into Bankruptcy Order
| PDF · Subscribers | |
Declaration and Direction to Pay Order
| PDF · Subscribers | |
| July 15, 2025 - Affidavit #1 of Y. Yang re Disclaimer Application | PDF · Subscribers | |
| July 14, 2025 - Application Response - L. Sun and 1250334 BC Ltd. (to Vesting, Sales Approval and Bankruptcy Application) | PDF · Subscribers | |
| July 14, 2025 - Application Response - L. Sun and 12503343 B.C. Ltd. (to Disclaimer Application) | PDF · Subscribers | |
| July 14, 2025 - Application Response - L. Sun and 12503343 B.C. Ltd. (to SPA Holdbacks Application) | PDF · Subscribers | |
| July 11, 2025 - Application Response - Peterson Investment Group (to Disclaimer Application) | PDF · Subscribers | |
| July 11, 2025 - Application Response - Peterson Investment Group (to NoA of Sun and 1250334 B.C. Ltd.) | PDF · Subscribers | |
| July 11, 2025 - Application Response - Peterson Investment Group (to SPA Holdbacks Application) | PDF · Subscribers | |
| July 11, 2025 - Application Response - Peterson Investment Group (to Vesting, Sales Approval and Bankruptcy Applications) | PDF · Subscribers | |
| July 10, 2025 - Affidavit #2 of F. Yang | PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| July 4, 2025 - Application Response - Lei Bun Leung et al (to NoA of Sun and 1250334 B.C. Ltd.) | PDF · Subscribers | |
| Notice of Application (Vesting, Sales Approval and Bankruptcy Application) | PDF · Subscribers | |
Notice of Application (re Disclaimer Application)
| PDF · Subscribers | |
Notice of Application (re SPA Holdbacks)
| PDF · Subscribers | |
| May 14, 2025 - Affidavit #1 of L. Sun made May 8, 2025 | PDF · Subscribers | |
Notice and Statement of Receiver with Creditor Listing
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Affidavit #1 of Evan Carew-Gibson
| PDF · Subscribers | |
Petition to the Court
| 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., “1076255 B.C. Ltd. and Lightstone Development Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/1076255-b-c-ltd