British Columbia · Receivership (court-appointed)
Petition to the Court dated March 26, 2026
Application / notice of application · 26 March 2026
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What we verified from this filing4 verified · 5 withheld
- court file noS262220
- secured creditorsnote: First-ranking/senior secured creditor; National Bank issued Notice of Default and Reservation of Rights on January 8, 2026 citing at least six defaults; outstanding balance not stated in this document; National Bank consents to the Receivership Order but is not prepared to advance further funds. · page: 7 · debtor: 5055 Joyce Property Inc. / 5055 Joyce Holdings Inc. · creditor: National Bank of Canada · currency: CAD · security: First-ranking mortgage and security over the Property, all present and after-acquired personal property and other assets/undertakings of Joyce Holdings and Joyce Property, and proceeds thereof; senior to OPTrust's Mortgage/Security pursuant to Priority and Postponement Agreement dated January 9, 2023
- secured creditorsnote: Loan originally $40,000,000, later increased to $85,000,000 (facility limit, not balance). Second-ranking/subordinate to National Bank of Canada pursuant to Priority and Postponement Agreement dated January 9, 2023. Indebtedness accruing interest at Default Rate of $60,136/day. NOI to enforce security delivered March 26, 2026. · page: 8 · as of: 2026-03-19 · amount: 109211965 · debtor: 5055 Joyce Holdings Inc. (guaranteed by 5055 Joyce Property Inc. and others) · creditor: OPTrust Joyce Financing Corp. · currency: CAD · security: Mortgage and assignment of rents (Reg. Nos. CA9017651, CA9017652); security interest in all present and after-acquired personal property of Joyce Property; beneficial owner charge over Joyce Holdings' personal property and beneficial interest in the Property; pledge and security agreement over shares of Joyce Property/Joyce Holdings; promissory note; assignment of project management agreement; guarantees/indemnities from Joyce Property, Westbank Holdings Ltd., Abbey West Properties Inc., IGF Holdings Ltd., Ian Gillespie (personal guarantor) and the Ian Gillespie Family (2014) Trust (related-party guarantors)
- secured creditorsnote: Floor amount - document states liens 'claiming in excess of $6 million'; at least five builders' liens filed or submitted for filing since late December 2025; further liens may be filed. · page: 11 · as of: date of Petition (2026-03-26) · amount: 6000000 · debtor: 5055 Joyce Property Inc. · creditor: Builders' lien claimants (aggregate) · currency: CAD · security: Builders' liens registered/submitted for filing against the Property
5 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.