SCREO I Metrotown Inc., and SCREO I Metrotown L.P.
- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
- File
- S-244252
- Industry
- Real estate · Rental & income property
SCREO I Metrotown Inc. and SCREO I Metrotown L.P. have been in receivership since July 8, 2024, when the Supreme Court of British Columbia appointed Alvarez & Marsal Canada Inc. receiver and manager in file S-244252 on the petition of The United States Life Insurance Company In The City of New York and American Home Assurance Company, under section 243(1) of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act. The petitioners' debt was repaid in full out of transaction proceeds that closed November 22, 2024. Timbercreek Mortgage Servicing Inc., through Computershare Trust Company of Canada, claims up to $17,000,000 under July 11, 2023 assignments of sale proceeds; that claim is disputed and the receiver has sought the court's directions on it.
The officer filed report no. Supplemental Report to the Second Report of the Receiver. The Debtors' two office towers have already been sold; the Receiver continues to hold remaining sale proceeds of approximately $11.4 million pending resolution of competing claims by Timbercreek and the Greater Vancouver Water District, with no formal unsecured claims process yet established.
Source: Supplemental Report to the Second Report of the Receiver
Requisition - General (to re-set hearing to May 20, 2025) — Application / notice of application
Requisition (re-set hearing date to May 16, 2025 at 10_00AM) — Application / notice of application
Order Approving Sale, Distribution and Activities (November 7, 2024) was filed.
Source: Order Approving Sale, Distribution and Activities (November 7, 2024)
The officer filed report no. First Report. The Debtors are special purpose vehicles that own two vacant office towers in Burnaby. The Receiver is preserving and maintaining the Towers, has run a sales process and entered into an APA to sell them to the City of Burnaby for $65 million, with closing subject to court approval.
Source: First Report of the Receiver
The Supreme Court of British Columbia granted the insurers' petition and put the two SCREO I Metrotown entities under Alvarez & Marsal Canada Inc. as receiver and manager.
Undated filings3 — no date appears on the document · show
Notice of Application (Sale Approval, Distribution and Approval of Activities) — Application filed
Debtor
SCREO I Metrotown Inc., and SCREO I Metrotown L.P.
Receiver
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Brongers | Supreme Court of British Columbia | 2 orders, Jul 2024 – Jun 2025 | 11 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlvarez & Marsal | Dentons Canada LLP | 19 Nov 2024 | Service list · 19 Nov 2024 |
| ApplicantUnited States Life Insurance Company In The City Of New York and American Home Assurance Company | Blake, Cassels & Graydon LLP · Nathanson Schachter & Thompson LLP | 19 Nov 2024 | Service list · 19 Nov 2024 |
| DebtorSCREO I Metrotown Inc., and SCREO I Metrotown L.P. | McCarthy Tétrault LLP | 19 Nov 2024 | Service list · 19 Nov 2024 |
| CreditorMetro Vancouver Water Services | Gehlen Dabbs Cash LLP | 19 Nov 2024 | Service list · 19 Nov 2024 |
| CreditorTimbercreek Mortgage Servicing Inc | Borden Ladner Gervais LLP | 19 Nov 2024 | Service list · 19 Nov 2024 |
| CreditorWestmount West Services Inc | Lawson Lundell LLP | 19 Nov 2024 | Service list · 19 Nov 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Timbercreek Mortgage Servicing Inc. (via Computershare Trust Company of Canada, as agent, nominee and bare trustee) · in 7 casesas claimed in Second Report, March 5, 2025 — Assignment of proceeds from sale of the Real Property (Gill Assignment and SCREO 700 Assignment), dated July 11, 2023, securing obligations under Gill Loan (max facility $30.2 million) and SCREO 700 Loan (aggregate max facility $161.3 million); disputed claim subject to Receiver's request for directions — Claim of 'up to $17,000,000', subject to net proceeds (if any) from sale of Dixie Outlet Mall and other repayments made after December 1, 2022; claim is disputed and subject to court adjudication (Receiver seeking directions); not the Debtors' own | $17M | Second Report of the Receiver |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount.
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See all plansSale closed — The Transaction closed on November 22, 2024 and the Receiver's Certificate was filed with this Honourable Court on November 25, 2024. As a result of the Transaction, the Petitioners' debt and the Receiver's borrowings were repaid in full.Second Report of the Receiver · 5 Mar 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| City of Burnabythe assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 22 Oct 2024 | Subscribers | Closed22 Nov 2024 | Second Report of the Receiver |
As at ·
Cumulative receipts
$11.8M
As at 30 Apr 2025Supplemental Report to the Second Report of the Receiver
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total 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 |
|---|---|---|
| Notice of Application - Distribution to Timbercreek | PDF · Subscribers | |
Order Made After Application
| PDF · Subscribers | |
Supplemental Report to the Second Report of the Receiver
| PDF · Subscribers | |
| Affidavit #1 of Alice Jarvis | PDF · Subscribers | |
| Affidavit #1 of Lorena Morales | PDF · Subscribers | |
| Affidavit #1 of Michael Markowski | PDF · Subscribers | |
| Petition to the Court | PDF · Subscribers | |
| Affidavit #1 of Robert Kates | PDF · Subscribers | |
| Requisition - General (to re-set hearing to May 20, 2025) | PDF · Subscribers | |
| Requisition (re-set hearing date to May 16, 2025 at 10_00AM) | PDF · Subscribers | |
| Affidavit #1 of Scott Rowland | PDF · Subscribers | |
| Application Response | PDF · Subscribers | |
| Affidavit #2 of Chelsea Denton | PDF · Subscribers | |
Notice of Application, returnable March 12, 2025
| PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Receiver's Certificate | PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Order Approving Sale, Distribution and Activities (November 7, 2024)
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Affidavit #1 of Chelsea Denton | PDF · Subscribers | |
Receivership Order (July 8, 2024)
| PDF · Subscribers | |
| Notice of Hearing of Petition (June 26, 2024) | PDF · Subscribers | |
Petition to Court (June 21, 2024)
| PDF · Subscribers | |
| Application Record | PDF · Subscribers | |
| Notice of Application (Adding Party) | PDF · Subscribers | |
| Notice of Application (Sale Approval, Distribution and Approval of Activities) | 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., “SCREO I Metrotown Inc., and SCREO I Metrotown L.P.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/screo-i-metrotown-inc-and-screo-i-metrotown-l-p