British Columbia · Receivership (court-appointed)
Requisition - to file Third Report of the Receiver
Court officer report · 10 October 2025
Also filed as: Receiver's Third Report
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- secured creditorsnote: Amount is approximate ("approximately $113.9 million as at August 21, 2025"), interest and costs continuing to accrue. Earlier prose figure: approximately $80.0 million owed as of February 29, 2024. Receiver's counsel (Dentons) issued the 'Lenders' Security Opinion' confirming the security is valid, enforceable and perfected against third parties (opinion confirmed, not pending). · page: 4 · as of: 2025-08-21 · amount: 113900000 · debtor: International Trade Center Properties Ltd. ("ITCP") and certain other respondents · creditor: Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. (the "Lenders") · currency: CAD · security: Mortgages over several land parcels and properties, including the Hotel Property (the "Lenders' Security"), granted pursuant to a 2021 Loan Agreement
- secured creditorsnote: DISCHARGED: Gould confirmed to the Receiver that its loan has been repaid in full and it no longer holds any security interest against the Hotel Property. · page: 5 · debtor: Hotel Versante Ltd. (Hotel Property) · creditor: Gould Leasing Ltd. ("Gould") · currency: CAD · security: First charge on certain kitchen equipment assets at the Hotel Property
- secured creditorsnote: Total stated balance including penalties/interest; comprised of approximately $340,000 pre-receivership and $240,000 post-receivership (components, not summed by document into a different figure - matches stated total). · page: 16 · as of: as of July 2025 · amount: 580000 · debtor: Hotel Versante Ltd. / International Trade Center Properties Ltd. (Hotel Property) · creditor: Municipal taxing authority (Property Tax Arrears - Hotel Property) · currency: CAD · security: Statutory property tax arrears/lien on the Hotel Property; payment required before title can be transferred
- secured creditorsnote: Deemed trust claim under the Excise Tax Act for GST, period August 2023 to March 2025, approximate, based on CRA online portal (CRA has not completed trust audits; amount may change). Will lose deemed-trust status and become unsecured upon assignment of Hotel Versante into bankruptcy (s.67(2) BIA). · page: 16 · amount: 453000 · debtor: Hotel Versante Ltd. · creditor: Canada Revenue Agency (GST Claim) · currency: CAD
- secured creditorsnote: Payroll source deduction deemed trust arrears from 2024; has statutory priority under s.67(3) BIA and will be paid by the Receiver from Citation Transaction proceeds (unlike the GST Claim, retains priority on bankruptcy). · page: 16 · amount: 256 · debtor: Hotel Versante Ltd. · creditor: Canada Revenue Agency (Payroll Deemed Trust Claim) · currency: CAD
- secured creditorsnote: Regulatory/deemed-priority PST claim under the Provincial Sales Tax Act; breakdown of the amount currently unknown per Hotel Versante's accounting team. Will lose deemed priority status and become unsecured upon bankruptcy (s.67(2) BIA). · page: 17 · debtor: Hotel Versante Ltd. · creditor: Ministry of Finance (PST Claim) · currency: CAD
- secured creditorsnote: Regulatory priority claim; approximate pre-receivership premiums owing. Will lose priority status and become unsecured upon bankruptcy of Hotel Versante (s.86(1) BIA). · page: 17 · amount: 5000 · debtor: Hotel Versante Ltd. · creditor: WorkSafeBC · currency: CAD · security: Statutory lien on all property or proceeds of property used or produced by Hotel Versante, pursuant to section 265 of the Workers' Compensation Act
- recovery outcomeentries: basis: estimated · quote: The Lenders are supportive of the Citation Transaction, notwithstanding they will suffer a significant shortfall on the Lenders' Indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Lenders · creditor name: Lenders · interim final: unstated · claims qualifier: unstated · stated on: 2025-10-10 · table missing: