Proceedings.

464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd.

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Supreme Court of British Columbia
File
S-264260
Filings held14
Last activity8 Sep 2026
On the record105 days
Secured debt$53.9M
OverviewSummary updated

464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd. commenced CCAA proceedings in British Columbia on June 8, 2026, after their construction lender moved to enforce. Envision Financial, a division of Tru Cooperative Bank, issued a formal demand for repayment and a notice of intention to enforce security on May 5, 2026 in respect of approximately $48.3 million advanced under construction financing for the project, secured by a first fixed charge mortgage over the property and first-ranking security in the petitioners' personal property, with indemnities from Kind Development Group Ltd., Robert Chetner and Jun Bi. As at June 5, 2026 the petitioners owed approximately $55.6 million, including approximately $7.3 million to trade creditors, of which approximately $6.5 million is builders lien claims registered by Kindred Construction Ltd. and sub-trades. The partnership's unaudited statements show assets of $87,230,804 at December 31, 2025.

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Case updates15 dated entries
#Order

The stay of proceedings was extended to January 15, 2027, allowing the petitioners to recommence and complete construction of the development for conveyance to pre-sale purchasers.

Source: Stay Extension Order

#Report

The Monitor's First Report put the petitioners' debts at approximately $55.6 million, including approximately $48.3 million to Envision Financial and $7.3 million to trade creditors, and supported a stay extension to recommence construction.

Source: First Report of the Monitor

#Order

The Supreme Court of British Columbia granted the initial order in file S-264260, appointing FTI Consulting Canada Inc. as monitor, with the stay running to June 18, 2026.

Source: Initial Order

#Filing

The proceedings commenced on June 8, 2026 on the petition of 464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd.

Source: Petition

#Order

464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd. — CCAA filed, British Columbia.

Source: Initial Order

AnalysisAll insights⁠

Case update

Eagle View Heights: two fixed-price budgets to finish 63 homes in Gibsons

Three months into the CCAA of the partnership behind a 63-home Gibsons development, construction has not restarted, and the monitor is choosing between fixed-price budgets from Kindred Construction, the incumbent owed about $3.8 million, and a contractor proposed by the developer's side, with $1.8 million of a $6.75 million interim facility drawn and the stay now running to January 15, 2027.

Parties

Debtor

464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd.

Monitor

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice MilmanSupreme Court of British Columbia1 order, Sep 202615 cases on record

Counsel of record

PartyCounselFirst seenSource
Debtor464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd.Bridgehouse Law LLP11 Jun 2026Service list · 11 Jun 2026
CreditorCanex Building Supplies LtdBaker Newby LLP11 Jun 2026Service list · 11 Jun 2026
CreditorFirst West Credit Union / Envision FinancialBaker Newby LLP11 Jun 2026Service list · 11 Jun 2026
CreditorGalaxy IDP Construction LtdGabri Law Corporation11 Jun 2026Service list · 11 Jun 2026
CreditorKindred Construction LtdFirst West Credit Union Burrard Law LLP11 Jun 2026Service list · 11 Jun 2026
CreditorMunro Woodworking LtdJenkins Marzban Logan LLP11 Jun 2026Service list · 11 Jun 2026
CreditorOne Degree HVAC Service GroupFasken Martineau DuMoulin LLP11 Jun 2026Service list · 11 Jun 2026
CreditorSunbelt Rentals of Canada Incc/o CSP Law Corp11 Jun 2026Service list · 11 Jun 2026
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredEnvision Financial, a division of Tru Cooperative Bank (formerly First West Credit Union)as of numbers updated to be current (per affidavit, para 80) — CreditMaster Mortgage and Assignment of Rents (first fixed charge) over the Property (PID 030-982-421); Commercial Security Agreements creating first-ranking security interest in all present and after-acquired personal property of the Borrower, TCD, and Eaglecrest Properties; Commercial Security Agreement from Kind Development Group Ltd. creating second-ranking security interest in its present and after-acquired property; Indemnity Agreements from Kind Development, TCD, Eaglecrest Properties, Robert Chetner and Jun Bi; Assignment o$53.9MAffidavit #1 of Jun Bi
Estate financialsReported figures — never derived
Total liabilities at filing$55.6M

As at 5 Jun 2026 · per Management estimate, approximate, unaudited · Petitioners (464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd., and 464 Eaglecrest Drive Properties Ltd.) - consolidated — Report states 'The Petitioners owe approximately $55.6 million to creditors, including approximately: $48.3 million to TRU... and $7.3 million to trade creditors including $6.5 million of lien claims.' No corresponding total asset figure disclosed in these pages.

