British Columbia · Receivership (court-appointed)
Petition to the Court
Application / notice of application · 24 January 2024
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 filing7 verified
- secured creditorsnote: Defined 'Loan B Indebtedness' per petition para 9 is $75,867,149.52 as of Dec 31, 2023; however para 21 (page 10) states total amount due and owing as of the same date as $78,867,149.52 plus interest at 30% per annum compounded monthly - the two figures conflict within the same document. Original Loan B principal advanced was $35,849,266.69 (June 14, 2021, as amended). · page: 6 · as of: 2023-12-31 · amount: 75867149.52 · debtor: Loan B Borrowers (Kensington Union Bay Properties Nominee Ltd., Kensington Union Bay Properties Limited Partnership, Kensington Union Bay Properties GP Ltd., International Trade Center Properties Ltd.) and Loan B Guarantors (Hotel Versante Ltd., Sunwins Enterprise Ltd., Mo Yeung Ching, Mo Yeung Properties Ltd.) · creditor: Fox Island Development Ltd. and Advanced Venture Holding Co., Ltd. (the "Lenders") · currency: CAD · security: Loan B Mortgage and assignment of rents (Sept 28, 2021, as extended/modified March 7, 2022 and Sept 7, 2022) over ITC Property and UB Lands; Loan B GSAs (Nov 22, 2019 and June 18, 2021) - first charge on all present and after-acquired personal property; Loan B Assignment of Material Contracts; Loan B Guarantee; Loan B Environmental Indemnity Agreement; Loan B Debt Service Deficiency Agreement; Hotel Property – 5.3MM Mortgage (Oct 11, 2023)
- secured creditorspage: 11 · debtor: International Trade Center Properties Ltd. · creditor: Heung Kei Sung · currency: CAD · security: Mortgage registered against title to ITC Property on Dec 29, 2023 under No. CB1097592
- secured creditorsnote: Overall balance owing not stated; $1,431,000.00 is a stated principal component of one specific PPSA registration, not an aggregate balance. · page: 11 · debtor: Kensington Union Bay Properties Limited Partnership, Kensington Union Bay Properties GP Ltd., Mo Yeung Ching, International Trade Center Properties Ltd., Hotel Versante Ltd., 34083 Yukon Inc. (now UB Nominee) · creditor: Gulf and Fraser Fishermen's Credit Union (including Richmond Centre Branch) · currency: CAD · security: Mortgage and assignment of rents against UB Lot 4 (registered Dec 12, 2023, Nos. CB1073768/CB1073769, extending CA8962721/CA8962722); PPSA registrations for all present and after-acquired goods/accounts arising from the real property, all funds/deposits held with the credit union, and a security interest in monies of principal sum $1,431,000.00 plus interest (Base Reg. 934079M, April 29, 2021)
- secured creditorspage: 12 · debtor: Mo Yeung Ching, International Trade Center Properties Ltd. · creditor: 1307510 B.C. Ltd. · currency: CAD · security: PPSA registration Nov 2, 2021, Base Registration No. 346083N, All PAAP
- secured creditorspage: 12 · debtor: Mo Yeung Ching · creditor: Jeffrey Rauch · currency: CAD · security: PPSA registration Dec 1, 2020, Base Registration No. 628533M, All PAAP
- secured creditorspage: 12 · debtor: International Trade Center Properties Ltd. · creditor: Chun Yu Liu · currency: CAD · security: PPSA registration May 14, 2021, Base Registration No. 970824M, All PAAP
- secured creditorspage: 12 · debtor: International Trade Center Properties Ltd. · creditor: Morteq Lending Corp. · currency: CAD · security: PPSA registration May 13, 2021, Base Registration No. 967243M, All present and after-acquired personal property (All PAAP)