British Columbia · Receivership (court-appointed)
Receiver's First Report to Court, filed November 14, 2025
Court officer report · 14 November 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- financial positionnote: Figure represents net book value of the Company's real property only; total liabilities were not stated in this report (see separate KSCU secured debt and lien claims entries). · page: 8 · as at: 2024-10-31 · basis: net book value (inclusive of infrastructure upgrades) · scope: KS Property Management Inc. - the Lands (Twin River Lands and Osprey Landing Lots), described as the Company's primary asset; not a full company balance sheet · currency: CAD · total assets: 13800000
- secured creditorsnote: Aggregate amount asserted by four lien claimants for construction/engineering services on the Twin River Development; Receiver has not independently verified validity or enforceability; all amounts secured by KSCU's security were advanced prior to registration of these liens. · page: 13 · amount: 2590701 · debtor: KS Property Management Inc. (Twin River Lands) · creditor: Builders' Lien Act claimants (Geo Stabilization International Inc., Marwest Industries Ltd., Pennco Engineering (BC) Ltd., Colas Western Canada Inc.) · currency: CAD · security: Registered Claims of Builders' Lien and Certificates of Pending Litigation under the Builders Lien Act, charging the Twin River Lands
- secured creditorsnote: Primary secured creditor; amount per Petition, plus interest thereafter and costs pursuant to a promissory note dated February 27, 2024; determination of priority vs. Lien Claimants and quantum of debt adjourned generally, subject to further order of the Court. · page: 13 · as of: 2024-08-31 · amount: 15264462 · debtor: KS Property Management Inc. · creditor: Kootenay Savings Credit Union (KSCU) · currency: CAD · security: Mortgages, assignments of rents, and commercial security agreements (CSAs) charging the Lands and all present/after-acquired personal property
- process resultsnote: figure is realtors solicited for RFP, not bidders · as of: 2025-11-13 · solicited: 7
- purchaserMr. and Mrs. Jourdin; Mr. Erkin Atakhanox
- sale advisorColliers Macaulay Nicolls Inc.; RE/MAX Blue Sky Realty, Cranbrook
- sale outcometext: Receiver recommends Court approve the Lot 1 Transaction and Lot 4 Transaction · scope: parcel · status: pending_approval