Documents
14 filings
DateDocumentFile
Stay Extension Order
  • Order date 8 September 2026
  • Presiding officer Justice Milman
  • Stay extended to 15 January 2027
PDF
Notice of Application - Stay Extension OrderPDF
Second Report of the MonitorPDF
Amended and Restated Initial Order
  • Order date 18 June 2026
  • Stay expiry 8 September 2026
PDF
First Report of the Monitor
  • Operational summary The Petitioners are in CCAA proceedings and require the stay extension to recommence and complete construction of the development, ultimately conveying finished units to pre-sale purchasers.
  • Report date 16 June 2026
  • Report no First Report of the Monitor
PDF
Notice of Application - Amended and Restated Initial Order
  • Commencement date 8 June 2026
PDF
Notice to CreditorsPDF
Service List
  • Counsel BridgehouseLaw LLP
PDF
Affidavit #1 of Jun Bi
  • Financial position Assets $87.2M · as at 31 Dec 2025 · per unaudited financial statements · 464 Eaglecrest Drive Limited Partnership (entity-level; not stated as consolidated) — Total current and long-term assets of $87,230,804 as of Dec 31, 2025, per unaudited financial statements (Exhibit Q), consisting primarily of the Real Property, cash, accounts receivable, deposits/prepaid expenses and GST receivable. No stated total liabilities figure; liabilities reported only as components (described as 'numbers updated to be current', i.e. a different, later date than the Dec 31, 2025 asset figure): accounts payable and accrued liabilities $4,278,019; loans payable and accrued $1,714,780; due to related companies $17,288,127; Construction Loan $53,866,826 (page 14).
  • Secured creditors $53.9M · Note: Same debt (Construction Loan) also stated as 'approximately $48.3 million' owed as of May 5, 2026, per formal Demand for payment (Exhibit O, page 11); exact balance-sheet figure used as amount. Original facility principal under Oct 20, 2021 Loan Commitment Letter was $46,296,000 (facility limit, not balance) (page 10). Robert Chetner and Jun Bi are personal guarantors/indemnitors (individuals, related party principals of the Petitioners) (page 11, 48). · As of: numbers updated to be current (per affidavit, para 80) · Debtor: 464 Eaglecrest Drive Limited Partnership (borrower); TCD Developments (Gibsons) Ltd., 464 Eaglecrest Drive Properties Ltd., and Kind Development Group Ltd. granted security/indemnities as indemnitors · Creditor: Envision Financial, a division of Tru Cooperative Bank (formerly First West Credit Union) · Security: CreditMaster Mortgage and Assignment of Rents (first fixed charge) over the Property (PID 030-982-421); Commercial Security Agreements creating first-ranking security interest in all present and after-acquired personal property of the Borrower, TCD, and Eaglecrest Properties; Commercial Security Agreement from Kind Development Group Ltd. creating second-ranking security interest in its present and after-acquired property; Indemnity Agreements from Kind Development, TCD, Eaglecrest Properties, Robert Chetner and Jun Bi; Assignment of Sale Proceeds, Permits/Material Contracts, and Shareholder Loans
PDF
Initial Order
  • Applicant 464 Eaglecrest Drive Limited Partnership, TOD Developments (Gibsons) Ltd., and 464 Eaglecrest Drive Properties Ltd.
  • Appointee FTI Consulting Canada Inc.
  • Appointee role Monitor
  • Commencement date 8 June 2026
  • + 5 more extracted facts
PDF
List of Known CreditorsPDF
Notice of HearingPDF
Petition
  • Applicant 464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd., and 464 Eaglecrest Drive Properties Ltd.
  • Appointee FTI Consulting Canada Inc.
  • Appointee role Monitor
  • Commencement date 8 June 2026
  • + 4 more extracted facts
PDF
Pre-Filing Report of the Proposed Monitor
  • Financial position Liabilities $55.6M · as at 5 Jun 2026 · per Management estimate, approximate, unaudited · Petitioners (464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd., and 464 Eaglecrest Drive Properties Ltd.) - consolidated — Report states 'The Petitioners owe approximately $55.6 million to creditors, including approximately: $48.3 million to TRU... and $7.3 million to trade creditors including $6.5 million of lien claims.' No corresponding total asset figure disclosed in these pages.
  • Secured creditors $6.5M · Note: Forms part of the approximately $7.3 million owed to trade creditors; approximate figure per report ('approximately... $6.5 million of lien claims'). Aggregated lien claimants. · Page: 6 · As of: 2026-06-05 · Debtor: 464 Eaglecrest Drive Limited Partnership · Creditor: Construction lien claimants (including Kindred Construction Ltd., general contractor, and sub-trades) · Security: Builders liens registered against the Project
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd.” (CCAA), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/464-eaglecrest-drive-limited-partnership-tcd-developments-gibsons-ltd-and-464-ea

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/464-eaglecrest-drive-limited-partnership-tcd-developments-gibsons-ltd-and-464-ea

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.