Proceedings.

Maskeen 177 Projects Ltd. and affiliated entities

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Active
Proceeding
Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
Court
Supreme Court of British Columbia
File
S-260086
Industry
Real estate · Residential development
Filings held47
Last activity15 Oct 2026
On the record233 days
Secured debtSubscribers
OverviewSummary updated

Maskeen 177 Projects Ltd. and affiliated entities have been under court-appointed receivership since March 17, 2026, on an application by MCAP under section 243 of the BIA and provincial Judicature Act authority. The Receiver has since taken control of the Debtors' Real Property, engaging a third-party contractor to secure and monitor it and retaining contractors for engineering, surveying, property maintenance and security. It opened a receivership bank account, paid expenses, reviewed the Debtors' financials and development information, and dealt with the tenant on Lot 4. A request for proposals was issued to select a realtor, proposals were reviewed, and the Receiver negotiated a Listing Agreement with the Broker. It also drafted the Notice and Statement of the Receiver required by sections 245(1) and 246(1) of the BIA. The proceeding remains active.

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Case updates48 dated entries
#Report

The officer filed report no. Supplement to the Second Report. The Receiver addresses its communications with builders' lien holder Madness Forming & Construction Services Inc. regarding the proposed sale and access to the confidential supplement, and states it has offered confidential calls to lien holders and will continue communicating with all stakeholders.

Source: Supplement to the 2nd Report of the Receiver dated August 26, 2026

#Report

The officer filed report no. Second Report. The Receiver has run a court-supervised sale process for the Surrey development lands (three lots), secured the excavated site, and signed an unconditional agreement of purchase and sale with 1343239 B.C. Ltd. to be implemented by reverse vesting order; it seeks approval of the transaction, a sealing order, distribution of net proceeds to senior secured lender MCAP, and an increase in its borrowing limit to $1 million.

Source: Second Report of the Receiver dated August 17, 2026

AnalysisAll insights⁠

Outcome brief

Maskeen 177: a commitment letter the lender could change until funding

On September 1, 2026, Justice Coval approved a reverse vesting sale of the partly excavated Victory site in Surrey to 1343239 B.C. Ltd. at a redacted price and gave MCAP Financial Corporation judgment for $16,392,045.12, after the borrowers spent the last week trying to redeem on a $79.25 million commitment letter from a numbered Ontario company that the receiver said did not appear to have any active operations.

Parties

Debtor

Maskeen 177 Projects Ltd. and affiliated entities

Applicant

MCAP Financial Corporation

Receiver

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice WalkerSupreme Court of British Columbia2 orders, Mar 2026 – May 202631 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverKSVOsler, Hoskin & Harcourt LLP27 Aug 2026Service list · 27 Aug 2026
ApplicantMCAP Financial CorporationOsler, Hoskin & Harcourt LLP27 Aug 2026Service list · 27 Aug 2026
DebtorMaskeen 177 Projects Ltd. and affiliated entitiesMcQuarrie Hunter LLP15 Oct 2026Service list · 15 Oct 2026
CreditorAxis Real Estate Solutions incCampbell Froh May & Rice LLP15 Oct 2026Service list · 15 Oct 2026
CreditorCountry Green Excavating LimitedBaker Newby LLP15 Oct 2026Service list · 15 Oct 2026
CreditorEmma Emma Newbery AssociateOsler, Hoskin & Harcourt LLP26 Aug 2026Affidavit · 26 Aug 2026
CreditorIntegrity Shoring & Civil LtdLinleyWelwood LLP15 Oct 2026Service list · 15 Oct 2026
CreditorKasian Architecture InteriorHarper Grey LLP8 Jun 2026Service list · 8 Jun 2026
CreditorKasian Architecture Interior Design and Planning LtdHarper Grey LLP27 Aug 2026Service list · 27 Aug 2026
CreditorMadness Forming & Construction Services LtdBear Creek Law LLP15 Oct 2026Service list · 15 Oct 2026
CreditorNational Bank of CanadaBlake, Cassels & Graydon LLP15 Oct 2026Service list · 15 Oct 2026
CreditorNexGen Environmental Services LtdBuckley Hogan Law Office27 Aug 2026Service list · 27 Aug 2026
CreditorNorthCoast Building Products LtdKamachi Law15 Oct 2026Service list · 15 Oct 2026
CreditorTokio Marine Canada LtdBorden Ladner Gervais LLP27 Aug 2026Service list · 27 Aug 2026
CreditorUnion Lending CorporationDLA Piper (Canada) LLP8 Jun 2026Service list · 8 Jun 2026
CreditorYard at a Time Concrete LtdBaker Newby LLP15 Oct 2026Service list · 15 Oct 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredMCAP Financial Corporation · in 6 casesMortgage and assignment of rents, charge nos. CB391708/CB391709 registered 2022-12-15, pursuant to loan agreement dated October 31, 2022, as amended — Amount as advised by MCAP to the Receiver; interest and costs continue to accrue; Receiver will conduct a security opinion of MCAP's security in due course (opinion pending, not yet confirmed). — debtor: 0943151 B.C. Ltd. (registered owner/Nominee) and beneficial owner Debtors · as of 5 Jan 2026$15.4MFirst Report of the Receiver dated April 27, 2026
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured

