British Columbia · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 6 December 2023
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 filing5 verified
- secured creditorsnote: Amount stated as approximate ('owed approximately $29.6 million'); MCAP is the first mortgagee and applied to appoint the Receiver on November 3, 2023. · page: 3 · amount: 29600000 · debtor: QRD (Willoughby) · creditor: MCAP Financial Corporation · currency: CAD · security: First mortgage on the Project
- secured creditorsnote: Amount stated as approximate ('owed approximately $7.55 million'). · page: 3 · amount: 7550000 · debtor: QRD (Willoughby) · creditor: Atrium Mortgage Investment Corporation (via Canadian Mortgage Servicing Corporation) · currency: CAD · security: Second mortgage on the Project
- secured creditorsnote: General contractor; lien filed October 3, 2023 due to non-payment for Phase 1 construction. · page: 3 · as of: 2023-10-03 · amount: 2820000 · debtor: QRD (Willoughby) · creditor: Steelcrest Construction Inc. · currency: CAD · security: Builder's lien filed against the Project
- secured creditorsnote: Steelcrest disputes the validity and enforceability of this mortgage. · page: 4 · as of: in or about September 2023 · amount: 10500000 · debtor: QRD (Willoughby) · creditor: Overland Capital Corporation · currency: CAD · security: Registered mortgage on the Project (approximate)
- secured creditorsnote: Steelcrest disputes the validity and enforceability of this mortgage. · page: 4 · as of: in or about September 2023 · amount: 4500000 · debtor: QRD (Willoughby) · creditor: Wubs Investments Ltd. · currency: CAD · security: Registered mortgage on the Project (approximate)