British Columbia · Receivership (court-appointed)
Notice of Application for appointment of Receiver, filed November 5, 2024
Application / notice of application · 5 November 2024
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 filing3 verified
- secured creditorsnote: Order Nisi (Oct 26, 2023) declared amount owing as $23,385,817.37 plus interest accruing at a daily rate of $5,410.27; prose elsewhere (para 5(a)) describes the debt as 'in excess of $24 million' with interest and legal costs continuing to accrue · page: 3 · as of: 2023-10-26 (Order Nisi) · amount: 23385817.37 · debtor: Coromandel Cambie 59 BT Ltd., Coromandel Cambie 59 Developments Ltd. and Coromandel Cambie 59 Limited Partnership · creditor: Desjardins Financial Security Life Assurance Company · currency: CAD · security: First-ranking mortgage and assignment of rents dated October 30, 2018 over the Lands (PID 029-788-897); underlying loan facility principal amount $80,000,000 (commitment letter dated October 18, 2018)
- secured creditorsnote: Judgment against the Debtors and certain other parties in this amount per order nisi (six-month redemption period); prose elsewhere (para 5(b)) describes the debt as 'in excess of $6 million' with interest and costs continuing to accrue; Jin-Ocean is a related party to the Purchaser (1475040 BC Ltd.) · page: 3 · as of: order nisi granted in Jin-Ocean's foreclosure proceedings (commenced March 13, 2023) · amount: 6550771.46 · debtor: Coromandel Cambie 59 BT Ltd., Coromandel Cambie 59 Developments Ltd. and Coromandel Cambie 59 Limited Partnership · creditor: Jin-Ocean Mortgage Investment Corporation · currency: CAD · security: Second-ranking mortgage over the Lands
- recovery outcomeentries: basis: estimated · quote: Desjardins anticipates there will be a shortfall on the recovery of Jin-Ocean's indebtedness if the Offer closes in its current form rather than being revised to an RVO (as defined below). · pct of: unstated · outcome: shortfall · class key: secured · stated by: unstated · class label: Jin-Ocean's indebtedness · creditor name: Jin-Ocean Mortgage Investment Corporation · interim final: unstated · related party: false · conditional on: if the Offer closes in its current form rather than being revised to an RVO · claims qualifier: unstated · table missing: