British Columbia · NOI
First Report To Court of the Proposal Trustee Filed December 21, 2023
Court officer report · 21 December 2023
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 filing2 verified
- secured creditorsnote: Floor figure: First Report states 'Over $9.0 million owing to the Potential Lien Claimants who may have rights to the Lien Funds and other amounts after their claims are proven.' Claims unproven pending a future formal claims process under the NOI Proceedings. Comprises 15 named contractors/suppliers (e.g., ART Fire Protection Inc., Atlas Scaffolding Ltd., Emco Corporation, Fortis BC Energy Inc., and others). · page: 11 · amount: 9000000 · debtor: Anderson Square Holdings Ltd. · creditor: Potential Lien Claimants (Builder's Lien Act claimants - 15 parties) · currency: CAD · security: Builder's Lien Act (BLA) claims of lien filed against the Prima Project/Unsold Units; approximately $5.4 million (the 'Lien Funds') was paid into Court on December 15, 2020 pursuant to a Court order dated September 23, 2020 to clear title for unit sales
- secured creditorsnote: Related party: Anderson Plaza Holdings Inc. is the 100% parent/shareholder of the debtor (owned 70%/30% by directors Mr. Liang and Mr. Ho, who are also directors of the debtor). Demand for payment and Notice of Intention to Enforce Security issued November 20, 2023, stating total outstanding of $64,092,907.87 as at November 15, 2023. First Report's prose describes this as 'approximately $64.1 million owing... as of the Filing Date' (Nov 27, 2023); the exact dated demand/NOI balance is used here per document hierarchy. Proposal Trustee was still reviewing validity/scope of the security as of the Report date. · page: 18 · as of: 2023-11-15 · amount: 64092907.87 · debtor: Anderson Square Holdings Ltd. · creditor: Anderson Plaza Holdings Inc. · currency: CAD · security: Equitable mortgage over the Unsold Units (23 PIDs comprising the Prima Project) and associated indemnities; mortgage security registered against the Unsold Units on or about November 28, 2023