British Columbia · Receivership (court-appointed)
Petition to the Court
Application / notice of application · 4 February 2025
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 filing14 verified
- applicantPeterson Investment Group Inc.
- commencement date4 February 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noH-250150
- secured creditorsnote: Petitioner/Lender; indebtedness inclusive of accrued interest, exclusive of costs; per diem interest $6,514.70 accruing to Feb 28, 2025; Peterson has subordinated its charge to NBC and to Westmount (deposit insurer) · page: 8 · as of: 2025-02-03 · amount: 19237061.45 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. (the "Borrower"), guaranteed by 1082463 B.C. Ltd., 1218548 B.C. Ltd., Gold Coast Industries Ltd., Xiao Song Zheng, Xiao Li and Ying Zheng Yu · creditor: Peterson Investment Group Inc. · currency: CAD · security: Mortgage and Assignment of Rents dated Oct 19, 2022 (reg. CB293126/CB293127), principal $18,500,000; General Security Agreement dated Oct 19, 2022 (PPSA base reg. No. 150496P) over Borrower's/Corporate Guarantors' present and after-acquired personal property
- secured creditorsnote: Litigation claim registered January 31, 2025 in connection with sale of units also subject to unauthorized mortgage charges · page: 11 · debtor: 107/Lightstone · creditor: Liwei Sun and 12503343 B.C. Ltd. · currency: CAD · security: Certificate of Pending Litigation (reg. CB1851253) against all remaining residential units
- secured creditorsnote: Joined as holders of registered PPSA financing statements ranking behind the interest of the Petitioner; nature (blanket vs. equipment) not specified · page: 11 · debtor: Borrower · creditor: Blueshore Leasing Ltd., Gould Leasing Ltd., Li Jiang, Bei Chen, Qing Su and Jide Liu · currency: CAD · security: Registered personal property security interests (PPSA) against the Borrower
- secured creditorsnote: Ranks in priority behind Peterson's interest; also joined as PPSA personal property security holder (see separate note) · page: 11 · debtor: 107/Lightstone · creditor: Li Jiang · currency: CAD · security: Mortgage and Assignment of Rents (reg. CB1650209/CB1650210) against PID 032-300-000, 032-300-018, 032-300-026
- secured creditorsnote: Ranks in priority behind Peterson's interest; described in Petition as one of the 'unauthorized mortgages/encumbrances' · page: 11 · debtor: 107/Lightstone (registered owners of the Lands) · creditor: Bei Chen, Qing Su and Jide Liu · currency: CAD · security: Mortgage and Assignment of Rents (reg. CB1714291/CB1714292) against PID 032-299-664, 032-299-842, 032-299-907
- secured creditorsnote: Ranks in priority behind Peterson's interest · page: 11 · debtor: 107/Lightstone · creditor: 686912366 Investment Ltd. · currency: CAD · security: Mortgage and Assignment of Rents (reg. CB1535329/CB1535330) against PID 032-299-818
- secured creditorsnote: Ranks in priority behind Peterson's interest · page: 11 · debtor: 107/Lightstone · creditor: Lei Bun Leung, Xiao Lian Zhang, Johnson Rui Leung, Jon Kit Leung and Karen Leung · currency: CAD · security: Mortgage and Assignment of Rents (reg. CB1535240/CB1535241) against PID 032-299-958, 032-299-966, 032-300-000, 032-300-018, 032-300-026
- secured creditorsnote: Litigation claim (not a mortgage/security interest) arising from an alleged fully paid Purchase and Sale Agreement; registered end of December 2024 · page: 11 · debtor: 107/Lightstone · creditor: Shun Feng Investment Ltd. · currency: CAD · security: Certificate of Pending Litigation (reg. CB1794125) against PID 032-299-958, 032-299-966
- secured creditorsnote: Project deposit insurer; Peterson agreed to subordinate its debt to Westmount per its letter of commitment and deposit insurance contract; no amount stated · page: 12 · debtor: Borrower · creditor: Westmount West Services Inc., as agent for Aviva Insurance Company of Canada, Intact Insurance Company and Liberty Mutual Insurance Company ("Westmount") · currency: CAD · security: Deposit insurance contract / letter of commitment for the Project
- secured creditorsnote: Amount plus professional and late reporting fees; per diem interest CAD $8,679.69; Peterson subordinated its charge to NBC's first mortgage · page: 12 · as of: 2025-01-22 · amount: 47390783.16 · debtor: Borrower · creditor: National Bank of Canada (NBC) · currency: CAD · security: First mortgage on the Lands, senior in priority to Peterson's Mortgage