British Columbia · Receivership (court-appointed)
Petition to the court dated April 4, 2025
Application / notice of application · 4 April 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 filing1 verified
- secured creditorsnote: Indebtedness as of April 2, 2025 comprises $4,160,000 principal, $163,710.23 accrued interest, $3,604.99 costs/charges, and $12,432.00 legal fees, continuing to accrue interest at $1,119.81/day plus fees (p.7). Prior demand letter dated March 7, 2025 (through counsel) stated the amount owing at March 6, 2025 as $4,297,312.16 (p.7). In default since December 1, 2024 for failure to make interest payments. Also secured by an unlimited, personal, joint and several guarantee and postponement of claims from Manoj Sikka, Mark Joseph Catroppa and Samira Perera (individuals, personal guarantors), registered at BC Personal Property Registry base registration 285012M (p.5, p.8). Property tax arrears for 2023 and 2024 on the Lands totalling $67,694.94, inclusive of accruing interest, also outstanding (p.8). · page: 7 · as of: 2025-04-02 · amount: 4339747.24 · debtor: 1069016 B.C. Ltd. and 1183011 B.C. Ltd. (the Borrowers) · creditor: KingSett Mortgage Corporation · currency: CAD · security: Registered $4,160,000 first mortgage (charge no. CA8252058) against the Lands; general assignment of rents (CA8252059); general security agreement (project-specific security agreement, PPR base registration 284957M); general assignment of construction/material contracts, plans and permits; assignment of insurance; deposit agreement; pledges of securities; beneficial mortgage/direction to charge; negative pledge