British Columbia · Receivership (court-appointed)
Second Report of the Receiver filed December 2, 2024
Court officer report · 2 December 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing3 verified
- secured creditorsnote: The 'KingSett Indebtedness'; interest and costs continue to accrue after September 19, 2024. Default followed Henry Street's limited partners declining to fund further cash calls in January 2024. Cassels, as independent legal counsel, opined that KingSett created valid security interests or charges against the Property (p. 11). The APS further identifies the KingSett Security as a location specific security agreement dated November 1, 2021, an Equitable Mortgage and Estoppel Agreement dated November 1, 2021, and a mortgage and assignment of rents dated November 4, 2021 (p. 25). · page: 5 · as of: 2024-09-19 · amount: 14031523.6 · debtor: 3000 Henry Street Limited Partnership and 0790857 B.C. Ltd. (the Debtors) · creditor: KingSett Mortgage Corporation · currency: CAD · security: First-ranking collateral mortgage over the Real Property and a general security agreement granted by the Debtors; mortgage and letter of credit registered on title, issued under a commitment letter dated September 10, 2021, as amended October 17, 2021 and October 16, 2023 (the 'Commitment Letter')
- unsecured creditorsnote: Stated as 'the Debtors' other pre-filing obligations totalled approximately $1.3 million' as at the date of the Receivership Order (July 29, 2024); the document names no individual creditors within this aggregate. · page: 5 · as of: 2024-07-29 · basis: Debtors' books and records as at the date of the Receivership Order · amount: 1300000 · debtor: 3000 Henry Street Limited Partnership and 0790857 B.C. Ltd. (the Debtors) · creditor: Other creditors — pre-filing obligations (aggregate as reported) · currency: CAD
- secured creditorsnote: Deemed trust / regulatory-class claim: on November 19, 2024 CRA submitted a trust claim of $64,706.62 for unpaid pre-filing GST, inclusive of penalties and interest. Because the KingSett mortgage was registered before the GST liability arose, the Receiver determined the GST claim ranks subordinate to the KingSett Indebtedness and does not qualify as a Prior-Ranking Amount under the APS. Amount is the claim as submitted, not adjudicated. · page: 11 · as of: 2024-11-19 · amount: 64706.62 · debtor: 3000 Henry Street Limited Partnership and 0790857 B.C. Ltd. (the Debtors) · creditor: Canada Revenue Agency · currency: CAD · security: Trust claim (deemed-trust class) for unpaid pre-filing GST