British Columbia · CCAA
Affidavit #1 of Richard Dean Chan
Affidavit · 24 September 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 filing14 verified
- secured creditorsnote: Prose approximation ('approximately $35.4 million') of outstanding Indebtedness (principal, accrued/unpaid interest, fees, expenses, continuing to accrue) as at Aug 5, 2025; immediately due and owing as of affidavit date. Also guaranteed by: Personal Guarantor Sean Huang (director/officer of Spruce Nominee - related party, full liability guarantee, reaffirmed Aug 8, 2024); Truswell Nominee (0724674 B.C. Ltd., related party, limited guarantee up to $2,800,000, Aug 8, 2024); Pridham Nominee (1308433 B.C. Ltd., related party, full liability guarantee, May 2, 2025); Camino Nominee (0714061 B.C. Ltd., related party, full liability guarantee, May 2, 2025). NBC also extended a Bridge Loan with draws of $1,353,350 (May 2, 2025) and $349,850 (July 9, 2025), included within total. · page: 3 · as of: 2025-08-05 · amount: 35400000 · debtor: Minglian Holdings Ltd. and 0882892 B.C. Ltd. (jointly and severally) · creditor: National Bank of Canada · currency: CAD · security: Spruce Mortgage and AR (first-ranking debenture/AR, registered principal $37,875,000 - registration amount, not balance); Spruce Equitable Mortgage; Spruce GSA (PPSA 532286M); Contract Assignment; Spruce Proceeds Assignment; Spruce Postponements (PPSA 532289M/537715M/532292M); Truswell Mortgage and AR (second-ranking, registered principal $2,800,000); Truswell Equitable Mortgage; Truswell Postponements (PPSA 565412Q/565431Q); Beneficial Owner GSA (PPSA 213939R); Camino Nominee GSA (PPSA 213948R); Camino Equitable Mortgage; Camino Proceeds Assignment
- secured creditorsnote: Registered subordinate to NBC's Spruce Mortgage and AR per title search listing · page: 16 · as of: 2022-10-04 · amount: 13200000 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Intact Insurance Company (Intact Compagnie D'Assurance) · currency: CAD · security: Mortgage and Assignment of Rents against Spruce Project Lands, Instrument Nos. CB260188/CB260189
- secured creditorspage: 16 · as of: 2025-08-08 · amount: 277647.89 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Vanguard Mechanical Ltd. · currency: CAD · security: Claim of Builders Lien, Instrument No. CB2232127, against Spruce Project Lands
- secured creditorspage: 16 · as of: 2025-08-25 · amount: 6066.69 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Cove Mechanical Ltd. · currency: CAD · security: Claim of Builders Lien, Instrument No. HB16285, against Spruce Project Lands
- secured creditorspage: 16 · as of: 2025-08-14 · amount: 86398.97 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Ming Hang Enterprises Ltd. · currency: CAD · security: Claim of Builders Lien, Instrument No. CB2250087, against Spruce Project Lands
- secured creditorspage: 16 · as of: 2025-08-19 · amount: 58401 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Aluma Safway Inc. dba Aluma Systems · currency: CAD · security: Claim of Builders Lien, Instrument No. CB2276288, against Spruce Project Lands
- secured creditorspage: 16 · as of: 2025-08-22 · amount: 10080 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Storm Guard Water Treatment Inc. · currency: CAD · security: Claim of Builders Lien, Instrument No. CB2290754, against Spruce Project Lands
- secured creditorspage: 16 · as of: 2025-09-03 · amount: 51348.12 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: Trades Labour Corporation · currency: CAD · security: Claim of Builders Lien, Instrument No. CB2314675, against Spruce Project Lands
- secured creditorsnote: Blanket/site-specific amounts not stated except stated ceiling of $220,000 on bank account interest · page: 16 · debtor: Minglian Holdings Ltd. (Beneficial Owner) · creditor: Industrial and Commercial Bank of China (Canada) · currency: CAD · security: Site-specific charges relating to Camino Lands (PPSA base reg 675843H, registered Nov 22, 2013, expiry Nov 22, 2025 - units 101 to 1502, 7117 Elmbridge Way, Richmond, BC; and base reg 705611N, registered May 3, 2022, expiry May 3, 2027 - multiple Camino Lands addresses); charge on interest of Beneficial Owner in moneys up to $220,000 standing to credit of Debtor in accounts at 6740 No. 3 Road, Richmond, BC (PPSA base reg 705637N, registered May 3, 2022, expiry May 3, 2027) - stated as a ceiling ('up to')
- secured creditorspage: 16 · as of: 2025-07-17 · amount: 32942 · debtor: 0882892 B.C. Ltd. (Spruce Nominee) · creditor: GBL Architects Inc. · currency: CAD · security: Claim of Builders Lien, Instrument No. CB2181934, against Spruce Project Lands
- secured creditorsnote: Amount not stated in PPR search results; may relate to same insurer mortgage noted separately on title search ($13,200,000) · page: 17 · as of: 2022-09-16 · debtor: Minglian Holdings Ltd. (Beneficial Owner) · creditor: Intact Insurance Company · currency: CAD · security: Site-specific charge relating to Spruce Lands - 2511 Spruce Street, Vancouver, BC (PPSA base reg 984087N, registered Sept 16, 2022, expiry Sept 16, 2027)
- secured creditorsnote: Serialized equipment/vehicle PMSI-class registrants aggregated per convention; only Kubota amount stated · page: 17 · debtor: Minglian Holdings Ltd. (Beneficial Owner) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: CWB National Leasing Inc. - all sports equipment leased under agreement no. 3056885 (base reg 160086N, Aug 6, 2021/2027); Kubota Canada Ltd. - one motor vehicle, $72,293.00 (base reg 638187N, April 1, 2022/2028); BMW Canada Inc. - one motor vehicle, amount unstated (base reg 715500P, Aug 9, 2023/2028)
- secured creditorsnote: Blanket all-property registrant, amount unstated; petitioner in related BC Supreme Court foreclosure proceeding (KEL-S-H-143123) against Beneficial Owner and others · page: 17 · debtor: Minglian Holdings Ltd. (Beneficial Owner) · creditor: Brilliant Phoenix Mortgage Investment Corp. and Ziqiang Fan · currency: CAD · security: All present and after-acquired personal property (PPSA base reg 279568Q, registered March 28, 2024, expiry March 28, 2029)
- secured creditorsnote: Blanket all-property registrant, amount unstated · page: 17 · debtor: Minglian Holdings Ltd. (Beneficial Owner) · creditor: Brilliant Phoenix Mortgage Investment Corp., Hongze Xu and Baomei Gao · currency: CAD · security: All present and after-acquired personal property (PPSA base reg 476749Q, registered June 28, 2024, expiry June 28, 2029)