British Columbia · Receivership (court-appointed)
Supplement to the First Report of the Receiver filed October 19, 2026
Court officer report · 19 October 2026
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 filing10 verified
- secured creditorsnote: Referred to as a creditor entitled to distributions from a sale transaction alongside OPTrust; interest accrues at approx. $1 million per month (combined National Bank and OPTrust per the text). Principal balance and security not stated on these pages. Interim statement shows NBC interest paid of $2,852,833 during the receivership (post-filing payments). · page: 6 · debtor: 5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. · creditor: National Bank of Canada (National Bank) · currency: CAD
- unsecured creditorsnote: Holdback Account held $3,245,309.26 at the date of Receiver's appointment (interim statement note: $3,276,018.55 holdback funds excluded from balance). Holdback Shortfall at First Report $895,280.70; now potential shortfall $1,064,688.63, including additional $36,736.79 potential obligations of Critical Suppliers and $132,671.14 from lien claims. Implied recovery approx. 75 cents on the dollar for non-Critical Supplier holdback claimants. Statutory holdback under Builders Lien Act; shortfall beyond Holdback Funds would rank behind OPTrust's secured indebtedness. Contingency reserve $266,172.16 (25%). · page: 6 · as of: 2026-10-16 · basis: Receiver's approximate total of identified potential holdback obligations ('approximately $4.31 million'); majority not reviewed in detail and remain unproven · amount: 4310000 · debtor: 5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. · creditor: Holdback claimants (trades/suppliers/contractors, incl. Critical Suppliers and Opposing Trades) - potential holdback obligations · currency: CAD
- secured creditorsnote: Amount is 'Advance from Secured Lender' receipts per interim statement for May 1 to Oct 15, 2026 (unaudited); text states approx. $5.4 million borrowed since appointment. This is post-filing receivership borrowing, not pre-filing debt. OPTrust also holds secured indebtedness (petitioner) ranking ahead of any holdback shortfall; pre-filing balance not stated on these pages. · page: 11 · as of: 2026-10-15 · amount: 5441981 · debtor: 5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. · creditor: OPTrust Joyce Financing Corp. (OPTrust) · currency: CAD · security: Receiver's Borrowings Charge; Borrowing Limit currently $8 million (proposed increase to $14.8 million). Separately, OPTrust committed additional funding under the charge for holdback shortfall and contingency: $1,330,860.79 ($1,064,688.63 shortfall + $266,172.16 contingency).
- cash on handnote: Note 1 to the statement: excludes holdback funds of $3,276,018.55 (the report text separately cites $3,245,309.26 in the Holdback Account at the date of appointment). · as at: 2026-10-15 · amount: 1064105.13 · currency: CAD · qualifier: unaudited balance per interim statement of receipts and disbursements; excludes holdback funds
- disbursementsnote: Largest items: NBC interest $2,852,833; construction & project management $944,587; operating expenses $904,186; legal fees $877,289; receiver fees $740,402. Unaudited. · since: commencement of the proceedings (period from May 1, 2026 to October 15, 2026) · amount: 6837249 · currency: CAD
- operational summaryThe Receiver is advancing the remaining construction, deficiency and commissioning work on the substantially complete Project to obtain occupancy permits ahead of a sales process, negotiating with Critical Suppliers and releasing holdbacks. It has borrowed about $5.4 million of its $8 million limit and seeks an increase to $14.8 million.
- professional feesnote: Receiver Fees disbursement line in the unaudited interim statement; Legal Fees are separately $877,289. Tax treatment not stated; Sales Tax is a separate line ($231,227). · party: Receiver (AlixPartners Restructuring, Inc.) · amount: 740402 · period: May 1 to October 15, 2026 · currency: CAD
- receipts cumulativenote: Includes advance from secured lender of $5,441,981 and operating income of $1,987,151. Unaudited. · since: commencement of the proceedings (period from May 1, 2026 to October 15, 2026) · amount: 7901354 · currency: CAD
- report date16 October 2026
- report noSupplement to the First Report