British Columbia · Receivership (court-appointed)
Petition to the Court dated April 4, 2025
Application / notice of application · 4 April 2025
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What we verified from this filing2 verified
- secured creditorsnote: Property tax arrears from 2023 and 2024 with respect to the Lands, inclusive of interest, continuing to accrue · page: 7 · amount: 281151.74 · debtor: 1046089 B.C. Ltd. · creditor: City/Municipal taxing authority (property tax arrears) · currency: CAD · security: Property tax lien on the Lands
- secured creditorsnote: Indebtedness comprised of: $14,000,000 principal, $583,013.71 accrued unpaid interest, $14,388.19 costs/charges, $9,745.00 legal fees (continuing to accrue); interest accruing at $3,785.06/day and professional fees continuing to accrue; earlier demand letter dated March 14, 2025 stated amount owing as of March 12, 2025 of $14,518,338.55 (superseded by later dated balance); also secured by unlimited joint and several personal guarantee of Nirmal Singh Bains and Satnam Singh Bains, and limited recourse guarantee of Bains Brothers Holding Inc. (limited to shares of Borrower held by guarantor), and hypothecation/pledge of shares in Borrower · page: 7 · as of: 2025-04-02 · amount: 14607146.89 · debtor: 1046089 B.C. Ltd. · creditor: KingSett Mortgage Corporation · currency: CAD · security: First mortgage and assignment of rents ($17,500,000 registered principal, registered March 29, 2022, LTO charge numbers CA9822429 and CA9822430); general security agreement (site-specific) registered under charge number 628606N; general assignment of material contracts; assignment of insurance; fraud/misrepresentation and environmental indemnities