British Columbia · Receivership (court-appointed)
Trustee's Report to Creditors
Court officer report · 11 August 2025
What we verified from this filing10 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- court file no11-3249678
- commencement date21 July 2025
- statutory basissection 13.4(1) of the Bankruptcy and Insolvency Act
- financial positionnote: Figures are in $000's per table headers. The Company has not prepared financial statements for the year ended March 31, 2025, nor for the stub period ending on the date of bankruptcy, July 21, 2025, so this is the most recent available balance sheet, not a bankruptcy-date position. Shareholder's equity was a deficit of (1,599) thousand. · as at: 2024-03-31 · basis: reviewed by an independent, external accountant · scope: entity - Lakehouse Homestore Ltd. · currency: CAD · total assets: 1881000 · total liabilities: 3480000
- operational summaryThe Company ceased retail operations on July 19, 2025 and made a voluntary assignment into bankruptcy, after which MNP Ltd. was also appointed Receiver under National Bank's security and is realizing the Company's remaining inventory and equipment through an online auction, with no recovery expected for the estate or unsecured creditors.
- recovery outcomeentries: basis: estimated · quote: Based on preliminary discussions with Able and review of the inventory listing as at July 18, 2025, the Receiver expects National will suffer a shortfall on their secured loan. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Trustee estimates there will be no recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-08-11 · table missing:
- report date11 August 2025