International Trade Center Properties Ltd., RCC Holdings Ltd. and Hotel Versante Ltd. have been under court-appointed receivership in the Supreme Court of British Columbia since March 4, 2025, file S-240493, on the petition of secured lenders Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. The lenders are owed approximately $113.9 million as at August 21, 2025 under a 2021 loan agreement secured by mortgages over several parcels including the Hotel Property, up from approximately $80.0 million as at February 29, 2024. Receiver's counsel Dentons has confirmed that security as valid, enforceable and perfected. Priority claims against Hotel Versante Ltd. include a CRA GST deemed trust claim of approximately $453,000, payroll deemed trust arrears of $256, WorkSafeBC premiums of approximately $5,000, and property tax arrears on the Hotel Property of $580,000 as of July 2025.
A claims procedure has been established — see the order for deadlines.
Interim order granted on the commencement of the bankruptcy proceeding under court file S240493, brought by mortgagees Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd.
Source: Order Made After Application (Approval of Fees and Discharge Order)
81 earlier updates, back to 2 April 2025 — subscribers.
1 filings carry no date on their face — subscribers.
Outcome brief
Versante Hotel: six-month money, and the loan that carried it into receivership
Richmond's luxury boutique Versante traded through foreclosure, receivership, a $48-million sale that failed twice, and its operating company's bankruptcy. Deloitte's discharge report closes the file on a $35.8-million bridge loan at a shortfall of over $80 million.
Debtor
International Trade Center Properties Ltd., RCC Holdings Ltd., and Hotel Versante Ltd.
Receiver
Deloitte
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Fitzpatrick | Supreme Court of British Columbia | 7 orders, Oct 2025 – Jul 2026 | 49 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDeloitte | Dentons Canada LLP | 23 Jan 2026 | Application · 23 Jan 2026 |
| Applicant | Dentons Canada LLP · Dla Piper LLP | 17 Oct 2025 | Application · 19 Feb 2026 |
| ApplicantFox Island Development Ltd | Dla Piper LLP | 23 Jan 2026 | Application · 23 Jan 2026 |
| CreditorBeem Credit Union | Owen Bird Law Corporation | 23 Jan 2026 | Application · 23 Jan 2026 |
| CreditorBroadway Camera Investments Ltd., Kangaloo Invesmtments Ltd., John Lo | Owen Bird Law Corporation | 23 Jan 2026 | Application · 23 Jan 2026 |
| CreditorBygenteel Capital Inc | Nathanson Schachter & Thompson LLP | 23 Jan 2026 | Application · 23 Jan 2026 |
| CreditorCitation Property Holdings Limited Hamilton & Company | Blake, Cassels & Graydon LLP | 13 Mar 2026 | Service list · 13 Mar 2026 |
| CreditorKensington Union Bay Properties Nominee Ltd | Bridgehouse Law LLP | 23 Jan 2026 | Application · 23 Jan 2026 |
| CreditorMichael Ching | Fasken Martineau DuMoulin LLP | 23 Jan 2026 | Application · 23 Jan 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. (Senior B Lenders / Petitioners)as of Senior B Loan Agreement dated for reference June 14, 2021 (aggregate principal of the Loan, Section 2.1) — ITC Hotel Mortgage (up to $37,000,000), ITC Bar Mortgage ($37,000,000), UB Mortgage (up to $37,000,000), SpaV Mortgage ($5,000,000), Residence Mortgage ($1,500,000), GSA, assignment of material contracts, guarantee, environmental indemnity, debt service deficiency agreement — This is the aggregate principal of the non-revolving term loan (Tranches 1-4) as originally advanced/committed, not a confirmed current outstanding balance. Only repayment received per affidavit is $6,481,759.2 | $35.8M | Affidavit #1 of W. Wang |
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.
