iFlyVancouver Inc., Free Flight Formation Inc. and 1088384 B.C. LTD
FollowClosed
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- H-220275
Filings held23
Last activity2 Dec 2025
On the record1,523 days
Secured debt$11.1M
OverviewSummary updated
iFlyVancouver Inc., Free Flight Formation Inc. and 1088384 B.C. LTD are the subject of a court-appointed receivership proceeding in the Supreme Court of British Columbia under section 243 of the Bankruptcy and Insolvency Act, carried under court file number H-220275. The proceeding began with an application filed on July 21, 2022. The matter is now closed. The record available here does not set out further steps taken between commencement and closure.
Proceedings AIAsk this case — answers cite the filings
Case updates23 dated entries
#Filing
Notice of Application - Receiver's Discharge and Fee Approval — Application / notice of application
#Filing
Application filed in the Supreme Court of British Columbia under court file H-220275, commencing the receivership proceeding against the three debtor companies.
Source: Petition filed July 21, 2022
Parties
Debtor
iFlyVancouver Inc., Free Flight Formation Inc. and 1088384 B.C. LTD
Receiver
KPMG
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Veenstra | Supreme Court of British Columbia | 2 orders, Oct 2025 | 5 cases on record |
| Justice Gomery | Supreme Court of British Columbia | 2 orders, Jul 2023 – Mar 2024 | 6 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKPMG | Fasken Martineau DuMoulin LLP | 15 Mar 2024 | Service list · 15 Mar 2024 |
| Applicant | Fasken Martineau DuMoulin LLP | 28 Jul 2023 | Order · 28 Jul 2023 |
| CreditorLynda Jackson aka Lynda Sharpe | Winright Law | 15 Mar 2024 | Service list · 15 Mar 2024 |
| CreditorRoyal Bank of Canada | Poulsen & Company | 15 Mar 2024 | Service list · 15 Mar 2024 |
| CreditorSkyventure International (UK) Limited and iFly Franchising, LLC | Cassels Brock & Blackwell LLP | 15 Mar 2024 | Service list · 15 Mar 2024 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesas of Appointment Date — Listed under 'Secured Creditors' in the Receiver's Form 87 Notice and Statement for iFlyVancouver Inc. — Deemed-trust class claim for unpaid GST, which CRA assessed as resulting from a reversal of Income Tax Credits; figure per conversations with management. The Form 87 Notice (dated May 25, 2023) estimates this secured amount at $300,000. This listing is inconsistent with the First Report's statement (para 22) that 'RBC is the sole secured creditor of the Companies.' — debtor: iFlyVancouver Inc. | $313K | Receiver Report 1 |
| 4 | Secured | Royal Bank of Canada · in 556 casesCredit Agreement dated May 27, 2020; term loan (the 'Loan Facility') with maximum aggregate principal of approximately $10,700,000; obligations cross-guaranteed among the Companies; guaranteed by MBA Asset Management Inc. (landlord/related party) limited to $7,200,000 pursuant to the Lease Addendum dated November 13, 2019 — Demand Letters dated April 8, 2022 (enclosing s.244 BIA notices) stated Indebtedness of $11,139,135 - exact dated balance used as amount. The Receiver's First Report (as at the May 19, 2023 Appointment Date) describes RBC as the Companies' 'sole secured creditor' with the c · as of 8 Apr 2022 | $11.1M | Receiver Report 1 |
RecoveriesAs stated in the filings
Royal Bank of Canada: shortfall.EstimatedReceiver Report 2 · 22 Feb 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredRBC, the Companies' sole secured creditor | Royal Bank of Canada | — | shortfall | Estimatedper the receiver | Receiver Report 2 · 22 Feb 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.
Fees and ratesAs stated in the filings
3 engagements · 2 firms — latest: Fasken Martineau DuMoulin LLP, 16 Jun 2023 – 14 Aug 2025, $192,299.00 in feesAffidavit 1 of Kibben Jackson · 12 Sep 2025
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Fasken Martineau DuMoulin LLPCounsel to the receiverperiod 2 of 2 | 16 Jun 2023 – 14 Aug 2025 | — | $192,299.00ex. tax | not stated | Affidavit 1 of Kibben Jackson · 12 Sep 2025 |
| Fasken Martineau DuMoulin LLPCounsel to the receiverperiod 1 of 2 | —Sought | — | $192,299.00 | not stated | Notice of Application - Receiver's Discharge and Fee Approval · 18 Jul 2023 |
| KPMG Inc.Receiver | —Sought | — | $344,621.55 | not stated | Notice of Application - Receiver's Discharge and Fee Approval · 18 Jul 2023 |
Estate financialsReported figures — never derived
Total assets at filing$19.1M
As at 19 May 2023 · per Book value, based on unaudited/draft information provided by the Director of the Company; not audited or verified by the Receiver · iFlyVancouver Inc. only (entity-level, not consolidated). The Receiver states that, aside from 108's rights under the Lease Agreement, neither Free Flight Formation Inc. nor 1088384 B.C. Ltd. had any assets at the Appointment Date. — Total liabilities are not stated as a single consolidated figure. Components disclosed separately: iFlyVancouver's unsecured accounts payable total $827,016 (Hexcel Construction Ltd $89,000; MBA Asset Management Inc $550,000; Total Site Service Inc $5,400; Pacific Industrial Movers LP $182,616) [p.9]; RBC secured cross-guaranteed loan ~$10,700,000 (approx., p.9) / $11,139,135 per April 8, 2022 demand (p.7) / $10,500,000 per Form 87 estimate (p.17,20,22); CRA GST indebtedness $312,670 (p.9) / $300,000 per Form 87 estimate (p.17). Free Flight and 108 are stated to have no unsecured liabilities.
Documents
23 filings
| Date | Document | File |
|---|---|---|
| Application Response_RBC | ||
Approval Vesting Order - Filed
| ||
Fee Approval Discharge Order - Filed
| ||
Affidavit 1 of Kibben Jackson
| ||
| Receiver Report 3 | ||
| Notice of Application - Approval and Vesting Order | ||
Approval and Vesting Order
| ||
Service List
| ||
| Application Response_MBA | ||
| Notice of Application 4 March 24 | ||
Receiver Report 2
| ||
Sale Process Order entered July 28, 2023
| ||
| Teaser | ||
Notice of Application - Receiver's Discharge and Fee Approval
| ||
| Notice of Application, Filed July 18 2023 | ||
Receiver Report 1
| ||
| Sales Information Package | ||
Affidavit of Mailing
| ||
Form 87 1088384 BC LTD
| ||
| Form 87 Free Flight Formation Inc | ||
| Form 87 IFlyVancouver Inc | ||
| Receiving Order entered May 23 2023 | ||
Petition filed July 21, 2022
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “iFlyVancouver Inc., Free Flight Formation Inc. and 1088384 B.C. LTD” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/iflyvancouver-inc-free-flight-formation-inc-and-1088384-b-c-ltd