British Columbia · Receivership (court-appointed)
Receiver's First Report, filed May 27, 2025
Court officer report · 27 May 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 filing10 verified
- secured creditorsnote: Stated total 'BDC Debt' comprising: BDC Direct Debt (~$10.5M before costs/protective disbursements as at June 19, 2024; ~$11.4M with interest/fees as at April 16, 2025); Whitewater Guarantee (Golden's guarantee of BDC advances to Whitewater, $3.4M as at April 16, 2025); and Lougheed Guarantee (Golden's guarantee of BDC advances to related company Lougheed, $12.7M as at April 16, 2025, capped at a $15.0M maximum - facility ceiling, not a balance). BDC is primary secured creditor of Golden and is expected to suffer a shortfall on sale of the Golden Property. · page: 3 · as of: 2025-04-16 · amount: 27500000 · debtor: 145 Golden Drive Ltd. (Golden), with guarantees covering advances to Whitewater Concrete Ltd. and 27222 Lougheed Highway Holdings Ltd. (Lougheed) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: All-indebtedness first mortgage over the Golden Property (Golden Property First Mortgage)
- secured creditorsnote: RBC Facilities originally provided by HSBC Bank Canada, which amalgamated with RBC March 28, 2024. RBC is the primary secured creditor of the Operating Companies. Personal guarantees exist from individual guarantors (names not itemized in this excerpt beyond the named respondents). · page: 3 · as of: 2024-05-28 · amount: 10800000 · debtor: Whitewater Concrete Ltd. · creditor: Royal Bank of Canada (RBC, successor to HSBC Bank Canada) · currency: CAD · security: RBC Security: registered security over present and after-acquired real and personal property of the Operating Companies, various personal guarantees, a corporate guarantee from Golden, and a second mortgage on the Golden Property
- secured creditorsnote: RBC Facilities originally provided by HSBC Bank Canada, which amalgamated with RBC March 28, 2024. RBC is the primary secured creditor of the Operating Companies. Personal guarantees exist from individual guarantors (names not itemized in this excerpt beyond the named respondents). · page: 3 · as of: 2024-05-28 · amount: 800000 · debtor: Whitewater Developments Ltd. · creditor: Royal Bank of Canada (RBC, successor to HSBC Bank Canada) · currency: CAD · security: RBC Security: registered security over present and after-acquired real and personal property of the Operating Companies, various personal guarantees, a corporate guarantee from Golden, and a second mortgage on the Golden Property
- secured creditorsnote: Deemed-trust/priority claim - outstanding pre-receivership GST return filed by the Receiver; amount may be subject to change through a future CRA trust examination. Excludes separate post-receivership GST liability of $50,575 accrued after the Date of Receivership. · page: 8 · as of: Date of Receivership (pre-receivership GST return) · amount: 26729 · debtor: 145 Golden Drive Ltd. (Golden) · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Approximate aggregate amount owed to a syndicate of investors that provided funding to Golden secured by a third mortgage; includes several individual guarantors/investors (personal names retained only as members of the syndicate). Receiver does not anticipate proceeds being available for distribution to the BCM Parties. · page: 9 · amount: 3000000 · debtor: 145 Golden Drive Ltd. (Golden) · creditor: BCM Parties (syndicate of investors: Barry Charles Holdings Ltd., Becision Holding Corporation, G.I.H. Properties Ltd., McVicar & Company Holdings Inc., TNL Developments Ltd., Aman Gill, Peter Chappell, Sandra Chappell, Teresa Gautreau) · currency: CAD · security: Third mortgage against the Golden Property
- secured creditorsnote: Receiver has not undertaken a review of amounts potentially owed to this party; amount not stated in the document. · page: 9 · debtor: 145 Golden Drive Ltd. (Golden) · creditor: Echelon Insurance · currency: CAD · security: Secured charge registered in the Personal Property Registry, subordinate to BDC
- purchaser0706617 BC Ltd.
- recovery outcomeentries: basis: estimated · quote: BDC, as first mortgage holder, is expected to suffer a shortfall and no amounts are expected to be payable from the sale of the Golden Property to RBC or the BCM Parties (as defined below). · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BDC (first mortgage holder) · creditor name: BDC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver does not anticipate proceeds being available for distribution to the BCM Parties. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: BCM Parties · claims amount: 3000000 · creditor name: BCM Parties · interim final: unstated · claims qualifier: estimated · stated on: 2025-05-13 · table missing:
- sale advisorColliers
- sale outcometext: The Receiver therefore seeks approval of the 070 Offer for $21.2 million · scope: parcel · status: pending_approval