Maskeen 177 Projects Ltd. and affiliated entities
Follow- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
- File
- S-260086
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.
Second Supplement to the Receiver's Second Report: the debtors' proposed refinancing under a commitment letter from an unknown lender is unsubstantiated and highly uncertain, and the Receiver recommends the unconditional purchase agreement over it.
Source: Second Supplement to the Second Report of the Receiver dated August 31, 2026
Application Response of the Receiver to the Debtors dated August 26, 2026 — Application / notice of application
Application Response Integrity to Maskeen dated August 25, 2026 — Application / notice of application
Application Response Integrity to Receiver dated August 25, 2026 — Application / notice of application
Application Response of YAAT to Receiver dated August 25, 2026 — Application / notice of application
Application Response to Debtors' Application dated August 25, 2026 — Application / notice of application
Application Response to Maskeen NOA dated August 25, 2026 — Application / notice of application
Application Response to Maskeen's NOA dated August 25, 2026 — Application / notice of application
Application Response to Receiver's Application dated August 25, 2026 — Application / notice of application
Application Response to Receiver's NOA dated August 25, 2026 — Application / notice of application
Filed Application Response to Receiver NOA dated August 25, 2026 — Response / objection pleading
The court approved the sale process substantially as described in the Receiver's First Report, with Colliers Macaulay Nicolls Inc. retained to market the real property.
First Report set out the Receiver's activities since appointment: securing the Real Property, retaining contractors, opening a bank account, running a realtor RFP and negotiating the Listing Agreement.
On the application of MCAP Financial Corporation the Supreme Court of British Columbia appointed KSV Restructuring Inc. receiver and manager, without security, court file S-260086.
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.
Debtor
Maskeen 177 Projects Ltd. and affiliated entities
Applicant
MCAP Financial Corporation
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Walker | Supreme Court of British Columbia | 2 orders, Mar 2026 – May 2026 | 23 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorEmma Emma Newbery Associate | Osler, Hoskin & Harcourt LLP | 26 Aug 2026 | Affidavit · 26 Aug 2026 |
| CreditorKasian Architecture Interior | Harper Grey LLP | 8 Jun 2026 | Service list · 8 Jun 2026 |
| CreditorKasian Architecture Interior Design and Planning Ltd | Harper Grey LLP | 27 Aug 2026 | Service list · 27 Aug 2026 |
| CreditorNexGen Environmental Services Ltd | Buckley Hogan Law Office | 27 Aug 2026 | Service list · 27 Aug 2026 |
| CreditorUnion Lending Corporation | Dla Piper LLP | 8 Jun 2026 | Service list · 8 Jun 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | MCAP Financial Corporation · in 7 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 | $15.4M | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | Tokio Marine Canada Ltd. · in 5 casesMortgage and assignment of rents, charge nos. CB400675/CB400676 registered 2022-12-21, pursuant to commitment letter dated November 7, 2022, as amended; secures bonds provided by Tokio Marine to the City of Surrey for a servicing agreement — Registered mortgage amount per Land Title search; not stated as a current outstanding balance. — debtor: 0943151 B.C. Ltd. (Nominee) | $5.33M | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | Country Green Excavating LimitedClaim of Builders Lien, charge CB2490015 (Lot 1) and CB2489780 (Lot 2), registered 2025-12-01 — Also holds Certificates of Pending Litigation on Lot 1 (CB2496667, 2025-12-01) and Lot 2 (CB2496667, 2025-12-04) with no separate charge amount. — debtor: Lot 1 and Lot 2 · as of 1 Dec 2025 | $621K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | Integrity Shoring & Civil Ltd.Claim of Builders Lien, charge CB2163795, registered 2025-07-09 — Also registered a Certificate of Pending Litigation under assumed name ISC Shoring & Civil Ltd. (charge CB2446009, registered 2025-11-10); no charge amount for that registration. — debtor: Lot 2 · as of 9 Jul 2025 | $390K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | Madness Forming & Construction Services Inc.Claim of Builders Lien, charge CB2461018, registered 2025-11-18 — debtor: Lot 2 · as of 18 Nov 2025 | $337K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | PDQ Construction Ltd.Claim of Builders Lien, charge CB2466013, registered 2025-11-20 — debtor: Lot 2 · as of 20 Nov 2025 | $70.8K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | Yard at a Time Concrete Ltd.Claim of Builders Lien, charge CB2580701, registered 2026-01-22 — Also registered a Certificate of Pending Litigation (charge CB2666400, registered 2026-03-10); no charge amount for that registration. — debtor: Lot 2 · as of 22 Jan 2026 | $51.7K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | NorthCoast Building Products Ltd.Claim of Builders Lien, charge CB2565598, registered 2026-01-14 — Separate lien from the Lot 1 registration above. — debtor: Lot 2 · as of 14 Jan 2026 | $50.8K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | NorthCoast Building Products Ltd.Claim of