I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc.
- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
- File
- H-241069
- Industry
- Real estate
I4PG Hastings Street Inc., Hastings Street Limited Partnership and I4 Property Group Inc. have been in court-appointed receivership in British Columbia since February 14, 2025, under s. 243 of the BIA. Desjardins Financial Security Life Assurance Company, the first-ranking secured creditor, was owed $16,605,733 as of March 20, 2025, with interest and costs accruing; independent counsel confirmed its security valid, enforceable and first-ranking. Desjardins had delivered a notice of default on September 12, 2023, a forbearance agreement expired August 30, 2024, and a demand letter and s. 244 notice followed on October 30, 2024. Builders' liens totalling approximately $2.5 million were registered against the Lands between September 2023 and April 2025, all ranking behind Desjardins, which is expected to suffer a significant shortfall on the Transaction; no amounts are expected for second-ranking Travelers Insurance Company of Canada or third-ranking Longthorn Holdings Ltd.
Receiver's Second Report: with the sale closed and no business remaining, $350,825 was in hand at August 20, 2026 besides $282,267 of construction holdback funds; the contamination claim, final distributions to Desjardins and discharge remain.
Justice Walker granted a reverse vesting order approving the $12,000,000 sale of the project, $1 allocated to the shares and $11,999,999 to the balance of the purchased assets.
Source: Approval and Reverse Vesting Order, September 4, 2025
I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc. — Receivership filed, British Columbia.
By order dated December 19, 2024, on the application of Desjardins Financial Security Life Assurance Company, Deloitte Restructuring Inc. was appointed receiver and manager, court file H-241069.
Outcome brief
I4PG Hastings Street: the lender takes the contamination lawsuit
A partly built Burnaby condominium site sold in receivership for $12,000,000 in September 2025. On September 10, 2026, Justice Walker approved Deloitte's last steps — the $282,267 builders' lien holdback paid into court, the developer's 2017 contamination lawsuit assigned to Desjardins as an in-kind distribution — and its discharge, with the first mortgagee's shortfall estimated at approximately $4.7 million.
Debtor
I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc.
Applicant
Desjardins Financial Security Life Assurance Company
Receiver
Deloitte
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Walker | Supreme Court of British Columbia | 5 orders, Feb 2025 – Sep 2026 | 31 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDeloitte | Cassels Brock & Blackwell LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| ApplicantDesjardins Financial Security Life Assurance Company | DLA Piper (Canada) LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| DebtorI4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc. | Fraser Litigation Group | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorA&B Tool Rentals Ltd | Zacharias Vickers Mccann LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorAtrysten Plumbing & Heating Ltd | McKechnie & Company | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorBigfoot Crane Company Inc | Kuhn LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorCanada Revenue Agency | Baker Newby LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorCity of Burnaby | Civic Legal LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorGiuseppe Rancan and Maria Pia Rancan | Harper Grey LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorGreer Contracting Ltd | Owen Bird Law Corporation | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorHeidelberg Materials Canada Inc | Baker Newby LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorInfrastruct Municipal Services Ltd | Reclaim Law | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorJ.D.M | Hira Rowan LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorJ.D.M. Enterprises Ltd | Hira Rowan LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorKerkhoff Construction (2022) Ltd | Jenkins Marzban Logan LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorLions Gate Water Treatment Ltd | Your Law Group | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorLMS Limited Partnership | Lang Michener LLP (now McMillan LLP) | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorLongthorn Holdings Ltd | Zacharias Vickers Mccann LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorPDQ Construction Ltd | Carter Litigation | 26 Aug 2025 | Service list · 26 Aug 2025 |
| CreditorTravelers Insurance Company of Canada | Fasken Martineau DuMoulin LLP | 26 Aug 2025 | Service list · 26 Aug 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 casesDeemed trust / priority claim class: GST reassessment notice (the 'CRA Claim') following a GST audit of I4PG Inc. If CRA files a property claim, deemed trust status under the Excise Tax Act will be lost upon bankruptcy of Residual Co, converting the claim to unsecured pursuant to BIA s.67(2). — debtor: I4PG Hastings Street Inc. | $73.9K | Receiver's First Report, August 21, 2025 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
5 more claims in 1 class The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount, drawn to scale.
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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.
2 transactions · 2 closed — The Transaction closed on September 15, 2025.Receiver's Second Report, September 2, 2026 · 2 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Siena (4451 Hastings) Limited Partnershipthe Shares; the Lands and the Improvements; the Intellectual Property; the Permits; and the Cash Deposits · assets and shares · ResidualCo: Residual Co · agreement 30 Jun 2025 | Subscribers | Closeddate not stated | Receiver's Certificate, September 24, 2025 |
| Landa Global Acquisitions Ltd.the Purchased Assets · assets and shares · agreement 30 Jun 2025 | Subscribers | Closed15 Sep 2025 | Receiver's Second Report, September 2, 2026 |
Unsecured creditors: no distribution. Longthorn Holdings Ltd. no distribution.EstimatedReceiver's Second Report, September 2, 2026 · 2 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Desjardins Financial Security Life Assurance Company | — | short by | Estimatedper the receiver | Receiver's Second Report, September 2, 2026 · 2 Sep 2026 |
| Secured | Longthorn Holdings Ltd. | — | no distributionconditional | Estimatedper the receiver | Receiver's Second Report, September 2, 2026 · 2 Sep 2026 |
| Secured | Travelers Insurance Company of Canada | — | no distributionconditional | Estimatedper the receiver | Receiver's Second Report, September 2, 2026 · 2 Sep 2026 |
| Unsecured | — | estimated | no distribution | Estimatedper the receiver | Receiver's Second Report, September 2, 2026 · 2 Sep 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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansCumulative receipts
$12.5M
As at 2 Sep 2026Receiver's Second Report, September 2, 2026
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order Made After Application, September 10, 2026
| PDF · Subscribers | |
| Notice of Application for September 10, 2026 Hearing | PDF · Subscribers | |
Receiver's Second Report, September 2, 2026
| PDF · Subscribers | |
Receiver's Certificate, September 24, 2025
| PDF · Subscribers | |
Approval and Reverse Vesting Order, September 4, 2025
| PDF · Subscribers | |
Distribution Order, September 4, 2025
| PDF · Subscribers | |
Sealing Order, September 4, 2025
| PDF · Subscribers | |
Service List, August 26, 2025
| PDF · Subscribers | |
Notice of Application for September 4, 2025 Hearing
| PDF · Subscribers | |
Receiver's First Report, August 21, 2025
| PDF · Subscribers | |
| Notice and Statement of Receiver, February 21, 2025 | PDF · Subscribers | |
Receivership Order, February 14, 2025
| PDF · Subscribers | |
| Response to Petition from the Debtors, December 18, 2024 | PDF · Subscribers | |
| Affidavit #1 of Myron Calof, December 17, 2024 | PDF · Subscribers | |
| Certificate of Pending Litigation, November 20, 2024 | PDF · Subscribers | |
Affidavit #1 of Benjamin Chua, November 19, 2024
| 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., “I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/i4pg-hastings-street-inc-hastings-street-limited-partnership-and-14-property-gro