British Columbia · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 12 December 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- secured creditorsnote: Approximate figure per Receiver's summary of secured debt (Receiver states total secured debt against Development Property is approximately $33.2 million, comprised of Accountable $24M, Second Mortgagee $6.6M, Third Mortgagee $2.6M). Later recovery-scenario tables (pp.10-12) use forecast 'Estimated Amount Owing to First Secured Creditor' figures for different completion timelines: $26,534,089 as at April 1, 2024; $29,890,454 as at December 1, 2024; and $29,013,521 as at October 1, 2024 — these are forward-looking estimates tied to hypothetical sale scenarios, not stated current balances. Also holds a filed certificate of pending litigation against the Development Property. · page: 3 · amount: 24000000 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: Accountable Mortgage Investment Corp. (First Mortgagee) · currency: CAD · security: First ranking mortgage security over the Development Property; advanced construction loans
- secured creditorsnote: Collectively defined in the Report as the 'Second Mortgagee'; includes individual co-mortgagees Shiyue Zhang and Qian Huang. · page: 3 · amount: 6600000 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: 1214378 B.C. Ltd., Shiyue Zhang and Qian Huang (Second Mortgagee) · currency: CAD · security: Second ranking mortgage over the Development Property
- secured creditorspage: 3 · amount: 2600000 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: 1063711 B.C. Ltd. (Third Mortgagee) · currency: CAD · security: Third mortgage over the Development Property
- secured creditorsnote: Amount not stated in the Report. · page: 5 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: Allan Bodanarak · currency: CAD · security: Builder's lien filed against each strata lot of the Development Property
- secured creditorsnote: Amount not stated in the Report. · page: 5 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: Sanderson Concrete Inc. · currency: CAD · security: Builder's lien filed against each strata lot of the Development Property
- secured creditorsnote: Amount not stated in the Report. · page: 5 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: Stuart Howard Architects Inc. · currency: CAD · security: Builder's lien filed against each strata lot of the Development Property
- secured creditorsnote: Amount not stated in the Report. · page: 5 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: Polo Security Services Ltd. · currency: CAD · security: Builder's lien filed against each strata lot of the Development Property
- secured creditorsnote: Amount not stated in the Report. Also filed a certificate of pending litigation against the Development Property. · page: 5 · debtor: Coromandel Wilmar Development BT Ltd., Coromandel Wilmar Limited Partnership and Coromandel Wilmar Development Ltd. · creditor: Rely Construction Ltd. · currency: CAD · security: Builder's lien filed against each strata lot of the Development Property
- recovery outcomeentries: basis: estimated · quote: The Receiver estimates a shortfall to the First Mortgagee of between Redacted for Confidentiality in the 'as is, where is' scenario based on a developer profit margin of 20% as summarized below: · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: First Mortgagee · creditor name: Accountable Mortgage Investment Corp. · interim final: unstated · conditional on: 'as is, where is' sale scenario · claims qualifier: unstated; basis: estimated · quote: The Receiver estimates a shortfall to the First Mortgagee of between Redacted for Confidentiality in this option as summarized in the table below: · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: First Mortgagee · creditor name: Accountable Mortgage Investment Corp. · interim final: unstated · conditional on: sale after completion of Infill Homes, Siteworks and Heritage House scenario · claims qualifier: unstated; basis: estimated · quote: | Estimated Excess Funds / (Shortfall) to First Secured Creditor | (1,873,672) 46,928 | (1,873,672) 46,928 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · amount low: -1873672 · amount high: 46928 · class label: First Mortgagee · creditor name: Accountable Mortgage Investment Corp. · interim final: unstated · conditional on: sale after completion of Infill Homes and Partial Completion of Heritage House scenario · claims qualifier: unstated; basis: estimated · quote: Receiver's First Report to Court — p.13 | Estimated Shortfall to First Secured Creditor | col5: (14,630,278); col7: (2,975,728); col8: (85,128) · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · amount low: -14630278 · amount high: -85128 · class label: First Secured Creditor · creditor name: Accountable Mortgage Investment Corp. · interim final: unstated · claims qualifier: unstated · table missing: