British Columbia · Receivership (court-appointed)
Receiver's First Report, August 21, 2025
Court officer report · 21 August 2025
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What we verified from this filing10 verified
- secured creditorsnote: Deemed trust / priority claim class: GST reassessment notice (the 'CRA Claim') following a GST audit of I4PG Inc. If CRA files a property claim, deemed trust status under the Excise Tax Act will be lost upon bankruptcy of Residual Co, converting the claim to unsecured pursuant to BIA s.67(2). · page: 12 · amount: 73928 · debtor: I4PG Hastings Street Inc. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Regulatory/statutory priority claim (the 'WorkSafeBC Claim') for outstanding pre-receivership premiums. If a statutory lien is filed, deemed priority status under the Workers' Compensation Act will be lost upon bankruptcy of Residual Co, converting the claim to unsecured pursuant to BIA s.86(1). · page: 12 · amount: 3059 · debtor: I4PG Hastings Street Inc. · creditor: WorkSafeBC · currency: CAD · security: Potential statutory lien on all property/proceeds pursuant to s.265 of the Workers' Compensation Act
- secured creditorsnote: Document states claims 'totalling approximately $2.5 million' (approximate, not an exact stated balance). All amounts secured by the Desjardins Security were advanced prior to registration of these lien claims on title, i.e. Desjardins ranks ahead. A related $282,267 Construction Holdback Fund (representing ~10% of Kerkoff invoices) is held separately pending Court-directed distribution among Lien Claimants. · page: 13 · amount: 2500000 · debtor: Hastings Street Limited Partnership / MPG Inc. · creditor: Lien Claimants (Kerkoff Construction (2022) Ltd. and various subcontractors) · currency: CAD · security: Builders' lien claims filed against title to the Lands pursuant to the Builders Lien Act
- secured creditorsnote: Prose in para 3 states 'owed a total of $16.6 million' as of March 20, 2025 with interest continuing to accrue; exact balance per Secured Creditors table is $16,605,733. Facilities comprise: construction loan drawn $15.0M, overdraft $0.4M, and letters of credit totalling $1.2M (facility components, not summed into the balance). Notice of default delivered Sept 12, 2023 to Debtors and other guarantors of the Desjardins Facilities (personal guarantees exist). Independent counsel confirmed security valid, enforceable and first-ranking. Desjardins expected to suffer a significant shortfall on the Transaction. · page: 16 · as of: 2025-03-20 · amount: 16605733 · debtor: MPG Inc. and Hastings Street Limited Partnership (Developer Entities) · creditor: Desjardins Financial Security Assurance Company · currency: CAD · security: First-ranking mortgage and assignment of rents on the Real Property; general security agreement dated April 6, 2022 over all personal property of the Debtors
- secured creditorsnote: Date as stated in the Secured Creditors table ('As of July 31, 2026'), an unusual future date relative to the Report's August 2025 filing date; reported as stated. Secures indebtedness in connection with the $5,000,000 Deposit Protection Insurance Policy. No amounts expected to be payable to Travelers from the Transaction (subordinate to Desjardins shortfall). · page: 16 · as of: 2026-07-31 · amount: 5000000 · debtor: Hastings Street Limited Partnership · creditor: Travelers Insurance Company of Canada · currency: CAD · security: Second-ranking mortgage and assignment of rents on the Lands
- secured creditorsnote: Principal owing pursuant to a loan agreement with HSLP; interest continues to accrue. No amounts expected to be payable to Longthorn from the Transaction (subordinate to Desjardins shortfall). · page: 16 · as of: 2025-02-14 · amount: 700000 · debtor: Hastings Street Limited Partnership · creditor: Longthorn Holdings Ltd. · currency: CAD · security: Third-ranking mortgage on the Lands
- purchaserLanda Global Acquisitions Ltd.
- recovery outcomeentries: basis: estimated · quote: Desjardins, as the first-ranking secured creditor, is supportive of the Transaction, notwithstanding it will suffer a significant shortfall on their debt. · 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; basis: estimated · quote: Desjardins, as first mortgage holder, is expected to suffer a shortfall and no amounts are expected to be payable from the Transaction to Travelers or Longhorn. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Travelers · creditor name: Travelers Insurance Company of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Desjardins, as first mortgage holder, is expected to suffer a shortfall and no amounts are expected to be payable from the Transaction to Travelers or Longhorn. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Longthorn · creditor name: Longthorn Holdings Ltd. · interim final: unstated · claims qualifier: unstated · stated on: 2025-08-21 · table missing:
- sale advisorGoodman
- sale outcometext: Receiver recommends the Court approve the Purchase Agreement and reverse vesting order implementing the Transaction · scope: whole_business · status: pending_approval