Builders Lien, charge CB2565597, registered 2026-01-14 — debtor: Lot 1 · as of 14 Jan 2026 | $46.6K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | NexGen Environmental Services Ltd.Claim of Builders Lien, charge CB2440755, registered 2025-11-06 — debtor: Lot 2 · as of 6 Nov 2025 | $24.3K | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | City of Surrey (property tax authority) · in 7 casesStatutory municipal property tax arrears/lien per property tax certificates — Per-lot arrears as of December 1, 2025: $258,538 (Lot 1), $161,406 (Lot 2), $34,185 (Lot 4), with interest and charges continuing to accrue; document does not state a combined total. — debtor: Lot 1, Lot 2 and Lot 4 · as of 1 Dec 2025 | — | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | Union Lending CorporationCertificate of Pending Litigation, charge CB2635996, registered 2026-02-23 — No charge amount registered on title; litigation notice only, not a stated debt amount. — debtor: Lot 1, Lot 2 and Lot 4 · as of 23 Feb 2026 | — | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | MCAP Financial Corporation · in 7 casesCertificate of Pending Litigation, charge CB2556471, registered 2026-01-08 — Litigation notice related to the receivership proceedings, distinct from MCAP's mortgage security recorded separately above; no charge amount. — debtor: Lot 1, Lot 2 and Lot 4 · as of 8 Jan 2026 | — | First Report of the Receiver dated April 27, 2026 |
| 4 | Secured | 1299615 B.C. Ltd.Option to Purchase, charge CB657544, registered 2023-05-31 — Not a monetary lien; registered option interest with no stated charge amount. — debtor: Lot 2 · as of 31 May 2023 | — | First Report of the Receiver dated April 27, 2026 |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesDocument does not name individual unsecured creditors. — debtor: Maskeen 177 Projects Ltd., 0676086 B.C. Ltd., Maskeen Development Ltd., Maskeen Homes Ltd., 1302095 B.C. Ltd., and 0943151 B.C. Ltd. | $37K | First Report of the Receiver dated April 27, 2026 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
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.
Approval pending — 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
| Purchaser | Price | Status | Source |
|---|---|---|---|
| referred to only as 'the Purchaser' under the APS; not named in the quoted textthe Real Property · real property | not stated | Proposed | Second Supplement to the Second Report of the… |
| Date | Document | File |
|---|---|---|
Court Order dated September 1, 2026
| ||
| Reverse Vesting Order dated September 1, 2026 | ||
| Affidavit #1 of Ashley Kumar dated August 31, 2026 | ||
Second Supplement to the Second Report of the Receiver dated August 31, 2026
| ||
| Affidavit of Greg Van Popta dated August 27, 2026 | ||
| Affidavit of James Spagnuolo dated August 27, 2026 | ||
Service List as at August 27, 2026
| ||
Affidavit of Cristina Misceo dated August 26, 2026
| ||
| Application Response of the Receiver to the Debtors dated August 26, 2026 | ||
| Supplement to the 2nd Report of the Receiver dated August 26, 2026 | ||
| Affidavit #1 of Sheree McNulty dated August 25, 2026 | ||
| Application Response Integrity to Maskeen dated August 25, 2026 | ||
| Application Response Integrity to Receiver dated August 25, 2026 | ||
| Application Response dated August 25, 2026 | ||
| Application Response of YAAT to Receiver dated August 25, 2026 | ||
| Application Response to Debtors' Application dated August 25, 2026 | ||
| Application Response to Maskeen NOA dated August 25, 2026 | ||
| Application Response to Maskeen's NOA dated August 25, 2026 | ||
| Application Response to Receiver's Application dated August 25, 2026 | ||
| Application Response to Receiver's NOA dated August 25, 2026 | ||
| Filed Affidavit #1 of Sheree McNulty dated August 25, 2026 | ||
| Filed Application Response to Receiver NOA dated August 25, 2026 | ||
| Integrity Response to Petition dated August 25, 2026 | ||
| Debtors’ Application Response dated August 21, 2026 | ||
| Debtors’ Notice of Application dated August 21, 2026 | ||
| Affidavit #2 of Blake Johnston dated August 19, 2026 | ||
| Relief Sought dated August 19, 2026 | ||
| Notice of Hearing to set August 17, 2026 | ||
| Second Report of the Receiver dated August 17, 2026 | ||
| Notice of Application dated August 14, 2026 | ||
Service List as at June 8, 2026
| ||
| Supplement to the 1st Report of the Receiver filed May 8, 2026 | ||
| Affidavit #1 of Pamela Ang dated May 6, 2026 | ||
Sales Process Order dated May 6, 2026
| ||
| Notice of Application dated April 28, 2026 | ||
First Report of the Receiver dated April 27, 2026
| ||
Receivership Order dated March 17, 2026
| ||
| Response to Petition dated March 16, 2026 | ||
| Response to Petition of Nexgen dated March 5, 2026 | ||
| Response to Petition of Nexgen dated February 25, 2026 | ||
| Response to Petition dated January 27, 2026 | ||
| Affidavit #1 of Amrinder Cheema dated January 13, 2026 | ||
| Response to Petition of Maskeen dated January 13, 2026 | ||
| Notice of Application dated January 8, 2026 | ||
Affidavit #1 of Blake Johnston dated January 7, 2026
| ||
Petition to the Court dated January 7, 2026
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Maskeen 177 Projects Ltd. and affiliated entities” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/maskeen-177-projects-ltd-and-affiliated-entities