British Columbia · Receivership (court-appointed)
Affidavit #1 of Jasmine Yu
Affidavit · 6 September 2024
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: Amount per August 16, 2024 demand letter (interest accruing at 9.95% p.a., per diem $3,680.00); earlier demand dated January 25, 2024 stated indebtedness of $12,924,029.74 (per diem $3,772.60), superseded by later figure. Guaranteed personally by Mo Yeung Ching (director/guarantor) pursuant to a guarantee, indemnity and postponement of claims dated September 1, 2023. · page: 13 · as of: 2024-08-16 · amount: 13375578.3 · debtor: Kensington Union Bay Properties Nominee Ltd., Kensington Union Bay Properties GP Ltd. and Kensington Union Bay Properties Limited Partnership · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: First mortgage (charge no. CB995129) and Assignment of Rents (charge no. CB995130) registered on title to Lot 2 of 5737 Island Hwy S, Union Bay, BC, dated for reference September 1, 2023; also Deposit Agreement securing a deposit of $1,377,000.00 in favour of the creditor and a General Assignment of Material Contracts, Plans and Permits
- secured creditorsnote: Registered without consent of the first mortgagee (Cameron Stephens), cited by first mortgagee as an event of default; no priority agreement in favour of first mortgagee provided · page: 16 · debtor: Kensington Union Bay Properties Nominee Ltd., Kensington Union Bay Properties GP Ltd. and Kensington Union Bay Properties Limited Partnership · creditor: Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. ("Second Mortgagees") · currency: CAD · security: Second mortgage and assignment of rents registered on title under registration numbers CB1021130 and CB1021131 (registered 2023-11-14); Fox Island Development Ltd. as to an undivided 25,100,000/33,100,000 interest and Advanced Venture Holding Co., Ltd. as to an undivided 8,000,000/33,100,000 interest
- secured creditorsnote: Registered as a judgment lien; amount of judgment not stated in filed materials; also referenced as failing to provide a letter of no interest from Beem Credit Union · page: 17 · as of: 2024-08-06 · debtor: Kensington Union Bay Properties Nominee Ltd. (registered owner) · creditor: Beem Credit Union · currency: CAD · security: Judgment registered on title to the Lands under registration number CB1490658
- secured creditorsnote: Amount not stated in filed materials; registered without consent of first mortgagee · page: 17 · as of: 2024-08-15 · debtor: Kensington Union Bay Properties Nominee Ltd., Kensington Union Bay Properties GP Ltd. and Kensington Union Bay Properties Limited Partnership · creditor: FMD Enterprises Ltd. · currency: CAD · security: Third mortgage registered on title under registration number CB1515864