Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act
- File
- H-251461
Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd. have been in court-appointed receivership under section 243 of the BIA since March 3, 2026. First mortgagee Pacifica Mortgage Investment Corporation advanced $41,200,000 under a commercial commitment letter dated October 14, 2021, secured by a mortgage and assignment of rents over the Lands, estoppel certificates, mortgages of the Partnership's beneficial interest, and a first-ranking general security agreement. Following a missed $1,000,000 principal paydown, Pacifica demanded $36,654,643.89 as of November 4, 2025 by letter dated November 6, 2025 with a section 244 notice. The claim stood at $37,396,737.17 as of December 15, 2025, plus per diem interest of $18,397.59, and approximately $39 million as of February 27, 2026. Evan Mont Wang and Hongpeng Yang are guarantors. Second mortgagee 1548341 B.C. Ltd., owed approximately $9.1 million, ranks behind Pacifica and is a respondent.
28 earlier updates, back to 3 March 2026 — subscribers.
Outcome brief
Dundarave Beachside: the permits were the asset
A $41.2 million loan assembled six storefronts on Marine Drive into one development lot, and the construction financing never came. On August 25 the Supreme Court of British Columbia approved a reverse vesting order out of the receivership — to avoid about $1.1 million in property transfer tax and, more to the point, the District of West Vancouver's discretionary consent. The buyer named in the receiver's report was not the buyer who got it.
Debtor
Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd.
Applicant
Pacifica Mortgage Investment Corporation
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Fitzpatrick | Supreme Court of British Columbia | 3 orders, Mar 2026 – Aug 2026 | 49 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverMNP | Lawson Lundell LLP | 25 Aug 2026 | Application · 25 Aug 2026 |
| CreditorEvan Mont Wang and 1165857 B.C | Yan Muirhead LLP | 29 Jul 2026 | Service list · 29 Jul 2026 |
| CreditorHongpeng Yang and 1165877 B.C | Bridgehouse Law LLP | 29 Jul 2026 | Service list · 29 Jul 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Pacifica Mortgage Investment CorporationFirst mortgage and assignment of rents (registered CA9466635/CA9466636); five estoppel certificates-mortgages of beneficial interest; general security agreement (PPR base registration 351567N) — Amount excludes penalty or bonus; plus per diem interest of $18,397.59 from Dec 16, 2025; original principal advanced was $41,200,000.00 (original advance, not balance); interest rate 18.09% per annum or 10.89% above TD prime, compounded monthly; Evan Mont Wang and Hongpeng Yang are personal guarantors/covenantors — debtor: 2490 Marine Drive Ltd., Dundarave Beachside GP Ltd., Dundarave Beachside Limite · as of 15 Dec 2025 | $37.4M | Petition to the Court |
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.
2 transactions · 1 not completed · 1 approved — Receiver accepted the New Purchaser's bid and entered into the New Sale Agreement, and recommends the Court approve it via an approval and reverse vesting orderSupplement to Receiver's First Report to Court · 21 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Sunshine Pacific Investments Inc.acquire the Lands · asset sale · agreement 14 Jul 2026 | Subscribers | Not completed | Supplement to Receiver's First Report to Court |
| Basel Capital Limitedthe Shares, and all beneficial right, title, and interest in and to the Lands, the Buildings, the Development Assets, the Project Documents, the Municipal Deposits, and any other Retained Assets · assets and shares · ResidualCo: ResidualCo · agreement 12 Aug 2026 | not stated | Approved25 Aug 2026 | Approval and Reverse Vesting Order |
| Date | Document | File |
|---|---|---|
Application Record of the Receiver
| PDF · Subscribers | |
Approval and Reverse Vesting Order
| PDF · Subscribers | |
Order Made After Application - Receiver's Activities Approval
| PDF · Subscribers | |
Order Made after Application
| PDF · Subscribers | |
| Affidavit #1 of Stephanie Jarvis | PDF · Subscribers | |
| Response to Application - District of West Vancouver | PDF · Subscribers | |
Supplement to Receiver's First Report to Court
| PDF · Subscribers | |
| Response to Application - RTR Terra Contracting Ltd. | PDF · Subscribers | |
| Affidavit #1 of Heather Keith | PDF · Subscribers | |
| Requisition | PDF · Subscribers | |
| Affidavit #1 of J. Eckford | PDF · Subscribers | |
| Response to Application - C&WHB Construction | PDF · Subscribers | |
| Notice of Application – dated 2026-07-29 | PDF · Subscribers | |
Receiver's First Report
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Form 87 Notice and Statement of the Receiver | PDF · Subscribers | |
| Affidavit #1 of Jordan Beaulieu | PDF · Subscribers | |
| Affidavit #1 of Lynette Grillandini | PDF · Subscribers | |
| Affidavit #1 of Yun Zhang | PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
| Affidavit #1 of Zhao (Vivienne) Zhang | PDF · Subscribers | |
| Affidavit #3 of Sidney Rubin | PDF · Subscribers | |
| Notice of Application | PDF · Subscribers | |
| Affidavit #1 of A. Chen | PDF · Subscribers | |
| Affidavit #1 of H. Liang | PDF · Subscribers | |
| Affidavit #2 of Sidney Rubin | PDF · Subscribers | |
| Notice of Application filed Jan 23, 2026 | PDF · Subscribers | |
Petition to the Court
| PDF · Subscribers | |
Affidavit #1 of Candice Chang
| PDF · Subscribers | |
Affidavit #1 of Sidney Rubin
| 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., “Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/dundarave-beachside-gp-ltd-dundarave-beachside-limited-partnership-and-2490-mari