Unsecured creditors: no distribution. Lenders short.Notice of Bankruptcy and First Meeting of Creditors · 9 Apr 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Fox Island Development Ltd. and Advanced Venture Holding Co. | — | a distributioninterim | Finalper the receiver | Notice of Application - Credit Bid · 17 Dec 2025 |
| Secured | Lenders | — | shortfall | Estimatedper the receiver | Requisition - to file Third Report of the Receiver · 10 Oct 2025 |
| Unsecured | Company's creditors | — | no distribution | per the trustee | Notice of Bankruptcy and First Meeting of Creditors · 9 Apr 2026 |
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.
1 engagement · 1 firm — (firm not named), to 31 Jan 2026Affidavit #1 of V. Hsu · 2 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| (firm not named)capacity not statedfirm not named in the heading | to 31 Jan 2026 | — | — | — | Affidavit #1 of V. Hsu · 2 Jul 2026 |
| Date | Document | File |
|---|---|---|
Order Made After Application (Approval of Fees and Discharge Order)
| PDF · Subscribers | |
| Order Made After Application (Order Regarding Club Versante Sublease) | PDF · Subscribers | |
Affidavit #1 of V. Hsu
| PDF · Subscribers | |
Affidavit #4 of A. Kumar
| PDF · Subscribers | |
| Receiver's Fifth Report | PDF · Subscribers | |
Notice of Bankruptcy and First Meeting of Creditors
| PDF · Subscribers | |
| Requisition for April 8, 2026 Hearing | PDF · Subscribers | |
| Amended Application Response | PDF · Subscribers | |
| Affidavit #2 of D. liu | PDF · Subscribers | |
| Affidavit #2 of C. Ching | PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Notice of Appeal
| PDF · Subscribers | |
Order Made After Application (IP)
| PDF · Subscribers | |
| Receiver's Certificate (Credit Bid Transaction Closing) | PDF · Subscribers | |
| Requisition to file Receiver's Credit Bid Closing Certificate | PDF · Subscribers | |
Reasons for Judgement
| PDF · Subscribers | |
| Requistion to re-set hearing to Feb 24, 2026 | PDF · Subscribers | |
| Food and Beverage Claim | PDF · Subscribers | |
| Affidavit #4 of Wen Yong Wang | PDF · Subscribers | |
Application Record and Index
| PDF · Subscribers | |
| Receiver's Second Supplement to the Fourth Report | PDF · Subscribers | |
| Requisition to reset hearing of Notice of Application of Receiver | PDF · Subscribers | |
| Application Response of Receiver (to Strata Corp) | PDF · Subscribers | |
| Notice of Food & Beverage Claims Process | PDF · Subscribers | |
| Requisition to file Receiver's Certificate (Effective Date) | PDF · Subscribers | |
| Receiver's Effective Date Closing Default Certificate | PDF · Subscribers | |
N otice of Application (vacate Easement order)
| PDF · Subscribers | |
| Affidavit #1 of Katherine Hadzipetros | PDF · Subscribers | |
| Affidavit #1 of Denglin Liu (unfiled) | PDF · Subscribers | |
| Application Response - Strata Corp (unfiled) | PDF · Subscribers | |
| Notice of Application - Amend AVO | PDF · Subscribers | |
| Effective Date Receiver's Certificate (unfiled) | PDF · Subscribers | |
| Notice of Application - Amending Agreement | PDF · Subscribers | |
Notice of Application - Credit Bid - returnable December 17, 2025
| PDF · Subscribers | |
| Order Made After application (Approval and Vesting Order for Back Up Credit Bid) | PDF · Subscribers | |
Order Made After application (Approval of Forfeiture of Deposit and Amending Agreement)
| PDF · Subscribers | |
| Affidavit #2 of A. Arenas | PDF · Subscribers | |
| Receiver's First Supplement to the Fourth Report | PDF · Subscribers | |
| Receiver's Fourth Report | PDF · Subscribers | |
| Affidavit #5 of M. Ching | PDF · Subscribers | |
| Application Response of Fox Island & Advanced Venture Holding | PDF · Subscribers | |
