British Columbia · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 24 July 2026
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 filing7 verified
- cash on handnote: Held in the Receiver's trust account; the interim R&D table shows an ending cash balance of 144 (CAD '000s). · as at: 2026-07-08 · amount: 144000 · currency: CAD · qualifier: approximately
- disbursementsnote: Insurance $79K, security $69K, maintenance $24K, professional fees $216K, other $1K. · since: March 11, 2026 (Receivership Date) to July 8, 2026 · amount: 387000 · currency: CAD
- operational summaryConstruction of the Surrey residential tower development ceased in August 2024 and the Receiver is securing and maintaining the site while marketing the Lands for sale. A purchase and sale agreement with Chiniki remains subject to conditions, notably financing. The Receiver is seeking to increase its borrowing authority from $500,000 to $1.5 million.
- professional feesnote: Combined approximate figure; the table shows $154,000 for the Receiver and $62,000 for its legal counsel. The document does not state whether tax is included. · party: Receiver (Alvarez & Marsal Canada Inc.) and its legal counsel (Fasken Martineau DuMoulin LLP) · amount: 216000 · period: March 11, 2026 to July 8, 2026 · currency: CAD
- receipts cumulativenote: Approximate; includes $30,000 of cash from the Debtors' operating account, $500,000 of Receiver's borrowings, and about $1,000 of interest and other receipts. · since: March 11, 2026 (Receivership Date) to July 8, 2026 · amount: 531000 · currency: CAD
- report date24 July 2026
- report noFirst Report