British Columbia · Receivership (court-appointed)
Petition to the Court
Application / notice of application · 28 July 2025
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- commencement date28 July 2025
- courtTHE SUPREME COURT OF BRITISH COLUMBIA
- court file noVLC-S-S-255662
- applicantBank of Montreal
- appointeeMNP Ltd.
- appointee rolereceiver
- statutory basissection 243 of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act
- secured creditorsnote: Outstanding amount under non-revolving demand Loan (original principal advance $18,000,000) plus interest accruing at $7,327.53/day from July 18, 2025; personal guarantee of Sean Huang (individual, businessperson) and corporate guarantee of Minglian Holdings Ltd. dated December 10, 2021 limited to $96,500,000 also secure the obligations; Loan documents amended by three amending letters (2023-2024); Debtors in default; forbearance agreement (Feb 13, 2025) also breached. · page: 7 · as of: 2025-07-17 · amount: 19121384.12 · debtor: 8091 Capstan Project Ltd. and 0892691 B.C. Ltd. · creditor: Bank of Montreal · currency: CAD · security: Mortgage and Assignment of Rents dated December 10, 2021 (registered principal sum of $105,000,000, LTO Charge Nos. CA9580031/CA9580032); Equitable Mortgage and Estoppel Agreement dated December 15, 2021 over Capstan's beneficial interest; BC PPSA General Security Agreement with Floating Charge dated December 10, 2021 over all present and after-acquired personal property of Capstan and 089 BC (first priority)