British Columbia · NOI
Report of the Trustee on the Proposal
Court officer report · 5 October 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 filing5 verified
- secured creditorsnote: Report states 'including the Phase III DIP, the total amount of Envision's secured debt is approximately $4,640,000'. This is the report's own stated approximate total (components: ~$476,000 + ~$3,157,000 + Phase III DIP up to $1,483,319 as a facility limit, not a drawn balance). Envision has agreed to allow $100,000 of the Phase III DIP to fund the initial distribution and to subordinate up to $200,000 of Net Sale Proceeds to fund the Proposal, conditional on acceptance. The earlier $2.4M DIP Facility (court-approved April 20, 2026) has been repaid from Phase I unit sale proceeds. · page: 11 · as of: approx. September 2026 (trustee's report dated October 5, 2026; Phase III DIP approved September 18, 2026) · amount: 4640000 · debtor: 1281805 B.C. Ltd. · creditor: Envision Financial, a division of First West Credit Union (now Tru Cooperative Bank) · currency: CAD · security: First-ranking secured creditor. Phase I mortgage (residual balance approx. $476,000 after paydown from unit sale proceeds, to be paid out from Phase III DIP); mortgage on Phase II and proposed Phase III (current balance approx. $3,157,000); Phase III DIP facility (not to exceed $1,483,319, approved Sept 18, 2026).
- financial positionnote: Liabilities per SOA: secured creditors $3,900,000; preferred creditors $0; unsecured creditors $3,745,671.43; total $7,645,671.43; stated deficiency -$3,745,671.43. All other asset lines are 0.00. Separately, the trustee's report cites an Appraisal (Johnston & Doolan, effective Sept 4, 2026) of Phase II and III at a forced sale value of $3.9 million, and notes Envision's secured debt of approx. $4,640,000 (including Phase III DIP) in the report, which differs from the SOA's $3,900,000 secured figure (different dates/bases). · page: 36 · as at: 2026-03-26 · basis: Statement of Affairs (Form 78) filed by the Company, state of affairs on the date of filing of the NOI; assets stated and estimated by the debtor; real property listed at $3,900,000 total value and estimated realizable value. · scope: Single entity: 1281805 B.C. Ltd. (SOA assets consist solely of the Everwood real property, 23697 Fern Crescent, Maple Ridge, BC, 100% interest). · currency: CAD · total assets: 3900000 · total liabilities: 7645671.43
- unsecured creditorsnote: The SOA pages provided state only the aggregate; no individual creditors are named on these pages. Includes Lien Claimants (builders lien claimants whose security is deemed $0 under the Proposal and who are treated as Affected/unsecured creditors). Trustee estimates average recovery of 15% under the Proposal (up to $303,571 of funds for distribution). The SOA arithmetic shows a 'Surplus' of 3,745,671.43 which is the stated figure on the form; the form also shows deficiency of -3,745,671.43 (apparent form error as stated). · page: 36 · as of: March 26, 2026 (Filing Date / NOI) · basis: Statement of Affairs (Form 78) as filed by the Company, line 3 'Unsecured creditors'; trustee states proven unsecured claims and amounts are detailed in the SOA, with claims process conducted under April 20, 2026 order. · amount: 3745671.43 · debtor: 1281805 B.C. Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- financial positionnote: Form 78 shows total liabilities 7,645,671.43 with a deficiency of 3,745,671.43 (statement's own footing; some amounts appear as '3,745.671.43' in the OCR). The creditor schedule shows Envision Financial secured claim of 4,640,189.87 (740,189.87 unsecured + 3,900,000.00 secured). The Appraisal referenced in the report estimated a forced sale value of $3.9 million as of September 4, 2026. The SOA is dated 24-Sep-2026 (creditor schedule 23-Sep-2026) but states the position as of the March 26, 2026 filing date; the trustee's report states Envision's total secured debt including the Phase III DIP as approximately $4,640,000. · as at: 2026-03-26 · basis: Statement of Affairs (Form 78) completed by the debtor and verified by its authorized director, 'showing the state of your affairs on the date of the filing of your proposal (or notice of intention, on the 26th day of March 2026'; single asset valued at 3,900,000.00 (same as estimated realizable value), reported without audit or trustee verification · scope: 1281805 B.C. Ltd. (single entity, not consolidated); sole asset is the Everwood real property at 23697 Fern Crescent, Maple Ridge · currency: CAD · total assets: 3900000 · total liabilities: 7645671.43
- recovery outcomeentries: basis: plan · quote: The Proposal provides for funds for distribution of up to $303,571 which results in an average dividend of 15 cents on the dollar for Affected Creditors. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: proposal_trustee · amount high: 303571 · class label: Affected Creditors · interim final: unstated · conditional on: Initial distribution of approximately $103,000 (15% of first $10,000 of each Proven Claim and 1% of the balance), plus a second pro rata distribution of the lesser of $200,000 and the Net Sale Proceeds upon sale of the Phase II units; payments are net of the OSB levy. · cents on dollar: 15 · claims qualifier: unstated; basis: liquidation_alternative · quote: it is estimated that in the event of a bankruptcy of the Company, the Affected Creditors would likely not receive a dividend. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-05 · table missing: