British Columbia · Receivership (court-appointed)
S253889 - First Report of the Receiver (Oct. 14, 2026)
Court officer report · 14 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 filing8 verified
- secured creditorsnote: Balance of $9,369,992.06 is 'with interest and expenses, including legal costs', as at May 12, 2025, with interest and expenses continuing to accrue (no later balance stated). Receiver states the purchase price will not satisfy the entirety of the indebtedness owing to NBC and is unaware of any other secured creditor ranking in priority. NBC is described as the principal secured creditor. · page: 12 · as of: 2025-05-12 · amount: 9369992.06 · debtor: Rupert Mews Limited Partnership, Rupert Mews GP Ltd. (borrowers); security over the Properties held through 1152846 B.C. Ltd. · creditor: National Bank of Canada · currency: CAD · security: Mortgages/security interests over the five Properties in North Vancouver; McCarthy Tétrault security opinion confirms valid and enforceable security, subject to customary qualifications and assumptions. Underlying facility: uncommitted interim land loan of approximately $9.3 million under loan agreement dated October 8, 2020, as amended (original facility amount, not the balance). Personal guarantee of the Companies' debt by a former director of Rupert Mews GP (individual named in the document).
- cash on handnote: Interim SRD shows total receipts of $391,044 (including $250,000 Receiver's borrowings) less total disbursements of $365,380; the report does not label this figure as 'cash on hand' but heads the section 'Cash Position as at September 30, 2026'. · as at: 2026-09-30 · amount: 25664 · currency: CAD · qualifier: excess of receipts over disbursements
- disbursementsnote: Largest items: Receiver's fees $131,374, property taxes $77,287, property management $52,815, legal fees $48,152. · since: June 19, 2025 (Appointment Date), through September 30, 2026 · amount: 365380 · currency: CAD
- operational summaryThe Receiver is managing the five North Vancouver properties (four tenanted, one vacant uninhabitable unit) through a property manager, with rental income insufficient to cover costs and the receivership funded by Receiver's borrowings. After a lengthy marketing process, it seeks court approval of a sale to Porte Acquisitions Corp., plus a distribution to NBC and its own discharge.
- professional feesnote: Total Professional Fees of $405,547 including $25,011 taxes; $380,536 before taxes. KPMG total $307,447 incl. taxes ($292,782 excl.), of which $131,374 fees paid; McCarthy total $98,101 incl. taxes ($87,754 excl.), of which $48,152 paid. Includes estimated costs to complete of approx. $35,000 (KPMG) and $8,000 (McCarthy), exclusive of taxes. · party: KPMG Inc. (Receiver) and McCarthy Tétrault LLP (Receiver's counsel) · amount: 405547 · period: June 19, 2025 to October 2, 2026 (including estimated costs to complete) · currency: CAD
- receipts cumulativenote: Includes Receiver's borrowing certificate $250,000, rental income $139,060 and interest $1,984. · since: June 19, 2025 (Appointment Date), through September 30, 2026 · amount: 391044 · currency: CAD
- report date5 October 2026
- report noFirst Report