British Columbia · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 4 July 2025
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 filing6 verified
- secured creditorsnote: Amount is $47.3 million plus accrued interest and legal costs, as at the Receivership Date; Receiver's Counsel opines (subject to standard assumptions) NBC Loan secured by first priority mortgage; a prior 'First NBC Mortgage' (reg. Dec 22, 2020) securing this facility was discharged Oct 24, 2022 following registration of the NBC Mortgage · page: 9 · as of: 2025-02-24 · amount: 47300000 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: National Bank of Canada · currency: CAD · security: Mortgage and assignment of rents (instrument nos. CB292874/CB292875, the 'NBC Mortgage'); general security agreement registered under the PPSA
- secured creditorsnote: Loan relates to deposit protection insurance; amount owing described as 'undetermined' as at the Receivership Date; Receiver's Counsel opines it is secured by a second priority mortgage; no known pre-sale purchaser deposit claims against Westmount as at Receivership Date but likely to accrue · page: 9 · as of: 2025-02-24 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Westmount West Services Inc. · currency: CAD · security: Mortgage and assignment of rents in principal amount of $15,000,000 (registration/principal amount, not a balance) (instrument nos. CB294046/CB294047, the 'Westmount Mortgage'); location-specific security agreement registered under the PPSA
- secured creditorsnote: Amount is $19.2 million plus accrued interest and legal costs, as at the Receivership Date; on April 3, 2025 Peterson obtained an order nisi of foreclosure confirming its priority over the petition respondents · page: 9 · as of: 2025-02-24 · amount: 19200000 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Peterson Investment Group Inc. · currency: CAD · security: Mortgage and assignment of rents (instrument nos. CB293126/CB293127, the 'Peterson Mortgage'); general security agreement registered under the PPSA
- secured creditorsnote: Total of $10.9 million stated by Receiver as owing to the collectively-defined 'Fourth Priority Lenders' as at the Receivership Date; individuals are natural persons (personal names) rather than corporate lenders in items (i) and (iii) · page: 9 · as of: 2025-02-24 · amount: 10900000 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Fourth Priority Lenders (Lei Bun Leung, Xiao Lian Zhang, Johnson Rui Leung, Jon Kit Leung, Karen Leung; Li Jiang; Bei Chen, Qing Su, Jide Liu; 686912366 Investment Ltd.) · currency: CAD · security: Multiple mortgages and assignments of rents registered against specific Commercial and Residential Units, as follows: (i) $3.5M (Lei Bun Leung, Xiao Lian Zhang, Johnson Rui Leung, Jon Kit Leung, Karen Leung) against Commercial Units 1,2,6,7,8; (ii) $4M (Li Jiang) against Commercial Units 6,7,8; (iii) $2.5M (Bei Chen, Qing Su, Jide Liu) via option to purchase (now expired), mortgage and assignment of rents against Residential Units 19,37,43; (iv) $850,000 (686912366 Investment Ltd.) against Residential Unit 34
- secured creditorsnote: General contractor for Chloe; amount is approximate ('approximately $676,000') as at the Receivership Date; lien is against the SPA Holdbacks fund, not directly against the Property · page: 10 · as of: 2025-02-24 · amount: 676000 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Urban One Contractor Inc. · currency: CAD · security: Claims a lien against the SPA Holdbacks (funds held in trust by Clark Wilson LLP under the Strata Property Act)
- secured creditorsnote: Reported as 'approximately $2.2 million of unpaid GST remittances' as at the Receivership Date; deemed trust class quasi-governmental claim · page: 10 · as of: 2025-02-24 · amount: 2200000 · debtor: 1076255 B.C. Ltd. and Lightstone Development Ltd. · creditor: Canada Revenue Agency (GST remittances) · currency: CAD