British Columbia · Receivership (court-appointed)
Petition to the Court for the appointment of a receiver, filed September 9, 2024
Application / notice of application · 9 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 filing6 verified
- secured creditorsnote: Interest ranks in priority behind the Petitioner's Mortgages/CSAs. Individual lien amount not stated; part of collective 'over $2.5 million' builders lien claims among four claimants. · page: 7 · debtor: KS Property Management Inc. (KSPM) · creditor: Pennco Engineering (BC) Ltd. · currency: CAD · security: Claim of Builders Lien and Certificate of Pending Litigation (Charge Nos. CB1270964 and CB1337424) registered against Twin River Lands
- secured creditorsnote: Interest ranks in priority behind the Petitioner's Mortgages/CSAs. Individual lien amount not stated; the four Builders Lien Claimants collectively hold 'over $2.5 million' in registered builders lien claims, with 'over $2.2 million' registered since March 2024. · page: 7 · debtor: KS Property Management Inc. (KSPM) · creditor: Colas Western Canada Inc. · currency: CAD · security: Claim of Builders Lien and Certificate of Pending Litigation (Charge Nos. CB1037364 and CB1249137) registered against Twin River Lands
- secured creditorsnote: Interest ranks in priority behind the Petitioner's Mortgages/CSAs. Individual lien amount not stated; part of collective 'over $2.5 million' builders lien claims among four claimants. Also named defendant in claims by other lien claimants. · page: 7 · debtor: KS Property Management Inc. (KSPM) · creditor: Marwest Industries Ltd. · currency: CAD · security: Claim of Builders Lien and Certificate of Pending Litigation (Charge Nos. CB1199142 and CB1255796) registered against Twin River Lands
- secured creditorsnote: Interest ranks in priority behind the Petitioner's Mortgages/CSAs. Individual lien amount not stated; part of collective 'over $2.5 million' builders lien claims among four claimants. · page: 7 · debtor: KS Property Management Inc. (KSPM) · creditor: Geo Stabilization International Inc. · currency: CAD · security: Claim of Builders Lien and Certificate of Pending Litigation (Charge Nos. CB1382369 and CB1478431) registered against Twin River Lands
- secured creditorsnote: Named as Respondent solely on the basis that 'there may be tax debt outstanding' in respect of KSPM; existence and amount not confirmed. To the extent any interest exists, Petitioner's interest is asserted to rank in priority ahead of it. · page: 7 · debtor: KS Property Management Inc. (KSPM) · creditor: His Majesty the King in Right of Canada · currency: CAD
- secured creditorsnote: Amount is indebtedness outstanding under Promissory Note dated Feb 27, 2024 (principal $15,162,802.93 as at Dec 31, 2023, representing total aggregate related-party indebtedness of KSPM to petitioner) as secured and restated at $15,264,462.15 as at Aug 31, 2024, plus interest at 1%/annum compounded monthly and costs. Petitioner is a related party - was former parent/sole shareholder of KSPM until Dec 31, 2023 sale to CDG; Promissory Note given in place of a 'Related Party Balance'. · page: 13 · as of: 2024-08-31 · amount: 15264462.15 · debtor: KS Property Management Inc. (KSPM) · creditor: Kootenay Savings Credit Union · currency: CAD · security: Osprey Mortgage and Twin River Mortgage (registered Dec 20, 2018, Kamloops LTO, Charge Nos. CA7263582/CA7263583 and CA7264705/CA7264706) plus Osprey CSA and Twin River CSA (general security agreements over all present and after-acquired personal property, PPSA registrations 222828L and 223507L)