British Columbia · Receivership (court-appointed)
Administrator's First Report dated May 5 2025
Court officer report · 1 May 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing9 verified
- cash on handnote: Combined closing cash balance of the Scotia Accounts and RBC Account as at March 31, 2025; Scotia Accounts separately reported $3,037,713 and US$13,408, RBC Account $541,857, and Payroll Account $47,342.30. · as at: 2025-03-31 · amount: 3593230 · currency: CAD
- operational summaryThe Petitioners are winding down the Business ahead of a Resort Closure Date of May 26, 2025, having conducted a SISP that resulted in the Stalking Horse Bidder becoming the Successful Bidder, with the Administrator seeking to transition to a receivership to close the sale and administer a stakeholder claims process.
- process resultsbids: 0 · ndas: 61 · note: 61 parties signed NDA; no Phase I Bids received · solicited: 23400 · qualified bids: 0
- professional feesnote: Includes fees of $426,622.50, disbursements of $250.00 and sales taxes of $21,343.63. Fasken's fees for May 23, 2024 to April 24, 2025 were $153,375.29 (fees $135,654.50, disbursements $1,414.92, sales taxes $16,305.87), noted separately. · party: BDO Canada Limited (Administrator) · amount: 448216.13 · period: April 25, 2024 to April 18, 2025 · currency: CAD
- report date1 May 2025
- report noFirst Report
- sale advisorAvison Young Commercial Real Estate Services, LP
- sale outcometext: no Phase I Bids were received, Stalking Horse Bidder declared Successful Bidder, Approval and Vesting Order sought · scope: whole_business · status: pending_approval
- stalking horseExecutive Mountainside Holdings Ltd. (12000000)