British Columbia · Receivership (court-appointed)
Affidavit #1 of Evan Carew-Gibson
Affidavit · 4 February 2025
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: Interest accruing at $6,514.70/diem to Feb 28, 2025; Peterson has subordinated its charge to NBC's first mortgage and to Westmount (deposit insurer); also secured by Joint and Several Guarantee and Unlimited Guarantee from corporate and personal guarantors (108, 121, Gold Coast, and individuals Xiao Song Zheng, Xiao Li, Ying Zheng Yu) up to $18,500,000; 244 Notices served, 10-day period expired · page: 2 · as of: 2025-02-03 · amount: 19237061.45 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. (the Borrower) · creditor: Peterson Investment Group Inc. · currency: CAD · security: Mortgage and Assignment of Rents dated Oct 19, 2022 (principal $18,500,000, reg. CB293126/CB293127) and General Security Agreement dated Oct 19, 2022 (PPSA base reg. 150496P) over all present and after-acquired personal property relating to the Lands/Project; also Environmental Indemnity, Assignment of Insurance, Assignment of Contracts, Assignment of Sale Agreements, Assignment of Warranties/Licenses/Permits
- secured creditorsnote: Amount not stated in document · page: 6 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. (the Borrower) · creditor: Westmount West Services Inc. (as agent for Aviva Insurance Company of Canada, Intact Insurance Company and Liberty Mutual Insurance Company) · currency: CAD · security: Deposit Insurer under DPI Contract (letter of commitment and deposit insurance contract); Peterson subordinated its debt to Westmount
- secured creditorsnote: Amount not stated; among unauthorized encumbrances registered without lender approval · page: 8 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: 686912366 Investment Ltd. · currency: CAD · security: Registered interest against title to the Lands
- secured creditorsnote: Amount not stated; among unauthorized encumbrances registered without lender approval · page: 8 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Lei Bun Leung, Xiao Lian Zhang, Johnson Rui Leung, Jon Kit Leung and Karen Leung · currency: CAD · security: Registered interest against title to the Lands
- secured creditorsnote: Amount not stated; registration described by Peterson as unauthorized and part of Purchaser Loans / unauthorized encumbrances · page: 8 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Bei Chen, Qing Su and Jide Liu · currency: CAD · security: Unauthorized mortgage/lien/encumbrance registered against title to the Lands; also registered as PPSA financing statement against 107 and Lightstone
- secured creditorsnote: Amount not stated; among unauthorized encumbrances registered without lender approval · page: 8 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Li Jiang · currency: CAD · security: Registered interest against title to the Lands; also PPSA registration against 107 and Lightstone
- secured creditorsnote: Not a registered mortgage; claim arises from an undisclosed, allegedly fully paid Purchase and Sale Agreement; disputed by Borrower/Peterson · page: 8 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Shun Feng Investment Ltd. · currency: CAD · security: Certificate of Pending Litigation registered against two retail units
- secured creditorsnote: Not a registered mortgage; claim connected to sale of units also subject to unauthorized mortgage charges; disputed · page: 9 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Liwei Sun and 12503343 B.C. Ltd. · currency: CAD · security: Certificate of Pending Litigation registered Jan 31, 2025 against all residential units
- secured creditorsnote: Amounts not stated · page: 9 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: PPSA equipment financiers (PMSI class) - Blueshore Leasing Ltd. and Gould Leasing Ltd. · currency: CAD · security: PPSA financing statements registered against 107 and/or Lightstone
- secured creditorsnote: Plus professional and late reporting fees; interest accruing at per diem rate of CAD $8,679.69; NBC issued its own demand letters and 244 Notices on Jan 24, 2025 · page: 14 · as of: 2025-01-22 · amount: 47390783.16 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. (the Borrower) · creditor: National Bank of Canada (NBC) · currency: CAD · security: First Mortgage Credit Agreement; first mortgage registered against title to the Lands under registration numbers CB294025 and CB294026, ranking ahead of Peterson's Mortgage pursuant to priority agreement