British Columbia · Receivership (court-appointed)
Affidavit #1 of Brian Moroney, filed September 17, 2024
Affidavit · 17 September 2024
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 filing2 verified
- secured creditorsnote: Promissory Note principal represents total aggregate inter-company indebtedness of KSPM (and predecessor Pre-Amalg entities) to the Petitioner as at December 31, 2023; stated amount is the balance as at August 31, 2024 plus interest at 1% per annum compounded monthly. Demand for payment and Notice of Intention to Enforce Security issued June 21, 2024. · page: 2 · as of: 2024-08-31 · amount: 15264462.15 · debtor: KS Property Management Inc. (KSPM) · creditor: Kootenay Savings Credit Union · currency: CAD · security: Promissory Note dated February 27, 2024 (face principal $15,162,802.93), secured by: Osprey Mortgage (registered against Osprey Landing Development Lands, principal 'See Schedule'/running account, balance due on demand), Twin River Mortgage (registered against Twin River Lands, principal stated as 'All Obligations', interest at Prime + 5%, balance due on demand), and Osprey CSA and Twin River CSA (general security agreements over all present and after-acquired personal property of Osprey Landing Development Corp. and Twin River Estates Ltd., continuing security for all present and future indebtedness)
- secured creditorsnote: Disclosed verbally to Petitioner on June 10, 2024 that builders liens totalling approximately $2.0 million had been registered on title to the Twin River lands, that there was no money to cover the liens, and that the subdivision could not be registered with liens outstanding on title. Individual lien claimants not itemized in this document; may correspond to named respondents (e.g., Colas Western Canada Inc., Marwest Industries Ltd., Pennco Engineering (BC) Ltd., GeoStabilization International Inc.). · page: 7 · as of: 2024-06-10 · amount: 2000000 · debtor: KS Property Management Inc. (KSPM) / Twin River Estates Ltd. · creditor: Builders lien claimants (Twin River lands) · currency: CAD · security: Statutory builders liens registered on title to the Twin River lands