British Columbia · Receivership (court-appointed)
Petition (Appointment of Receiver)
Application / notice of application · 7 October 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing3 verified
- secured creditorsnote: Loan Facility original principal $28,700,000; outstanding balance is exact dated figure per First Karkoutlian Affidavit para 12; secured also by unlimited joint and several guarantee from Nominees, corporate guarantee from Allion and Genesis (100% of facility), and personal guarantees from individuals Michael Chiang and Nancy Wei (100% of facility) - personal guarantors, not companies · page: 8 · as of: 2024-09-26 · amount: 27383056.13 · debtor: Manna Industrial Fund (Value-Add) Limited Partnership and Manna Industrial Fund (Value-Add) GP Corp. (the Borrower), with guarantees from 8826 Jim Bailey Ltd., 375 Potterton Ltd., Genesis Manna Holdings Ltd., Allion Holdings Ltd. · creditor: National Bank of Canada · currency: CAD · security: First ranking mortgage (principal $28,700,000, dated March 3, 2022) on the Real Property; general security agreements (Borrower GSA, Nominees GSA, Guarantors GSA) over personal property; general assignments of rents and leases; assignment of insurance proceeds; assignment of security deposit accounts
- secured creditorsnote: Subject to a priority and standstill agreement in favour of National Bank of Canada (subordination of IMC's second-ranking security); document states IMC has 'likewise not been paid and their credit facility has expired,' but no balance stated · page: 9 · debtor: Manna Industrial Fund (Value-Add) Limited Partnership / Manna Industrial Fund (Value-Add) GP Corp. · creditor: IMC Limited Partnership · currency: CAD · security: Second-ranking mortgage and assignment of rents over the Real Property
- secured creditorsnote: Regulatory charge; existence only, amount not stated; document notes the Borrower is under investigation by the BC Securities Commission · page: 9 · as of: 2024-08-19 · debtor: Manna Industrial Fund (Value-Add) Limited Partnership / GP Corp. (Borrower) · creditor: British Columbia Securities Commission · currency: CAD · security: British Columbia Securities Act Charge registered on title to the Real Property, registration no. CB1536802