14 more claims in 2 classes The stack holds Secured and Unsecured claims.

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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 processAs stated in the filings

2 transactions · 1 approved · 1 proposed — Receiver recommends the Court approve the unconditional APS over the Debtors' conditional Commitment LetterSecond Supplement to the Second Report of the Receiver dated August 31,… · 31 Aug 2026

PurchaserPriceStatusSource
1343239 B.C. Ltd.the Purchased Interests · share sale · ResidualCo: Residual Co. · agreement 30 Jun 2026SubscribersApproved27 Aug 2026Reverse Vesting Order dated September 1, 2026
referred to only as 'the Purchaser' under the APS; not namedthe Real Property · real propertynot statedProposedSecond Supplement to the Second Report of the…
AdvisorsColliers (listing broker)Sales Process Order dated May 6, 2026
Closing termsClosing shall be deemed to occur in the manner and sequence set out in the Closing Sequence, upon delivery of the Receiver's CertificateReverse Vesting Order dated September 1, 2026
Sealed materialsSale Agreement attached in redacted formReverse Vesting Order dated September 1, 2026
Documents
47 filings
DateDocumentFile
Service List as at October 15, 2026
  • Counsel Baker Newby LLP
PDF · Subscribers
Court Order dated September 1, 2026
  • Presiding officer Justice Coval
PDF · Subscribers
Reverse Vesting Order dated September 1, 2026
  • Closing terms Closing shall be deemed to occur in the manner and sequence set out in the Closing Sequence, upon delivery of the Receiver's Certificate
  • Order date 27 August 2026
  • Purchaser 1343239 B.C. Ltd. · the Purchased Interests · share sale · approved
  • Residualco Residual Co.
  • + 3 more extracted facts
PDF · Subscribers
Affidavit #1 of Ashley Kumar dated August 31, 2026PDF · Subscribers
Second Supplement to the Second Report of the Receiver dated August 31, 2026
  • Operational summary The Receiver reports on its investigation into the Debtors' proposed refinancing via a Commitment Letter from an unknown lender, finding the financing highly uncertain and unsubstantiated, and recommends the Court dismiss the Debtors' redemption application and approve the Receiver's unconditional sale transaction instead.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Affidavit of Greg Van Popta dated August 27, 2026PDF · Subscribers
Affidavit of James Spagnuolo dated August 27, 2026PDF · Subscribers
Service List as at August 27, 2026
  • Counsel DLA Piper (Canada) LLP
PDF · Subscribers
Affidavit of Cristina Misceo dated August 26, 2026
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Application Response of the Receiver to the Debtors dated August 26, 2026PDF · Subscribers
Supplement to the 2nd Report of the Receiver dated August 26, 2026
  • Operational summary The Receiver addresses its communications with builders' lien holder Madness Forming & Construction Services Inc. regarding the proposed sale and access to the confidential supplement, and states it has offered confidential calls to lien holders and will continue communicating with all stakeholders.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit #1 of Sheree McNulty dated August 25, 2026PDF · Subscribers
Application Response Integrity to Maskeen dated August 25, 2026PDF · Subscribers
Application Response Integrity to Receiver dated August 25, 2026PDF · Subscribers
Application Response dated August 25, 2026PDF · Subscribers
Application Response of YAAT to Receiver dated August 25, 2026PDF · Subscribers
Application Response to Debtors' Application dated August 25, 2026PDF · Subscribers
Application Response to Maskeen NOA dated August 25, 2026PDF · Subscribers
Application Response to Maskeen's NOA dated August 25, 2026PDF · Subscribers
Application Response to Receiver's Application dated August 25, 2026PDF · Subscribers
