British Columbia · Receivership (court-appointed)
Notice of Application - Reverse Vesting Order
Application / notice of application · 13 February 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing3 verified
- secured creditorsnote: Total indebtedness as of expiry of the 'Cure Period' (initial $660,000 loan + $200,000 further advance under Feb 9, 2025 amendment + $34,650 additional advance to protect security). Same debt later restated post-filing as approximately $1,386,128 including accrued interest and costs 'as of the bid date' (during receivership, used as credit bid amount in the Subscription Agreement). · page: 3 · as of: 2025-03-11 · amount: 895650 · debtor: Purcell International Education Limited (PIE) · creditor: 1503041 B.C. Ltd. (Petitioner) · currency: CAD · security: Pledge of the Lands and all outstanding shares in Purcell Golf Incorporated (original Loan, Nov 12, 2024); General Security Agreement (GSA) over all present and future acquired property of PIE and its subsidiaries, granted per the Loan Amendment dated February 9, 2025
- secured creditorsnote: Named respondent; document states both competing bids contemplated payment of priority claims and full recovery to Royal Bank of Canada and 1503041 B.C. Ltd. in respect of their secured claims. No balance amount stated. · page: 6 · debtor: Purcell International Education Limited and/or Purcell Golf Incorporated (the "Companies") · creditor: Royal Bank of Canada · currency: CAD · security: Secured claim; nature/registration not described in the excerpted pages
- recovery outcomeentries: basis: estimated · quote: Both bids contemplated payment of the priority claims, and full recovery to the Royal Bank of Canada and 150 B.C. Ltd. in respect of their secured claims. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Royal Bank of Canada · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Both bids contemplated payment of the priority claims, and full recovery to the Royal Bank of Canada and 150 B.C. Ltd. in respect of their secured claims. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: 150 B.C. Ltd. · creditor name: 150 B.C. Ltd. · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: While certain unse'd creditors will not receive a distribution under the proposed transaction, those creditors would likewise receive no recovery under a bankruptcy or conventional asset sale, and the alternative bid received would result in a materially lower overall recovery for stakeholders as a whole. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: certain unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: