Proceedings.

5055 Joyce Holdings Inc. and 5055 Joyce Property Inc.

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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
Court
Supreme Court of British Columbia
File
S-262220
Industry
Real estate · Rental & income property
Filings held29
Last activity23 Oct 2026
On the record192 days
OverviewSummary updated

5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. were placed in receivership by the Supreme Court of British Columbia on April 27, 2026, on the application of OPTrust Joyce Financing Corp. under section 243(1) of the Bankruptcy and Insolvency Act and section 39 of the British Columbia Law and Equity Act. KSV Restructuring Inc. was appointed Receiver and Manager under court file S-262220, and a stay of proceedings was granted. The order secures the Receiver and its counsel by a Receiver's Charge ranking ahead of all other security interests, subject to sections 14.06(7), 81.4(4) and 81.6(2) of the BIA, and authorises borrowings secured to $8,000,000. The proceeding is active.

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Case updates30 dated entries
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Case update

5055 Joyce: a bigger holdback reserve, and the case for a $14.8 million limit

In an October 16 supplement, the receiver puts the potential holdback shortfall at $1,064,688.63, up from $895,280.70, and says OPTrust has agreed to fund it plus a 25% reserve, $1,330,860.79 in all. It also seeks to raise its $8 million borrowing limit to $14.8 million. The hearing is set to continue on October 23.

Case update

5055 Joyce: the holdback, and who gets paid from it first

The receiver of a nearly finished 360-unit Westbank rental building in Vancouver found the builders lien holdback account $895,280.70 short, got OPTrust to top it up with a reserve, and asked for authority to release holdbacks to the trades it needs to finish — only those trades, for now. A concrete supplier and two other lien claimants say the Builders Lien Act does not let a receiver choose which beneficiaries of a statutory trust get paid first, and that they had three business days to say so.

Parties

Debtor

5055 Joyce Holdings Inc. and 5055 Joyce Property Inc.

Applicant

OPTrust Joyce Financing Corp.

Receiver

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice CovalSupreme Court of British Columbia2 orders, Apr 2026 – Oct 202616 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverKSVCassels Brock & Blackwell LLP2 Jul 2026Service list · 2 Jul 2026
ApplicantOPTrust Joyce Financing Corp.Osler, Hoskin & Harcourt LLP23 Apr 2026Application · 23 Apr 2026
Debtor5055 Joyce Holdings Inc. and 5055 Joyce Property Inc.Kornfeld LLP2 Jul 2026Service list · 2 Jul 2026
CreditorBFL CANADA Risk and Insurance ServicesTrifecta Law Corporation2 Jul 2026Service list · 2 Jul 2026
CreditorBurrard Mechanical LtdLakes, Whyte LLP4 Sep 2026Application · 4 Sep 2026
CreditorCN Architectural Millwork and Construction IncAffleck Hrabinsky Burgoyne LLP2 Jul 2026Service list · 2 Jul 2026
CreditorCrown Building Supplies LtdHERR LAW GROUP Unit2 Jul 2026Service list · 2 Jul 2026
CreditorCrystal Consulting Inc., Kanin Construction Management IncRichards Buell Sutton LLP2 Jul 2026Service list · 2 Jul 2026
CreditorFOCUS PROJECT MANAGEMENT LTDCITY OF VANCOUVER Legal Services23 Oct 2026Service list · 23 Oct 2026
CreditorGive Back Contracting (BC) LtdZacharias McCann LLP · Affleck Hrabinsky Burgoyne LLP2 Jul 2026Service list · 15 Oct 2026
CreditorHans Demolition & Excavating LtdMcQuarrie Hunter LLP2 Jul 2026Service list · 2 Jul 2026
CreditorHeidelberg Materials Canada LimitedBaker Newby LLP2 Jul 2026Service list · 2 Jul 2026
CreditorIlson General Contractors IncRn Law2 Jul 2026Service list · 2 Jul 2026
CreditorLMDG Building Code Consultants LtdCoal Harbour Law15 Oct 2026Service list · 15 Oct 2026
CreditorNational Bank of CanadaMcCarthy Tétrault LLP2 Jul 2026Service list · 2 Jul 2026
CreditorNightingale Electric LtdJenkins Marzban Logan LLP21 Oct 2026Application · 21 Oct 2026
CreditorNightingale Electrical LtdJenkins Marzban Logan LLP2 Jul 2026Service list · 2 Jul 2026
CreditorPhase Mechanical Systems LtdBorden Ladner Gervais LLP2 Jul 2026Service list · 2 Jul 2026
CreditorRDH Building Science IncJenkins Marzban Logan LLP2 Jul 2026Service list · 2 Jul 2026
CreditorRivas Painting LtdMcQuarrie Hunter LLP15 Oct 2026Service list · 15 Oct 2026
CreditorSam's Garage Doors LtdMcMillan LLP23 Oct 2026Service list · 23 Oct 2026
CreditorSiber Façade Group IncATAC Law Corporation15 Oct 2026Service list · 15 Oct 2026
CreditorSmart-Tek Communications IncPryke Lambert Leathley Russell LLP15 Oct 2026Service list · 15 Oct 2026
CreditorTK Elevator (Canada) LimitedMiller Thomson LLP4 Sep 2026Application · 4 Sep 2026
CreditorWe Do Contracting LtdTrifecta Law Corporation15 Oct 2026Service list · 15 Oct 2026
CreditorYARD VENTURES INCMcMillan LLP15 Oct 2026Service list · 15 Oct 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
Court-ordered charges
1Court-ordered chargesReceiver's Borrowings Charge — in priority to all security interests, trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subordinate in priority to: (i) the Receiver's Charge, (ii) the charges as set out in S$8MReceivership Appointment Order dated April 27, 2026
1Court-ordered charges
Pre-filing debt
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured

