British Columbia · Receivership (court-appointed)
Affidavit #1 of S. Kovesdi
Affidavit · 11 July 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 filing4 verified
- secured creditorsnote: RBC by predecessor by amalgamation HSBC Bank Canada; senior secured creditor and administrative/collateral agent for syndicate of RBC, BMO, Meridian under Interlender Agreement · page: 3 · as of: 2025-07-10 · amount: 91204611.06 · debtor: 1075 Nelson Development Limited Partnership (and Nominee/GP) · creditor: Royal Bank of Canada (as agent for lending syndicate: RBC, Bank of Montreal, Meridian Credit Union) · currency: CAD · security: Mortgage and assignment of rents (principal amount $108,000,000, as modified from original $90,000,000), GSA over all present and after-acquired personal property, mortgage of beneficial interest of the Lands, unlimited joint and several guarantee, debt service agreement, environmental indemnity
- secured creditorsnote: Guarantors of the Loan Facility; Kheng Ly is an individual/personal guarantor and director/principal (related party) · page: 4 · debtor: 1075 Nelson Development Limited Partnership · creditor: Kheng Ly, 1075 Nelson Development Holdings Inc., 1075 Nelson Development GP Inc., Brivia Family Investments Inc. · currency: CAD · security: Unlimited joint and several guarantee and postponement of claims; personal guarantee (Kheng Ly)
- secured creditorsnote: Provides pre-sale deposit insurance; Travelers Facility maximum amount $120,000,000 (facility limit, not a balance); exact quantum of present or future claims unknown per affidavit para 22 · page: 4 · debtor: 1075 Nelson Development Limited Partnership · creditor: Travelers Insurance Company of Canada · currency: CAD · security: Travelers Commitment Letter and Travelers Security, subject to postponement and standstill agreement (Travelers Priority Agreement)
- secured creditorsnote: Subordinated to RBC syndicate security per Subordinate Lender Postponement Agreement; partially paid out from Loan Facility proceeds · page: 7 · debtor: 1075 Nelson Development Limited Partnership · creditor: 1409658 B.C. Ltd. · currency: CAD · security: 1409658 Subordinate Loan and 1409658 Mortgage, subject to postponement and standstill agreement (Subordinate Lender Postponement Agreement)