British Columbia · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 31 August 2026
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What we verified from this filing9 verified
- cash on handas at: 2026-08-19 · amount: 1214286 · currency: CAD
- disbursementsnote: Includes Receiver's fees, DLA's legal fees, property taxes, repayment of Receiver borrowings with interest, and property manager payments. · since: Date of Receivership (July 25, 2025) to August 19, 2026 · amount: 941084 · currency: CAD
- financial positionnote: Components only, not summed: Real Property carrying value (land and capitalized development costs) approximately $168,000,000 as at Dec 31, 2024; most recent BC Assessment value of Real Property $35,203,300 as at July 1, 2025; Syndicate (first-ranking secured creditor) owed $92,969,844 as at October 15, 2025; Travelers second-ranking mortgage securing approximately $9,131,353; estimated total unsecured creditor claims approximately $2,600,000 as at the Date of Receivership (July 25, 2025). · basis: Real Property carrying value per Debtors' unaudited Dec 31, 2024 financial statements; BC Assessment value for property tax purposes as at July 1, 2025; secured debt figures per Syndicate/Travelers records · scope: 1075 Nelson Development Limited Partnership, 1075 Nelson Development GP Inc., and 1075 Nelson Development Holdings Inc. (the Debtors), non-consolidated · currency: CAD
- operational summaryThe Debtors' pre-sale condominium project (CURV) has not proceeded to construction; all Pre-Sale Contracts have now been terminated and the Receiver is pursuing recovery of related deposits, interest and advance commissions, while marketing the Real Property for sale and managing the partly-occupied rental property with no employees of the Debtors.
- professional feesnote: DLA (Receiver's legal counsel) fees of $59,904 to May 31, 2026 also disclosed separately. · party: Receiver (Deloitte Restructuring Inc.) · amount: 174076 · period: to May 31, 2026 · currency: CAD
- receipts cumulativenote: Primarily building permit fee refund, Receiver borrowings, advance commission refunds, and GST refunds. · since: Date of Receivership (July 25, 2025) to August 19, 2026 · amount: 2155370 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given that the Syndicate, 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: shortfall · class key: secured · stated by: receiver · class label: Syndicate · creditor name: Syndicate · interim final: unstated · claims qualifier: unstated · stated on: 2026-08-31 · table missing:
- report date31 August 2026
- report noFirst Report