Maskeen (Carvolth) Limited Partnership, its general partner Maskeen (Carvolth) GP Inc., and the bare trustee Carvolth 86th Avenue Lands Ltd.
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- S-256472
- Industry
- Real estate · Residential development
Maskeen (Carvolth) Limited Partnership, its general partner Maskeen (Carvolth) GP Inc., and bare trustee Carvolth 86th Avenue Lands Ltd. have been in court-appointed receivership in British Columbia since January 8, 2026, brought under section 243 of the Bankruptcy and Insolvency Act. National Bank of Canada is the largest secured creditor, holding a first-ranking charge over the Property at PID 002-331-471 by way of a mortgage and assignment of rents registered at the New Westminster Land Title Office on September 29, 2022, its registered principal raised from $10,400,000 to $11,000,000 in September 2023. The bank's July 15, 2025 demand letter put the debt at $11,104,159.83 as of July 14, 2025; as of August 19, 2025 the amount owed was $11,036,164.92, with fees and expenses accruing at $1,943.84 per day. Cedar Ridge Investments Ltd. holds a second-ranking mortgage and assignment of rents, postponed to the bank. The loan is also guaranteed by Maskeen Homes Ltd. and Maskeen Development Ltd. and by two personal guarantors.
Notice of Application - Respondents (re redemption et al) — Application / notice of application
Notice of Application - Receiver (re sale approval et al) — Application / notice of application
Maskeen (Carvolth) Limited Partnership, its general partner Maskeen (Carvolth) GP Inc., and the bare trustee Carvolth 86th Avenue Lands Ltd. — Receivership filed, British Columbia.
Source: Receivership Order
Guide
Power of sale vs foreclosure vs receivership in Canada
When a Canadian borrower stops paying a mortgage, the lender can sell the property itself, ask a court to foreclose, or have a receiver take control. How the routes differ by province, what each means for owners and tenants, and how long a receivership takes, drawn from the court record.
Outcome brief
Maskeen (Carvolth): one offer, and a redemption with no lender named
A receiver marketed a vacant Langley development site to a database of 1,362 developers and drew a single formal offer — $6,400,000 against a $7,000,000 asking price. The afternoon before the sale hearing the borrowers applied to redeem instead, telling the court the land was worth $20.3 million to $26 million, and naming neither a lender nor a sum. On August 25 Madam Justice Fitzpatrick approved the sale, directed roughly $5,858,000 to National Bank of Canada on a debt of more than $11 million, and discharged the receiver.
Debtor
Maskeen (Carvolth) Limited Partnership, its general partner Maskeen (Carvolth) GP Inc., and the bare trustee Carvolth 86th Avenue Lands Ltd.
Applicant
National Bank of Canada
Receiver
FTI
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFTI | McCarthy Tétrault LLP | 9 Jan 2026 | Service list · 9 Jan 2026 |
| ApplicantNational Bank of Canada | Blake, Cassels & Graydon LLP | 9 Jan 2026 | Service list · 9 Jan 2026 |
| DebtorMaskeen (Carvolth) Limited Partnership, its general partner Maskeen (Carvolth) GP Inc., and the bare trustee Carvolth 86th Avenue Lands Ltd. | McQuarrie Hunter LLP | 9 Jan 2026 | Service list · 9 Jan 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada · in 101 casesSame as above — Amount stated in Demand Letter dated July 15, 2025, as of July 14, 2025, plus professional and other costs, expenses, and fees not included. — debtor: Maskeen (Carvolth) Limited Partnership, Maskeen (Carvolth) GP Inc. · as of 14 Jul 2025 | $11.1M | Petition to the Court |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
10 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
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.
Unsecured creditors: no distribution. National Bank of Canada short.EstimatedNotice of Application - Respondents (re redemption et al) · 24 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | National Bank of Canada | — | shortfall | Estimatedper the receiver | Notice of Application - Respondents (re redemption et al) · 24 Aug 2026 |
| Unsecured | — | — | no distributionconditional | Estimatedper the receiver | Notice of Application - Respondents (re redemption et al) · 24 Aug 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.
4 engagements · 2 firms — latest: McCarthy Tétrault LLP, 28 Aug 2025 – 30 Jun 2026, in feesAffidavit #1 of L. Williams · 18 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FTI Consulting Canada Inc.Receiverperiod 3 of 3 | to 31 May 2026 | 2 people | Affidavit #1 of T. Powell · 18 Aug 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — FTI Consulting Canada Inc., to 31 May 2026 · 6 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FTI Consulting Canada Inc.Receiverperiod 2 of 3 | to 28 Feb 2026 | 3 people | Affidavit #1 of T. Powell · 18 Aug 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 people — FTI Consulting Canada Inc., to 28 Feb 2026 · 9 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FTI Consulting Canada Inc.Receiverperiod 1 of 3 | to 31 Jan 2026 | 3 people | Affidavit #1 of T. Powell · 18 Aug 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 people — FTI Consulting Canada Inc., to 31 Jan 2026 · 9 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| McCarthy Tétrault LLPCounsel to the receiver | 28 Aug 2025 – 30 Jun 2026 | 13 people | Affidavit #1 of L. Williams · 18 Aug 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 people — McCarthy Tétrault LLP, 28 Aug 2025 – 30 Jun 2026 · 41 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
77 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
| Approval and Vesting Order | PDF · Subscribers | |
| Fee Approval, Distribution, and Discharge Order | PDF · Subscribers | |
| Application Response - Respondents | PDF · Subscribers | |
Notice of Application - Respondents (re redemption et al)
| PDF · Subscribers | |
Affidavit #1 of L. Williams
| PDF · Subscribers | |
Affidavit #1 of T. Powell
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Notice of Application - Receiver (re sale approval et al)
| PDF · Subscribers | |
List of Known Creditors
| PDF · Subscribers | |
| Notice to Creditors | PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Receivership Order | PDF · Subscribers | |
| Affidavit #3 of J. Lugo | PDF · Subscribers | |
Order (Adjournment)
| PDF · Subscribers | |
| Affidavit #2 of A. Fernando | PDF · Subscribers | |
| Affidavit #1 of A. Cheema | PDF · Subscribers | |
| Response to Petition | PDF · Subscribers | |
Affidavit #1 of A. Fernando
| PDF · Subscribers | |
| Affidavit #1 of J. Lugo | PDF · Subscribers | |
Petition to the Court
| 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 (Carvolth) Limited Partnership, its general partner Maskeen (Carvolth) GP Inc., and the bare trustee Carvolth 86th Avenue Lands Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/maskeen-carvolth-limited-partnership-its-general-partner-maskeen-carvolth-gp-inc