British Columbia · Receivership (court-appointed)
Notice of Application
Application / notice of application · 13 January 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 filing10 verified
- applicantCameron Stephens Mortgage Capital Ltd.
- appointeeMNP Ltd.
- appointee rolereceiver and manager
- commencement date13 January 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noH-100741
- secured creditorsnote: Registered November 14, 2023 despite having executed No Interest Letters disclaiming interest in the Lands in favour of the Petitioner; disputed by Petitioner as fraudulently induced; Second Lenders commenced foreclosure proceedings (H-240731) on August 9, 2024 · page: 5 · debtor: Kensington Union Bay Properties Nominee Ltd. (Nominee) · creditor: Second Lenders (Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd.) · currency: CAD · security: Mortgage and assignment of rents registered under CB1021130 and CB1021131 (registered principal $12,000,000, not a confirmed balance) over the Lands, and mortgages/assignments of rents over Lot 1, Lot 3 and Lot 4
- secured creditorsnote: Related party: FMD Enterprises Ltd. is the holding company for Fasken Martineau Dumoulin LLP, counsel for the Debtors at the relevant time; mortgage executed March 27, 2024 but registered August 15, 2024, constituting a further default under the Loan Documents · page: 7 · debtor: Kensington Union Bay Properties Nominee Ltd. (Nominee) · creditor: FMD Enterprises Ltd. · currency: CAD · security: Mortgage registered on title to the Lands under CB1515864
- secured creditorsnote: Registered a judgment on title to the Lands (CB1490658) on August 6, 2024, obtained in foreclosure proceedings (H-240208) relating to its security over the Adjacent Lots · page: 7 · debtor: Kensington Union Bay Properties Nominee Ltd. (Nominee) · creditor: Beem Credit Union (formerly Gulf and Fraser Fishermen's Credit Union) · currency: CAD · security: Mortgage and assignment of rents on Lot 1 and Lot 3 (Adjacent Lots)
- secured creditorsnote: Original Loan advanced was $13,500,000 (November 1, 2023); current indebtedness of $13,908,030.45 stated as at January 13, 2025 with interest continuing to accrue; guaranteed personally by Mo Yeung Ching a.k.a. Michael Ching · page: 9 · as of: 2025-01-13 · amount: 13908030.45 · debtor: Kensington Union Bay Properties Nominee Ltd., Kensington Union Bay Properties Limited Partnership, and Kensington Union Bay Properties GP Ltd. (Borrowers) · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: First-ranking mortgage (CB995129) and assignment of rents (CB995130) over the Lands; project specific security agreement and beneficial mortgage/direction to charge dated for reference September 1, 2023