Asfars Holdings Ltd.
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- 24-4664
- Industry
- Real estate · Rental & income property
Asfars Holdings Ltd. was placed in court-appointed receivership in the Supreme Court of British Columbia on March 26, 2024, under file 24-4664, on the basis of BIA s. 243 and provincial Judicature Act powers. The company's registered secured debt is charged against a single property at 4026 Quadra Street. In its First Report, the Receiver estimated amounts owing as of August 27, 2024 at $11,700,000 to RBC Investor Services Trust under a December 22, 2020 mortgage, $6,600,000 to First Island Financial Services Ltd. under a July 14, 2022 mortgage, and $300,000 to Jeffrey Todd Sims and Lawrence Sims, joint tenants under a March 17, 2023 mortgage. The Receiver stated the amount owing to individual mortgagee Suzane Burrows, whose February 20, 2024 mortgage and assignment of rents are also registered against the property, was unknown, and undertook to confirm all outstanding amounts before distribution. The proceeding is closed.
Debtor
Asfars Holdings Ltd.
Receiver
MNP
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverMNP | Lawson Lundell LLP | 24 Jan 2025 | Service list · 24 Jan 2025 |
| Applicant | DLA Piper (Canada) LLP | 24 Jan 2025 | Service list · 24 Jan 2025 |
| CreditorFirst Island Financial Services Ltd | Owen Bird Law Corporation | 24 Jan 2025 | Service list · 24 Jan 2025 |
| CreditorJeffrey Todd Sims and Laurence Sims | Crease Harman LLP | 24 Jan 2025 | Service list · 24 Jan 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | RBC Investor Services Trust · in 3 casesas of Receiver's First Report to Court (August 27, 2024) — Mortgage (CA8665419) registered December 22, 2020 and Assignment of Rents (CA8665420) registered December 22, 2020 against 4026 Quadra Street (per Title Search, original p.92) — Estimated amount owing per Receiver's Report; Receiver states it will correspond with Mortgagees to review and confirm outstanding amounts owing before distribution — debtor: Asfars Holdings Ltd. | $11.7M | Receiver's First Report to Court |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
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See all plansThis 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.
Closed · the record states no distribution outcome.
| Date | Document | File |
|---|---|---|
Service List
| PDF · Subscribers | |
Discharge Order
| PDF · Subscribers | |
| Order Made After Application Approval and Vesting order entered September 25, 2024 | PDF · Subscribers | |
Order Made After Application entered September 25, 2024
| PDF · Subscribers | |
| Receiver's Supplement to the First Report to Court | PDF · Subscribers | |
Receiver's First Report to Court
| PDF · Subscribers | |
| Order made after Application (Conduct of Sale) | PDF · Subscribers | |
| Form 87 | PDF · Subscribers | |
| Letter to Tenants | PDF · Subscribers | |
Receivership Order
| 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., “Asfars Holdings Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/asfars-holdings-ltd