103 more claims in 3 classes The stack holds Court-ordered charges, Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Estate financialsReported figures — never derived
Total assets at filing

As at ·

Cumulative receipts

$7.9M

As at 15 Oct 2026Supplement to the First Report of the Receiver filed October 19, 2026

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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Documents
29 filings
DateDocumentFile
Court order dated October 23, 2026
  • Presiding officer Justice Coval
PDF · Subscribers
Service List as at October 23, 2026
  • Counsel Lakes, Whyte LLP
PDF · Subscribers
Affidavit #2 of Daphne Li, filed October 22, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Application Response of KCM, CCI and CCWI dated October 21, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Application Response of Nightingale dated October 21, 2026
  • Counsel Jenkins Marzban Logan LLP
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Affidavit #1 of Courtney Isaacson sworn October 20, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Affidavit #1 of Diana Manuel Made October 20, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Notice of Application dated October 20, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Notice of Hearing of Application dated October 20, 2026PDF · Subscribers
Supplement to the First Report of the Receiver filed October 19, 2026
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 6 more extracted facts
PDF · Subscribers
Supplement of the First Report of the Receiver dated October 16, 2026
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 6 more extracted facts
PDF · Subscribers
Notice of Hearing of Application filed October 15, 2026PDF · Subscribers
Service List of as October 15, 2026
  • Counsel Borden Ladner Gervais LLP
PDF · Subscribers
Response to Petition by Crown Building Supplies Ltd. dated September 11, 2026PDF · Subscribers
Affidavit of Amy Salak made September 10, 2026PDF · Subscribers
Application Response of HMC dated September 10, 2026PDF · Subscribers
Response to Application dated September 10, 2026PDF · Subscribers
First Report of the Receiver dated September 4, 2026
  • Operational summary The Receiver has been stabilizing the substantially-complete residential/retail development by replacing the property manager, increasing leasing (from ~44% to ~55%), negotiating with critical trades to complete outstanding construction and deficiency work, and working toward final occupancy permits before commencing a sale process.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice of Application dated September 4, 2026
  • Counsel Miller Thomson LLP
PDF · Subscribers
Service List as at July 2, 2026
  • Counsel Kornfeld LLP
PDF · Subscribers
Notice Statement of the Receiver dated June 9, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Receivership Appointment Order dated April 27, 2026
  • Applicant OPTrust Joyce Financing Corp.
  • Appointee KSV Restructuring Inc.
  • Appointee role Receiver and Manager
  • Charges Subscribers
  • + 11 more extracted facts
PDF · Subscribers
Application Record Index and Cover dated April 23, 2026PDF · Subscribers
Book of Authorities Index and Cover dated April 23, 2026
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Supplemental Affidavit of Robert Douglas sworn April 23, 2026PDF · Subscribers
Notice of Hearing dated April 16, 2026PDF · Subscribers
Affidavit #1 of Monisha Goddard re HMC lien sworn April 7, 2026PDF · Subscribers
Affidavit of Robert Douglas sworn March 26, 2026
PDF · Subscribers
Petition to the Court dated March 26, 2026
  • Court file no S262220
  • Financial position · Secured creditors Subscribers
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., “5055 Joyce Holdings Inc. and 5055 Joyce Property Inc.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/5055-joyce-holdings-inc-and-5055-joyce-property-inc

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Sources last checked · summary updated 5 August 2026 · Report a correction · Printed from proceedings.ca/case/5055-joyce-holdings-inc-and-5055-joyce-property-inc

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.