British Columbia · Receivership (court-appointed)
Notice of Application dated October 20, 2026
Application / notice of application · 20 October 2026
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 filing4 verified
- unsecured creditorsnote: Aggregate amount not stated on these pages; no individual creditors named in this entry. · page: 2 · as of: date of the Receivership Order (April 27, 2026) · basis: Receiver states there were more than 20 trades with outstanding pre-receivership accounts receivable · debtor: 5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. · creditor: Pre-receivership trade creditors (more than 20 trades with outstanding pre-receivership accounts) · currency: CAD
- unsecured creditorsnote: Holdback Account held only $3,245,309.26, a shortfall of $895,280.70; Receiver's further analysis puts the potential Holdback Shortfall at $1,064,688.63. Holdback claims are statutory lien-related; not characterized as unsecured by the document. · page: 3 · as of: date of the Receivership Order (April 27, 2026) · basis: Westbank's accounts payable listing for the Project reflected total holdback obligation of $4,140,589.96 (inclusive of GST) · amount: 4140589.96 · debtor: 5055 Joyce Property Inc. / Project · creditor: Holdback claimants (trades, suppliers, consultants, contractors under Builders Lien Act) · currency: CAD
- secured creditorsnote: Receiver pays interest to National Bank from borrowings; outstanding principal not stated on these pages. · page: 4 · debtor: 5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. · creditor: National Bank of Canada · currency: CAD · security: Described as the senior secured lender of the Debtors; security and 'Senior Creditor's Charges' (as defined in Douglas Affidavit #1 sworn April 23, 2026) rank ahead of the Receiver's Borrowings Charge. No balance stated.
- secured creditorsnote: Nature and amount of its pre-filing secured debt not stated on these pages. Receiver's borrowings outstanding of approx. $5.4 million (against an $8,000,000 limit, proposed increase to $14,800,000) are post-receivership, not pre-filing capital structure. OPTrust committed $1,330,860.79 to fund the updated potential Holdback Shortfall plus contingency reserve. · page: 4 · debtor: 5055 Joyce Holdings Inc. and 5055 Joyce Property Inc. · creditor: OPTrust Joyce Financing Corp. · currency: CAD · security: Petitioner who obtained the Receivership Order; has funded the Receiver's borrowings to date under the Receiver's Borrowings Charge.