Mortise (Scott Road Residential) Holdings Ltd. et al.
- Proceeding
- Receivership (court-appointed)Section 39 of the Law and Equity Act, R.S.B.C. 1996, c. 253
- File
- S253697
- Industry
- Real estate · Residential development
Mortise (Scott Road Residential) Holdings Ltd., with Mortise (Scott Road Office) Holdings Ltd., Mortise (Scott Road Commercial) Holdings Ltd. and 1048799 B.C. Ltd., has been in receivership in the Supreme Court of British Columbia since July 23, 2025 (court file S253697). Alvarez & Marsal Canada Inc. was appointed receiver and manager under section 39 of the Law and Equity Act on the application of Institutional Mortgage Capital Canada Inc., as general partner of IMC Limited Partnership. The debtors' only asset was the land and building at 8140 120th Street, Surrey. The court approved its sale to 0952653 B.C. Ltd. for $21.5 million on February 13, 2026, and the transaction closed on March 12, 2026. Net proceeds went to the City of Surrey, CBRE and IMC, leaving IMC with a shortfall. The receiver's Second Report of July 13, 2026 seeks approval of its activities and fees and its discharge.
The officer filed report no. Second Report. The Receiver completed the court-approved sale of the Property, closed the transaction, distributed net proceeds to the City of Surrey, CBRE and IMC (with a shortfall to IMC), and now seeks approval of its activities/fees and its discharge as substantially all receivership activities are complete.
Source: Second Report of the Receiver
The court granted an approval and vesting order for the sale to 0952653 B.C. Ltd. Closing terms, as extracted: Vesting occurs on delivery by the Receiver to the Purchaser of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction or waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction.
Source: Order Made after Application
The officer filed report no. First Report. The Receiver is preserving and managing a two-storey commercial mall in Surrey (9 of 13 units leased, about $74,000 per month net of GST) through a property manager, with tenants' rent up to date, while marketing and selling the Property via CBRE and a proposed reverse vesting order sale for $21.5 million.
Source: First Report of the Receiver
The court appointed Alvarez & Marsal Canada Inc. as Receiver and Manager, on the application of Institutional Mortgage Capital Canada Inc., in its capacity as general partner of IMC Limited Partnership. Court file S253697.
Source: Order Made after Application of Justice Wilkinson, entered July 25, 2025
Institutional Mortgage Capital Canada Inc. - Receiver's Certificate — Court officer certificate
Petition filed May 14, 2025 was filed. Court file VLC-S-S-253697.
Source: Petition filed May 14, 2025
Outcome brief
Mortise Scott Road: a strip mall sold by reverse vesting order
Alvarez & Marsal sold a Surrey strip mall for $21.5 million by reverse vesting order, which it said let the buyer acquire it by share transaction "without triggering property transfer tax." IMC, the first mortgagee and the buyer's financier, took $20,981,534.09 and was left approximately $900,000 short; A&M was discharged on July 29, 2026.
Debtor
Mortise (Scott Road Residential) Holdings Ltd. et al.
Applicant
Institutional Mortgage Capital Canada Inc. as general partner of IMC Limited Partnership
Receiver
Alvarez & Marsal
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Institutional Mortgage Capital Canada Inc.Per books and records as at receivership date — debtor: Mortise (Scott Road Residential) Holdings Ltd., Mortise (Scott Road Office) Holdings Ltd., Mortise (Scott Road Commercial) Holdings Ltd., and 1048799 B.C. Ltd. · as of 23 Jul 2025 | $19.6M | Form 87 – Notice and Statement of the Receiver |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
6 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale closed — the Transaction closed and net proceeds were distributed in accordance with the RVOSecond Report of the Receiver · 13 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 0952653 B.C. Ltd.the Purchased Property · real property · agreement 20 Oct 2025 | Subscribers | Closed12 Mar 2026 | Second Report of the Receiver |
2 engagements · 2 firms — latest: Norton Rose Fulbright Canada LLP, 23 Jul 2025 – 31 May 2026, incl. taxSecond Report of the Receiver · 13 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Alvarez & Marsal Canada Inc.Receiver | 23 Jul 2025 – 30 Apr 2026Sought | — | not stated | Second Report of the Receiver · 13 Jul 2026 | |
| Norton Rose Fulbright Canada LLPCounsel to the receiver | 23 Jul 2025 – 31 May 2026Sought | — | not stated | Second Report of the Receiver · 13 Jul 2026 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$630K
As at 13 Jul 2026Second Report of the Receiver
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order entered July 29, 2026 (J. Wilkinson)
| PDF · Subscribers | |
| Affidavit No. 1 of Anthony Tillman | PDF · Subscribers | |
| Affidavit No. 1 of Katie Mak | PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
Order Made after Application
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Order Made after Application of Justice Wilkinson, entered July 25, 2025
| PDF · Subscribers | |
Form 87 – Notice and Statement of the Receiver
| PDF · Subscribers | |
Institutional Mortgage Capital Canada Inc. - Receiver's Certificate
| PDF · Subscribers | |
| Affidavit No. 1 of F. Mercado, filed June 27, 2025 | PDF · Subscribers | |
| Response to Petition of Bancorp Parties, filed June 27, 2025 | PDF · Subscribers | |
| Affidavit No. 2 of Navjeet Gill, filed June 26, 2025 | PDF · Subscribers | |
| Affidavit No. 1 of Navjeet Gill, filed June 16, 2025 | PDF · Subscribers | |
| Affidavit of Channie Yoon, filed June 16, 2025 | PDF · Subscribers | |
| Response to Petition of Mortise et al., filed June 16, 2025 | PDF · Subscribers | |
| Affidavit No. 1 of R. Fernandes, filed May 16, 2025 | PDF · Subscribers | |
Petition filed May 14, 2025
| 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., “Mortise (Scott Road Residential) Holdings Ltd. et al.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/mortise-scott-road-residential-holdings-ltd-et-al