British Columbia · Receivership (court-appointed)
Receiver's Second Report, September 2, 2026
Court officer report · 2 September 2026
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What we verified from this filing11 verified
- cash on handnote: Excludes the Construction Holdback Funds of $282,267 held separately in trust. · as at: 2026-08-20 · amount: 350825 · currency: CAD
- closing confirmedscope: the Transaction · outcome: completed · effective: 2025-09-15 · purchaser: Landa Global Acquisitions Ltd. · date basis: stated · approval order date: 2025-09-04
- disbursementsnote: Includes First and Second Desjardins Distributions, repayment of Receiver borrowings, Receiver's and Cassels' fees, realtor commissions, municipal taxes, and other operating costs. · since: Date of Receivership (February 14, 2025) · amount: 11866285 · currency: CAD
- operational summaryThe Receiver closed the sale of the Project in September 2025, leaving the estate with no operating business; remaining matters involve resolving the Construction Holdback Funds, the Contamination Claim, final distributions to Desjardins, and seeking discharge of the Receiver.
- professional feesnote: Excludes taxes; Cassels (Receiver's legal counsel) separately invoiced $158,449 in fees and costs (excluding taxes) for the same period; estimated further fees/disbursements (Completion Costs) of up to $30,000 excluding taxes anticipated. · party: Receiver (Deloitte Restructuring Inc.) · amount: 164420 · period: Date of Receivership to June 30, 2026 · currency: CAD
- purchaserLanda Global Acquisitions Ltd.
- receipts cumulativenote: Primarily relating to the Purchase Price, Receiver borrowings, Construction Holdback Funds, and realtor commission clawbacks. · since: Date of Receivership (February 14, 2025) · amount: 12499359 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Final Desjardins Distribution is estimated to be between $295,000 and $315,000, resulting in a shortfall on the Desjardins indebtedness of approximately $4.7 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Desjardins · creditor name: Desjardins Financial Security Life Assurance Company · interim final: unstated · claims qualifier: unstated · shortfall amount: 4700000; basis: estimated · quote: Desjardins, as first mortgage holder, is expected to suffer a shortfall (even if the Contamination Claim is successful) and no amounts are expected to be payable to Travelers or Longthorn. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Travelers · creditor name: Travelers Insurance Company of Canada · interim final: unstated · conditional on: even if the Contamination Claim is successful · claims qualifier: unstated; basis: estimated · quote: Desjardins, as first mortgage holder, is expected to suffer a shortfall (even if the Contamination Claim is successful) and no amounts are expected to be payable to Travelers or Longthorn. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Longthorn · creditor name: Longthorn Holdings Ltd. · interim final: unstated · conditional on: even if the Contamination Claim is successful · claims qualifier: unstated; basis: estimated · quote: Given that Desjardins, the primary secured creditor, is expected to suffer a shortfall, the Receiver has not reviewed the claims of the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 1600000 · interim final: unstated · claims qualifier: estimated · stated on: 2026-09-02 · table missing:
- report date2 September 2026
- report noSecond Report
- sale outcometext: The Transaction closed on September 15, 2025. · scope: whole_business · status: closed