Application Response to Receiver's NOA dated August 25, 2026PDF · Subscribers
Filed Affidavit #1 of Sheree McNulty dated August 25, 2026PDF · Subscribers
Filed Application Response to Receiver NOA dated August 25, 2026PDF · Subscribers
Integrity Response to Petition dated August 25, 2026PDF · Subscribers
Debtors’ Application Response dated August 21, 2026PDF · Subscribers
Debtors’ Notice of Application dated August 21, 2026PDF · Subscribers
Affidavit #2 of Blake Johnston dated August 19, 2026PDF · Subscribers
Relief Sought dated August 19, 2026PDF · Subscribers
Notice of Hearing to set August 17, 2026PDF · Subscribers
Second Report of the Receiver dated August 17, 2026
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice of Application dated August 14, 2026PDF · Subscribers
Service List as at June 8, 2026
  • Counsel Harper Grey LLP
PDF · Subscribers
Supplement to the 1st Report of the Receiver filed May 8, 2026
  • Cash on hand · Disbursements · Financial position · Professional fees Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Affidavit #1 of Pamela Ang dated May 6, 2026PDF · Subscribers
Sales Process Order dated May 6, 2026
  • Order date 6 May 2026
  • Presiding officer Justice Walker
  • Sale advisor Colliers Macaulay Nicolls Inc. (listing broker)
  • Break fee Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Notice of Application dated April 28, 2026PDF · Subscribers
First Report of the Receiver dated April 27, 2026
  • Operational summary The Receiver's activities since the commencement of these proceedings have included corresponding with counsel, reviewing MCAP's receivership application materials, corresponding with the Debtors, reviewing financials and development information, engaging a third-party contractor to secure and monitor the Real Property, corresponding with contractors for engineering, surveying, property maintenance and security services, opening a receivership bank account, paying expenses, preparing a request for proposals to select a realtor, reviewing realtor proposals, negotiating the Listing Agreement with the Broker, corresponding with the tenant on Lot 4, and drafting the Notice and Statement of the Receiver pursuant to Sections 245(1) and 246(1) of the BIA.
  • Cash on hand · Financial position · Professional fees Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Receivership Order dated March 17, 2026
  • Applicant MCAP Financial Corporation
  • Appointee KSV Restructuring Inc.
  • Appointee role receiver and manager
  • Charges Subscribers
  • + 6 more extracted facts
PDF · Subscribers
Response to Petition dated March 16, 2026PDF · Subscribers
Response to Petition of Nexgen dated March 5, 2026PDF · Subscribers
Response to Petition of Nexgen dated February 25, 2026PDF · Subscribers
Response to Petition dated January 27, 2026PDF · Subscribers
Affidavit #1 of Amrinder Cheema dated January 13, 2026PDF · Subscribers
Response to Petition of Maskeen dated January 13, 2026PDF · Subscribers
Notice of Application dated January 8, 2026PDF · Subscribers
Affidavit #1 of Blake Johnston dated January 7, 2026
PDF · Subscribers
Petition to the Court dated January 7, 2026
  • Appointee KSV Restructuring Inc.
  • Appointee role receiver and manager, without security
  • Financial position · Secured creditors Subscribers
  • + 1 more extracted fact
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., “Maskeen 177 Projects Ltd. and affiliated entities” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/maskeen-177-projects-ltd-and-affiliated-entities

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Sources last checked · summary updated 5 August 2026 · Report a correction · Printed from proceedings.ca/case/maskeen-177-projects-ltd-and-affiliated-entities

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.