British Columbia · Receivership (court-appointed)
Receiver's First Report
Court officer report · 31 March 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 filing4 verified
- secured creditorsnote: Approximate; interest continues to accrue after this date (also restated at para 72). The Fox Island Security is subject to prior-ranking Court-ordered charges (Receiver's Charge, Receiver's Borrowing Charge) and certain deemed trust and priority claims. · page: 4 · as of: 2024-02-29 · amount: 80000000 · debtor: International Trade Center Properties Ltd. (ITCP) and certain other respondents · creditor: Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. (the "Lenders"/"Fox Island") · currency: CAD · security: Various security under the 2021 Loan Agreement, including mortgages over several land parcels and properties, including the Hotel Property (the "Fox Island Security")
- secured creditorsnote: GST arrears; deemed-trust/priority claim class. Separately, no outstanding payroll source deduction (PSD) liabilities were noted, as ADP remitted PSD with each payroll. · page: 14 · as of: 2025-03-06 · amount: 404313 · debtor: Hotel Versante Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Components not summed per document: 2023 arrears of $119,443 and 2024 arrears of $209,693 (each inclusive of accrued interest) remained unpaid as of the Date of Receivership. · page: 15 · as of: Date of Receivership (March 4, 2025) · debtor: Hotel Versante Ltd. / Hotel Property · creditor: City of Richmond (property taxes) · currency: CAD · security: Statutory municipal property tax arrears; stated to be payable in priority to the Lender's (Fox Island) mortgage on the Hotel
- secured creditorsnote: Receiver awaiting further information on this mortgage; validity, amount and priority remain subject to Dentons' ongoing security review. · page: 16 · amount: 4800000 · debtor: International Trade Center Properties Ltd. (ITCP) / Hotel Property · creditor: Heung Kei Sung · currency: CAD · security: Second mortgage registered on the Hotel Property, ranking behind the Fox Island Security