Grandlake Investments Corp. has been in court-appointed receivership in the Supreme Court of British Columbia since May 6, 2024, under file H-240177, on the application of secured lender First Commercial Bank. FCB had demanded payment and issued a Form 86 notice of intention to enforce security on January 15, 2024, asserting $10,369,123.02 owing, and holds a first-charge mortgage and assignment of rents registered December 14, 2021 against the MODUS development lands at 7560 and 7608 Granville Street and 1478 and 1488 Park Drive in Vancouver, a general security agreement, and a personal guarantee from Ze Wen Zhong dated November 15, 2021. An Order Nisi fixed redemption at $10,600,756.12 as at April 22, 2024, plus costs and interest accruing at $2,460.97 per day, and confirmed FCB's priority over all respondents. Intact Insurance Company ranks second, with a contingent claim of approximately $2,600,000 tied to released pre-sale deposits. Six builder's liens are registered against title, the largest being Fairbrothers Formwork Ltd.'s $682,564.11; as at July 31, 2024 the Receiver had not yet reviewed them.
The court granted an approval and vesting order for the sale to Westgate Pacific Investments Limited Partnership. Closing terms, as extracted: Vacant possession delivered at noon on the Closing Date; Receiver may extend the Closing Date with Purchaser's consent.
Source: Approval and Vesting Order
A receivership order was granted, on the application of FIRST COMMERCIAL BANK. Court file H-240177.
Source: Amended Receivership Order entered September 20, 2024
Debtor
Grandlake Investments Corp.
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Laurie | Supreme Court of British Columbia | 1 order, Sep 2024 | 2 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorGrandlake Investments Corp. | Boughton Law | 10 Sep 2024 | Service list · 10 Sep 2024 |
| CreditorFairbrothers Framework Ltd | Bennett Jones LLP | 10 Sep 2024 | Service list · 10 Sep 2024 |
| CreditorFirst Commercial Bank | Dentons Canada LLP | 10 Sep 2024 | Service list · 10 Sep 2024 |
| CreditorIntact Insurance Company Intact Compagine D'Assurance | Borden Ladner Gervais LLP | 10 Sep 2024 | Service list · 10 Sep 2024 |
| CreditorWei Chieh Hu | McQuarrie Hunter LLP | 10 Sep 2024 | Service list · 10 Sep 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | First Commercial Bank (FCB) · in 4 casesFCB Mortgage of the Development Property; General Security Agreement (GSA) over all present and after-acquired personal property — Construction Loan commitment up to $15,000,000 (Oct 1, 2021 commitment letter, not a balance). Prose in report states 'owed in excess of $10,600,000'; exact redemption figure per Order Nisi as at Apr 22, 2024 is $10,600,756.12 plus costs and daily interest accruing at $2,460.97/day. First charge, priority over all respondents per Order Nisi. — debtor: Grandlake Investments Corp. · as of 22 Apr 2024 | $10.6M | First Report of Receiver |
| Secured | Intact Insurance Company · in 17 casesIntact Mortgage of the Development Property, ranking second in priority behind FCB Mortgage — Contingent creditor; claim relates to insurance policy securing released pre-sale deposits used in construction. Amount described as 'approximately' and 'potential claim'. — debtor: Grandlake Investments Corp. | $2.6M | First Report of Receiver |
| Secured | Fairbrothers Formwork Ltd.Registered builder's lien against title to the Development Property — Receiver had not yet reviewed the builder's lien claim as at date of report. — debtor: Grandlake Investments Corp. · as of 31 Jul 2024 | $683K | First Report of Receiver |
| Secured | Armstrong Air Ltd.Registered builder's lien against title to the Development Property — Receiver had not yet reviewed the builder's lien claim as at date of report. — debtor: Grandlake Investments Corp. · as of 31 Jul 2024 | $103K | First Report of Receiver |
| Secured | Cornerstone Architecture · in 2 casesRegistered builder's lien against title to the Development Property — Receiver had not yet reviewed the builder's lien claim as at date of report. — debtor: Grandlake Investments Corp. · as of 31 Jul 2024 | $91.1K | First Report of Receiver |
| Secured | LMS Limited Partnership · in 3 casesRegistered builder's lien against title to the Development Property — Receiver had not yet reviewed the builder's lien claim as at date of report. — debtor: Grandlake Investments Corp. · as of 31 Jul 2024 | $78.1K | First Report of Receiver |
| Secured | Griff Building Supplies Ltd. · in 2 casesRegistered builder's lien against title to the Development Property — Receiver had not yet reviewed the builder's lien claim as at date of report. — debtor: Grandlake Investments Corp. · as of 31 Jul 2024 | $51.1K | First Report of Receiver |
| Secured | J.D.M. Enterprises Ltd.Registered builder's lien against title to the Development Property — Receiver had not yet reviewed the builder's lien claim as at date of report. — debtor: Grandlake Investments Corp. · as of 31 Jul 2024 | $38.7K | First Report of Receiver |
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.
Sale approved — Sale transaction approved and authorizedApproval and Vesting Order · 16 Jan 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Westgate Pacific Investments Limited Partnershipthe Purchased Assets · real property · nominee/assignee: Westgate Pacific Investments G.P. Ltd. · agreement 13 Jan 2025 | $10.3M | Approved16 Jan 2025 | Approval and Vesting Order |
First Commercial Bank: shortfall.EstimatedGrandlake - Third Report of the Receiver · 23 Dec 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | First Commercial Bank | $11.2M | shortfall | Estimatedper the receiver | Grandlake - Third Report of the Receiver · 23 Dec 2024 |
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.
| Date | Document | File |
|---|---|---|
Approval and Vesting Order
| ||
| PD-62_Sealed_Bid | ||
Grandlake - Third Report of the Receiver
| ||
| Second Report of the Receiver | ||
| Application Response - First Commercial Bank | ||
| Notice of Application | ||
| Notice of Civil Claim | ||
Amended Receivership Order entered September 20, 2024
| ||
Service List as at Sept. 10
| ||
| Application Response - filed | ||
| 2024-08-14 Requisition - General (Re-set Hearing) | ||
| Order made after application (adjourn to Aug. 16) | ||
| Application Record Index, filed August 12, 2024 | ||
| Filed Notice of Application dated Jul. 31, 2024 | ||
First Report of Receiver
| ||
Receivership Order
| ||
| Affidavit #2 of Shih Yen Chen | ||
| Affidavit #3 of Shih Yen Chen | ||
| Affidavit #2 of Chelsea Denton | ||
| Affidavit #1 of Avic Arenas | ||
| Notice of Application, | ||
Affidavit #1 of Chelsea Denton
| ||
| Affidavit #1 of Shih Yen Chen | ||
Petition to the Court
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Grandlake Investments Corp.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/grandlake-investments-corp
Sources last checked · summary updated 9 August 2026 · Report a correction · Printed from proceedings.ca/case/grandlake-investments-corp
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.