British Columbia · Receivership (court-appointed)
First Report of the Receiver dated November 20, 2025
Court officer report · 20 November 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- secured creditorsnote: Loan facility (commitment letter dated March 1, 2022) was a non-revolving demand loan in the amount of $14,000,000 (facility amount, not balance); outstanding indebtedness of $14,607,147 as at April 2, 2025 per Pollack Affidavit is the stated balance. Also secured by unlimited joint and several personal guarantees of Nirmal Singh Bains and Satnam Singh Bains (personal guarantors, related individuals of the Debtor). · page: 6 · as of: 2025-04-02 · amount: 14607147 · debtor: 1046089 B.C. Ltd. · creditor: KingSett Mortgage Corporation · currency: CAD · security: Registered first mortgage and assignment of rents (registered principal amount $17,500,000) against the Lands; general security agreement dated March 29, 2022 (BC PPR base registration 628606N); general assignment of material contracts dated March 29, 2022; pledge of securities dated March 29, 2022 by Bains Brothers Holding Inc. over shares of the Debtor
- fee scheduleengagements: form: invoice_listing · rows: N. Goldstein; D. Perlman; fees: 479 · rate: 233.66 · hours: 2.05 · quote: Other | Administrative Staff | $233.66 | 2.05 | $479.00 · title: Administrative Staff · row kind: bucket · rate kind: standard · name as stated: Other; fees: 11595 · quote: TOTALS | TOTALS | TOTALS | TOTALS | $11,595.00 · row kind: subtotal · rate kind: standard · name as stated: TOTALS · money: tax: label: taxes · quote: taxes in the amount of $1,689.72 · amount: 1689.72 · fees: quote: KSV invoiced fees totalling $11,595.00 · amount: 11595 · total: quote: for a total of $14,787.53 (the ' Receiver's Fees ') · amount: 14787.53 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: incurred and invoiced for disbursements in the amount of $1,502.81 · amount: 1502.81 · period: end: 2025-09-30 · kind: invoice · quote: from May 1 to September 30, 2025 · start: 2025-05-01 · approval: state: unstated · averages: · currency: · invoices: tax: 1689.72 · date: 2025-10-31 · fees: 11595 · quote: 4767 | October 31, 2025 | 11,595.00 | 1,502.81 | 1,689.72 | 14,787.53 · total: 14787.53 · disbursements: 1502.81 · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. (' KSV ') was appointed as receiver · context quote: As detailed in the Receiver's Invoice, from May 1 to September 30 2025, KSV invoiced fees totalling $11,595.00 · comparability quote: the Receiver's fees in this matter are consistent with fees charged by other insolvency firms of a similar size for work of a similar nature and complexity in British Columbia; form: time_summary · rows: Noah Goldstein; Dean Perlman; fees: 479 · hours: 2.05 · quote: Other Staff and Administration | | 175-240 | 2.05 | 479.00 · rate max: 240 · rate min: 175 · row kind: bucket · rate kind: range · name as stated: Other Staff and Administration · money: tax: label: HST · quote: HST | 1,689.72 · amount: 1689.72 · fees: quote: Total Fees | | | | 11,595.00 · amount: 11595 · total: quote: Total due | $ 14,787.53 · amount: 14787.53 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Add: Out-of-pocket expenses | | | | 1,502.81 · amount: 1502.81 · period: end: 2025-09-30 · kind: invoice · quote: For May 1 to September 30, 2025 · start: 2025-05-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: For professional services rendered by KSV Restructuring Inc., in its capacity as receiver and manager without security · context quote: For professional services rendered by KSV Restructuring Inc., in its capacity as receiver and manager without security, of the property located at Lot 3 Section 19 Block 5 North West Range 2 West New Westminster District Plan BCP39778; form: invoice_listing · rows: Kibben Jackson; Mishaal Gill · money: tax: label: taxes · quote: taxes in the amount of $2,049.20 · amount: 2049.2 · fees: quote: Fasken invoiced fees amounting to $17,014.00 · amount: 17014 · total: quote: for a total of $19,219.60 ('Fasken's Fees') · amount: 19219.6 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: incurred and invoiced for disbursements in the amount of $156.40 · amount: 156.4 · period: end: 2025-11-19 · kind: invoice · quote: from April 2 to November 19, 2025 · start: 2025-04-02 · approval: state: unstated · averages: · currency: · invoices: tax: 207.12 · date: 2025-05-13 · fees: 1726 · quote: A | 2133851 | May 13,2025 | 1,726.00 | - | 207.12 | 1,933.12 · total: 1933.12; tax: 936.28 · date: 2025-06-09 · fees: 7748 · quote: B | 2144971 | June 09, 2025 | 7,748.00 | 130.40 | 936.28 | 8,814.68 · total: 8814.68 · disbursements: 130.4; tax: 19.44 · date: 2025-07-08 · fees: 162 · quote: C | 2156701 | July 08, 2025 | 162.00 | - | 19.44 | 181.44 · total: 181.44; tax: 886.36 · date: 2025-11-20 · fees: 7378 · quote: D | 2206818 | November 20, 2025 | 7,378.00 | 26.00 | 886.36 | 8,290.36 · total: 8290.36 · disbursements: 26 · firm text: Fasken · firm quote: Fasken's Invoices · context quote: As detailed in Fasken's Invoices, from April 2 to November 19, 2025, Fasken invoiced fees amounting to $17,014.00