British Columbia · CCAA
Petition to the Court (CCAA)
Application / notice of application · 10 November 2025
What we verified from this filing9 verified · 4 withheld
- court file noS2258449
- appointeeFTI Consulting Canada Inc.
- appointee rolemonitor
- financial positionnote: Petition states Petitioners owe approximately $38,730,000 to various stakeholders: ~$22,200,000 to first and second mortgagees (Cameron Stephens, AMRN Holding Ltd., 1137571 B.C. Ltd.), ~$6,300,000 to trade creditors, ~$6,000,000 to CRA for GST/HST, and ~$4,400,000 to various other creditors. Components are stated individually; total is as given in the document, not independently summed. No total assets figure was disclosed; separately, appraised value of remaining 40 unsold residential units is $27,365,000 as of May 16, 2025, and five commercial units are under contract for sale at $8,100,000. · page: 4 · basis: Management estimate stated in the petition (approximate, unaudited) · scope: Petitioners collectively (Square Nine King George Development Ltd. and Square Nine Builders Inc.), not accounting for inter-company indebtedness and shareholder loans · currency: CAD · total liabilities: 38730000
- secured creditorsnote: GST/HST indebtedness; deemed-trust class quasi-governmental claim recorded separately per priority convention, though the document itself lists CRA among the unsecured creditors. · page: 4 · amount: 6000000 · debtor: Petitioners (Square Nine King George Development Ltd. and Square Nine Builders Inc.) · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Individual balance not stated; forms part of cumulative secured debt of approximately $22,200,000 together with Cameron Stephens (first mortgagee) and AMRN Holding Ltd. (do not sum components). · page: 6 · debtor: Square Nine King George Development Ltd. / Square Nine Builders Inc. · creditor: 1137571 B.C. Ltd. · currency: CAD · security: Second mortgagee providing an inventory loan or other financing for the Belvedere development
- secured creditorsnote: Individual balance not stated; forms part of cumulative secured debt of approximately $22,200,000 together with Cameron Stephens (first mortgagee) and 1137571 B.C. Ltd. (do not sum components). · page: 6 · debtor: Square Nine King George Development Ltd. / Square Nine Builders Inc. · creditor: AMRN Holding Ltd. · currency: CAD · security: Second mortgagee providing an inventory loan or other financing for the Belvedere development
- secured creditorsnote: Exact figure is from the Notice of Intention to Enforce Security/demand dated August 29, 2025; prose in petition approximates this lender together with second mortgagees at a cumulative secured debt of ~$22,200,000. Developments Inc. and Manish Sharma (director/beneficial shareholder) are guarantors of this first mortgage (related-party personal guarantees). Cameron Stephens served a petition on Sept 25, 2025 seeking appointment of MNP Ltd. as receiver with immediate power of sale. · page: 7 · as of: 2025-08-29 · amount: 18500000 · debtor: Square Nine King George Development Ltd. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: First ranking mortgage against the remaining unsold units in the Belvedere
- recovery outcomeentries: basis: liquidation_alternative · quote: If the Belvedere is sold in those circumstances, the likely result is a shortfall to the stakeholders as compared to the orderly sale scenario. · pct of: unstated · outcome: shortfall · class key: secured · stated by: debtor · class label: Cameron Stephens Mortgage Capital Ltd. and second mortgagees · interim final: unstated · conditional on: the immediate commencement of realization proceedings by the first mortgagee instead of the orderly sale scenario · claims qualifier: unstated; basis: estimated · quote: Given the significant real estate assets of the Petitioners, the secured creditors have sufficient security and will likely not suffer a shortfall if the Petitioners are permitted an opportunity to restructure. · pct of: unstated · outcome: nil · class key: secured · stated by: debtor · class label: secured creditors · interim final: unstated · conditional on: if the Petitioners are permitted an opportunity to restructure · claims qualifier: unstated · table missing:
4 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.