British Columbia · Receivership (court-appointed)
Affidavit #1 of Courtney Isaacson sworn October 20, 2026
Affidavit · 20 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 filing8 verified
- secured creditorsnote: Total aggregate value of the Liens as of October 13, 2026 per Exhibit C calculation, as stated in the affidavit. Liens are claims, not adjudicated amounts. Proposed holdback funds from Receiver: $4,576,170.05 (holdback retained $3,245,309.26; holdback shortfall $1,064,688.63; contingency reserve 25% of revised shortfall $266,172.16). Title search lists many more lien claimants than the three whose claims are in these pages. · page: 2 · as of: 2026-10-13 · amount: 14187082.08 · debtor: 5055 Joyce Property Inc. / 5055 Joyce Holdings Inc. · creditor: Builders lien claimants (aggregate of registered Claims of Builders Lien) · currency: CAD · security: Claims of Builders Lien registered against PID 024-143-111, 5055 Joyce Street, Vancouver, plus one Certificate of Pending Litigation (Rivas Painting Ltd., CB2852028)
- secured creditorsnote: Land-use/development charges, not monetary debts; no amounts stated. · page: 4 · debtor: 5055 Joyce Property Inc. (registered owner) · creditor: City of Vancouver · currency: CAD · security: Numerous registered covenants, statutory rights of way, equitable charges, easement and indemnity agreements (2021-2023), many with priority agreements over the Optrust mortgage and assignment of rents
- secured creditorsnote: Petitioner. Amount outstanding not stated in these pages. Registered subordinate by priority agreements to National Bank mortgages (CB458015-18), and to various City of Vancouver, BC Housing Management Commission, strata easement and other charges. · page: 6 · debtor: 5055 Joyce Property Inc. (registered owner) · creditor: Optrust Joyce Financing Corp. · currency: CAD · security: Mortgage CA9017651 and Assignment of Rents CA9017652, both registered 2021-05-18, both modified 2024-12-17 (CB1774928, CB1774929)
- secured creditorsnote: Amount not stated. Priority agreements CB458015-CB458018 grant these charges priority over Optrust's CA9017651 and CA9017652. · page: 10 · debtor: 5055 Joyce Property Inc. (registered owner) · creditor: National Bank of Canada · currency: CAD · security: Mortgages CB457501 and CB457505 and Assignments of Rents CB457502 and CB457506, registered 2023-02-01
- secured creditorsnote: Individual amounts not stated in these pages; only included in the stated aggregate. A Charge Release application CB3131418 is pending. Certificate of Pending Litigation CB2852028 registered by Rivas Painting Ltd. · page: 13 · debtor: 5055 Joyce Property Inc. (registered owner) · creditor: Other lien claimants named on title (amounts not in these pages) · currency: CAD · security: Claims of Builders Lien registered 2026-03-10 to 2026-09-25, including Heidelberg Materials Canada Limited (CB2668179), Crown Building Supplies Ltd., Crystal Consulting Inc., Kanin Construction Management Inc., Crystal Consulting (Waterproofing) Inc., Bluecon Contracting Ltd., Grand Shine Ltd., Sam's Garage Doors Ltd., Bemex Services Corporation, Next Step Appliances Installations Inc., RDH Building Science Inc., Hans Demolition & Excavating Ltd., Maple Leaf Railing Ltd., PAC Doors & Hardware Ltd., Siber Facade Group Inc., Modena Tiling Inc., LMDG Building Code Consultants Ltd., Trail Appliances Ltd., Super Save Hydro Vac Inc., Rivas Painting Ltd., B & K Finishing & Carpentry Ltd., Rahul Glass Ltd., Burrard Mechanical Limited, TK Elevator (Canada) Limited, Perkins+Will Canada Architects Co., Ilson General Contractors Ltd., Elander Inspections Ltd, New Century Stones Ltd., L2 Exterior Ltd., Smart-Tek Communications Inc., 1560702 BC Ltd.
- secured creditorsnote: Claim of lien amount stated as due and owing on 2025-11-14; work: architectural millwork, casework and related work for the Joyce 2 project. Lien claim only. · page: 18 · as of: 2025-11-14 · amount: 414055.64 · debtor: 5055 Joyce Property Inc. c/o ICON West Construction Corp. · creditor: CN Architectural Millwork and Construction Inc. · currency: CAD · security: Claim of Builders Lien HB18491 registered 2025-12-29 against PID 024-143-111
- secured creditorsnote: Plumbing, gas, HVAC and fire protection systems. Lien claim only, not adjudicated. · page: 19 · as of: 2026-01-13 · amount: 2837780.79 · debtor: 5055 Joyce Holdings Inc. · creditor: Phase Mechanical Systems Ltd. · currency: CAD · security: Claim of Builders Lien CB2563522 registered 2026-01-13
- secured creditorsnote: Supply and installation of electrical system. Lien claim only, not adjudicated. · page: 20 · as of: 2026-02-23 · amount: 1263172.51 · debtor: 5055 Joyce Holdings Inc. · creditor: Nightingale Electrical Ltd. · currency: CAD · security: Claim of Builders Lien CB2637723 registered 2026-02-23