British Columbia · Receivership (court-appointed)
Receiver’s Second Report
Court officer report · 5 June 2025
What we verified from this filing14 verified
- cash on handnote: Closing cash balance per the Receiver's Interim Statement of Cash Receipts and Disbursements for the period March 2, 2023 to May 9, 2025. · as at: 2025-05-09 · amount: 2077750 · currency: CAD
- closing confirmedscope: the Udy Property · outcome: completed · effective: 2023-09-26 · purchaser: Mr. Zhenghong Tian · date basis: stated · approval order date: 2023-09-08
- disbursementsnote: Includes the Section 116 Payment of $465,093 to CRA, Receiver's fees of $73,290, legal fees of $33,322, and other disbursements. · since: March 2, 2023 · amount: 588208 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: Anthony Tillman; Vicki Chan; Pinky Law; Ryan Wu; Monica Cheung · money: tax: label: GST · quote: 3,799.19 $ · amount: 3799.19 · fees: quote: 73,289.50 $ · amount: 73289.5 · total: quote: totals $83,512.98, including out of pocket disbursements of $6,424.29 and applicable taxes of $3,799.19 · amount: 83512.98 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 6,424.29 $ · amount: 6424.29 · period: end: 2024-12-31 · kind: cumulative · quote: For the period October 21, 2022 to December 31, 2024 · start: 2022-10-21 · approval: state: unstated · averages: rate: 646.29 · quote: Average hourly rate | col4: $646.29 · currency: · invoices: tax: 1240.36 · date: 2023-05-04 · fees: 24162 · quote: October 21, 2022 to April 30, 2023 | 24,162.00 $ · total: 26047.61 · period end: 2023-04-30 · period start: 2022-10-21 · disbursements: 645.25; tax: 565.45 · date: 2023-08-10 · fees: 10644.5 · quote: May 1 to July 31, 2023 | 10,644.50 · total: 12620.41 · period end: 2023-07-31 · period start: 2023-05-01 · disbursements: 1410.46; tax: 924.35 · date: 2023-09-08 · fees: 17862 · quote: August 1 to 31, 2023 | 17,862.00 · total: 21649.35 · period end: 2023-08-31 · period start: 2023-08-01 · disbursements: 2863; tax: 492.51 · date: 2023-09-28 · fees: 9753 · quote: September 1 to 28, 2023 | 9,753.00 · total: 10342.7 · period end: 2023-09-28 · period start: 2023-09-01 · disbursements: 97.19; tax: 144.12 · date: 2023-11-24 · fees: 2857 · quote: October 1 to 31, 2023 | 2,857.00 · total: 3772.59 · period end: 2023-10-31 · period start: 2023-10-01 · disbursements: 771.47; tax: 85.92 · date: 2024-01-04 · fees: 1599.5 · quote: November 1 to December 31, 2023 | 1,599.50 · total: 1804.34 · period end: 2023-12-31 · period start: 2023-11-01 · disbursements: 118.92; tax: 163.53 · date: 2024-07-18 · fees: 3223.5 · quote: January 1 to June 30, 2024 | 3,223.50 · total: 3434.09 · period end: 2024-06-30 · period start: 2024-01-01 · disbursements: 47.06; tax: 182.95 · date: 2025-01-15 · fees: 3188 · quote: July 1 to December 31, 2024 | 3,188.00 · total: 3841.89 · period end: 2024-12-31 · period start: 2024-07-01 · disbursements: 470.94 · firm text: Alvarez & Marsal Canada Inc. · firm quote: Alvarez & Marsal Canada Inc., · hours total: quote: 113.40 · value: 113.4 · context quote: in its capacity as court-appointed Receiver of Kuang Wan Fang and not in its personal capacity; form: invoice_listing · rows: · money: tax: label: GST · quote: 1,793.55 $ · amount: 1793.55 · fees: quote: 35,048.00 $ · amount: 35048 · total: quote: 40,227.43 $ · amount: 40227.43 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 932.52 $ · amount: 932.52 · period: end: 2024-06-30 · kind: cumulative · quote: For the period March 5, 2021 to June 30, 2024 · start: 2021-03-05 · approval: state: unstated · averages: · currency: · invoices: tax: 180.7 · fees: 3614 · quote: March 5, 2021 to February 