| Application Response of The Owners, Strata Plan EPS 5801, The Owners, Strata Plan EPS 5802, The Owners, Strata Plan EPS 5803 | PDF · Subscribers | |
| Application Response (Bygenteel) | PDF · Subscribers | |
| Affidavit #3 of W. Wang | PDF · Subscribers | |
| #4 of M. Ching | PDF · Subscribers | |
| Affidavit | PDF · Subscribers | |
Notice of Application - returnable October 24, 2025
| PDF · Subscribers | |
Order Made After application (Sale approval)
| PDF · Subscribers | |
| Order Made After Application (Easement Approval Order) | PDF · Subscribers | |
| Order Made After Application | October 23 (KERP and Increased Receiver's Borrowings Approval) | PDF · Subscribers | |
| Affidavit #1 of A. Kumar (Response of the Petitioners to Kensington Union Bay Properties Nominee Ltd. et al's Application) | PDF · Subscribers | |
| Affidavit #1 of Linda Ching (Application Response Bygenteel Capital Inc. to the Sale Approval Application) | PDF · Subscribers | |
| Application Response Bygenteel Capital Inc. to the Sale Approval Application October 21, 2025 | PDF · Subscribers | |
| Application Response of Fox Island et al to | PDF · Subscribers | |
| Application Response to Receiver's Application | PDF · Subscribers | |
Receiver's Supplement to the Third Report
| PDF · Subscribers | |
| Affidavit #1 of C. Wilson-Cole (Application Response of the Kensington Union Bay Properties Nominee Ltd. et al.) | PDF · Subscribers | |
| Affidavit #3 of M. Ching (Application Response of the Kensington Union Bay Properties Nominee Ltd. et al.) | PDF · Subscribers | |
| Application Response of the Kensington Union Bay Properties Nominee Ltd. et al. | PDF · Subscribers | |
| Notice of Application (by the Receiver) | PDF · Subscribers | |
| Affidavit #1 of M. Ching (Notice of Application by the Respondents) | PDF · Subscribers | |
| Affidavit #1 of S. Choi | PDF · Subscribers | |
| Affidavit #1 of V. Bui (Notice of Application of the Respondents) | PDF · Subscribers | |
| Notice of Application (by Respondents) | PDF · Subscribers | |
Notice of Application (by the Petitioners)
| PDF · Subscribers | |
Requisition - to file Third Report of the Receiver
| PDF · Subscribers | |
| Colliers Call for Offers - bid deadline of July 29, 2025 | PDF · Subscribers | |
| Notice of Application - returnable July 15, 2025 | PDF · Subscribers | |
| Order Made After Application (Parking Matter) | PDF · Subscribers | |
| Receiver's Second Report | PDF · Subscribers | |
| Affidavit #1 of M. Ching | PDF · Subscribers | |
| Application Response | PDF · Subscribers | |
| Notice of Application - returnable April 2, 2025 (unfiled) | PDF · Subscribers | |
| Order Made After Application (Additional Respondents) | PDF · Subscribers | |
Order Made After Application (Amended and Restated Receivership Order)
| PDF · Subscribers | |
| Affidavit #1 of A. Arenas (unfiled) | PDF · Subscribers | |
Receiver's First Report
| PDF · Subscribers | |
| Notice and Statement of the Receiver | PDF · Subscribers | |
Order Made After Application (Receivership Order)
| PDF · Subscribers | |
| Affidavit #1 of N. Kaile | PDF · Subscribers | |
| Affidavit #2 of W. Wang | PDF · Subscribers | |
| Notice of Application | PDF · Subscribers | |
Petition to the Court
| PDF · Subscribers | |
Affidavit #1 of W. Wang
| PDF · Subscribers | |
| Colliers Investment Profile | 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., “International Trade Center Properties Ltd., RCC Holdings Ltd., and Hotel Versante Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/hotel-versante-ltd
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/hotel-versante-ltd
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.