I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc.
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-241069
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
The Receiver applied for approval of the purchase agreement and a reverse vesting order implementing the transaction, for hearing on 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 | 4 orders, Feb 2025 – Sep 2026 | 23 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 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 |
| CreditorCity of Burnaby | Civil 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 |
| 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 926 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 | Desjardins Financial Security Assurance CompanyFirst-ranking mortgage and assignment of rents on the Real Property; general security agreement dated April 6, 2022 over all personal property of the Debtors — Prose in para 3 states 'owed a total of $16.6 million' as of March 20, 2025 with interest continuing to accrue; exact balance per Secured Creditors table is $16,605,733. Facilities comprise: construction loan drawn $15.0M, overdraft $0.4M, and letters of credit totalling $1.2M (facility components, not summed into the balance). Notice of default delivered Sept 12, 2023 to Debtors and other guarantors of the Desjardins Facilities (person · as of 20 Mar 2025 | $16.6M | Receiver's First Report, August 21, 2025 |
| 4 | Secured | Travelers Insurance Company of Canada · in 5 casesSecond-ranking mortgage and assignment of rents on the Lands — Date as stated in the Secured Creditors table ('As of July 31, 2026'), an unusual future date relative to the Report's August 2025 filing date; reported as stated. Secures indebtedness in connection with the $5,000,000 Deposit Protection Insurance Policy. No amounts expected to be payable to Travelers from the Transaction (subordinate to Desjardins shortfall). — debtor: Hastings Street Limited Partnership · as of 31 Jul 2026 | $5M | Receiver's First Report, August 21, 2025 |
| 4 | Secured | Lien Claimants (Kerkoff Construction (2022) Ltd. and various subcontractors) · in 3 casesBuilders' lien claims filed against title to the Lands pursuant to the Builders Lien Act — Document states claims 'totalling approximately $2.5 million' (approximate, not an exact stated balance). All amounts secured by the Desjardins Security were advanced prior to registration of these lien claims on title, i.e. Desjardins ranks ahead. A related $282,267 Construction Holdback Fund (representing ~10% of Kerkoff invoices) is held separately pending Court-directed distribution among Lien Claimants. — debtor: Hastings Street Limited Partnership / MPG Inc. | $2.5M | Receiver's First Report, August 21, 2025 |
| 4 | Secured | Longthorn Holdings Ltd.Third-ranking mortgage on the Lands — Principal owing pursuant to a loan agreement with HSLP; interest continues to accrue. No amounts expected to be payable to Longthorn from the Transaction (subordinate to Desjardins shortfall). — debtor: Hastings Street Limited Partnership · as of 14 Feb 2025 | $700K | Receiver's First Report, August 21, 2025 |
| 4 | Secured | WorkSafeBC · in 29 casesPotential statutory lien on all property/proceeds pursuant to s.265 of the Workers' Compensation Act — Regulatory/statutory priority claim (the 'WorkSafeBC Claim') for outstanding pre-receivership premiums. If a statutory lien is filed, deemed priority status under the Workers' Compensation Act will be lost upon bankruptcy of Residual Co, converting the claim to unsecured pursuant to BIA s.86(1). — debtor: I4PG Hastings Street Inc. | $3.06K | Receiver's First Report, August 21, 2025 |
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 · 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 | $12MPurchase Price stated in the Sale Agreement schedule; allocated $1.00 to Shares and $11,999,999 to balance of Purchased Assets | Closeddate not stated | Receiver's Certificate, September 24, 2025 |
| Landa Global Acquisitions Ltd.the Purchased Assets · assets and shares · agreement 30 Jun 2025 | $12Mpayable in cash on closing | 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 $4.7M | 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 | — | $1.6Mestimated | 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.
Cumulative receipts
$12.5M
As at 2 Sep 2026Receiver's Second Report, September 2, 2026
Cumulative disbursements
$11.9M
As at 2 Sep 2026Receiver's Second Report, September 2, 2026
Cash on hand
$351K
As at 2 Sep 2026Receiver's Second Report, September 2, 2026
Professional fees to date
$164K
As at 2 Sep 2026Receiver's Second Report, September 2, 2026
| Date | Document | File |
|---|---|---|
| Notice of Application for September 10, 2026 Hearing | ||
Order Made After Application, September 10, 2026
| ||
Receiver's Second Report, September 2, 2026
| ||
Receiver's Certificate, September 24, 2025
| ||
Approval and Reverse Vesting Order, September 4, 2025
| ||
Distribution Order, September 4, 2025
| ||
Notice of Application for September 4, 2025 Hearing
| ||
Sealing Order, September 4, 2025
| ||
Service List, August 26, 2025
| ||
Receiver's First Report, August 21, 2025
| ||
| Notice and Statement of Receiver, February 21, 2025 | ||
Receivership Order, February 14, 2025
| ||
| Response to Petition from the Debtors, December 18, 2024 | ||
| Affidavit #1 of Myron Calof, December 17, 2024 | ||
| Certificate of Pending Litigation, November 20, 2024 | ||
Affidavit #1 of Benjamin Chua, November 19, 2024
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/i4pg-hastings-street-inc-hastings-street-limited-partnership-and-14-property-gro