28, 2023 | 3,614.00 $ · total: 4073.18 · period end: 2023-02-28 · period start: 2021-03-05 · disbursements: 25.5; tax: 57 · fees: 1140 · quote: March 1 to 31, 2023 | 1,140.00 · total: 1276.8 · period end: 2023-03-31 · period start: 2023-03-01; tax: 1303.12 · fees: 25280 · quote: April 1, 2023 to September 30, 2023 | 25,280.00 · total: 29182.03 · period end: 2023-09-30 · period start: 2023-04-01 · disbursements: 829.31; tax: 157.7 · fees: 3120 · quote: October 1 to 31, 2023 | 3,120.00 · total: 3530.14 · period end: 2023-10-31 · period start: 2023-10-01 · disbursements: 34.04; tax: 33.05 · fees: 660 · quote: November 1 to December 31, 2023 | 660.00 · total: 740.17 · period end: 2023-12-31 · period start: 2023-11-01 · disbursements: 0.92; tax: 61.98 · fees: 1234 · quote: January 1 to June 30, 2024 | 1,234.00 · total: 1425.11 · period end: 2024-06-30 · period start: 2024-01-01 · disbursements: 42.75 · firm text: Gowling WLG (Canada) LLP · firm quote: Gowling WLG (Canada) LLP · context quote: the professional fees and disbursements of the Receiver and its legal counsel, Gowling WLG (Canada) LLP (' Gowling ')
- operational summaryThe Receiver has completed the sale of the Udy Property and liquidated all assets in its possession, with no further realizations anticipated; remaining work is limited to outstanding CRA tax matters, including a potential tax refund.
- process resultsbids: 5 · note: Figures from the First Report describing MLS marketing and offers received · as of: 2023-08-08 · solicited: 672 · qualified bids: 5
- professional feesnote: Includes out of pocket disbursements of $6,424.29 and applicable taxes of $3,799.19. Receiver's legal counsel, Gowling WLG (Canada) LLP, separately billed $40,227.43 for the period March 5, 2021 to June 30, 2024, including disbursements of $932.52 and taxes of $4,246.91. · party: Receiver (Alvarez & Marsal Canada Inc.) · amount: 83512.98 · period: period ending December 31, 2024 · currency: CAD
- purchaserMr. Zhenghong Tian
- receipts cumulativenote: Consists primarily of net proceeds of $2.5 million from sale of the Udy Property and interest earned on trust funds, per the period March 2, 2023 to May 9, 2025. · since: March 2, 2023 · amount: 2665958 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: Accordingly, the Receiver intends to make an interim distribution to the Bank to apply against the Judgment and proposes an interim distribution of $1.7 million, subject to the approval of this Honourable Court. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1700000 · cumulative: false · amount high: 1700000 · class label: Bank of China · creditor name: Bank of China · interim final: interim · conditional on: subject to the approval of this Honourable Court · claims qualifier: unstated; basis: unstated · quote: Following the receipt of the Tax Refund and completion of the administration of these Receivership Proceedings, the Receiver intends to forward any net proceeds remaining in the estate to the Bank as a final distribution, subject to a further order from this Honourable Court. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · cumulative: false · class label: Bank of China · creditor name: Bank of China · interim final: final · conditional on: Following the receipt of the Tax Refund and completion of the administration of these Receivership Proceedings, subject to a further order from this Honourable Court · claims qualifier: unstated · stated on: 2025-06-05 · table missing:
- report date5 June 2025
- report noSecond Report
- sale advisorPacific Realty Ltd.
- sale outcometext: The sale of the Udy Property closed · scope: parcel · status: closed