British Columbia · CCAA
Petition to the Court dated January 7, 2025
Application / notice of application · 7 January 2025
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What we verified from this filing19 verified
- commencement date7 January 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file no250121
- applicantKingSett Mortgage Corporation
- statutory basisCompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
- appointeeKSV Restructuring Inc.
- appointee rolemonitor
- secured creditorsnote: Total stated by document; interest continuing to accrue at $53,862.90/day combined; demand for payment made December 27, 2024 · page: 9 · as of: 2024-12-27 · amount: 189196038.21 · debtor: Lumina Eclipse Limited Partnership and Beta View Homes Ltd. (the Respondents) · creditor: KingSett Mortgage Corporation · currency: CAD · security: First Mortgage (LTO CA9151198/CA9151199, principal $95,000,000) and Second Mortgage (LTO CA9151200, principal $62,500,000) against Brentwood Tower C, plus First GSA and Second GSA over Nominee's personal property; comprised of First Mortgage Loan $126,932,331.66, Second Mortgage Loan facility 1 $53,031,004.54, Second Mortgage Loan facility 2 $9,232,702.01
- secured creditorsnote: Related-party guarantee collateral; principal amounts registered, not stated outstanding balances · page: 11 · debtor: Beta View Homes Ltd. (Nominee) - collateral mortgages securing guarantees of related-party obligations · creditor: KingSett Mortgage Corporation · currency: CAD · security: 'KingSett Brentwood Tower C Charges' - six collateral mortgages (registered principal amounts, not balances): CA9469147/CA946148 $61,000,000 (guarantee of Minoru Square Development LP); CA9774693 $80,000,000 (guarantee of Minoru Square Development LP); CB685881 $110,000,000 (guarantee of Lumina Eclipse LP); CB1229020/CB1229021 $176,500,000 (guarantee of 6511 Sussex Heights Development Ltd.); CB1229026 $124,000,000 (guarantee of Lumina Eclipse LP); CB1524901 $70,000,000 (guarantee of Lumina Eclipse LP)
- secured creditorsnote: Collateral security for Nominee's guarantee of 6511 Sussex Heights Development Ltd.'s obligations to KingSett; 6511 Sussex Heights (related party) placed into receivership December 13, 2024 on KingSett's application; principal amount, not a stated balance · page: 12 · debtor: Beta View Homes Ltd. (Nominee) · creditor: KingSett Mortgage Corporation · currency: CAD · security: KingSett Strata Mortgage dated March 14, 2024 registered against the Strata Lots, registered principal amount $176,500,000
- secured creditorsnote: Judgment obtained June 30, 2023; registered against title on/about December 16, 2024; Respondents did not disclose the judgment to KingSett prior to registration · page: 12 · as of: 2023-06-30 · amount: 11996763.09 · debtor: Lumina Eclipse Limited Partnership and Beta View Homes Ltd. (Respondents) · creditor: Canada Revenue Agency · currency: CAD · security: Judgment registered against the Real Property (all 14 parcels)
- secured creditorsnote: Indebtedness related to miscellaneous metal work for construction project · page: 13 · amount: 91043.54 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Clearbrook Iron Works Ltd. · currency: CAD · security: Claim of Builders Lien CB1690183 against Brentwood Tower C
- secured creditorsnote: Indebtedness related to crane services for construction project · page: 13 · amount: 6451.65 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Mega Cranes Ltd. · currency: CAD · security: Claim of Builders Lien BB1552360 against Brentwood Tower C
- secured creditorspage: 13 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Westmount West Services Inc. · currency: CAD · security: Mortgage and Assignment of Rents CB9317/CB9318, principal amount $50,000 - mortgage on land (Brentwood Tower C)
- secured creditorsnote: Coast is senior secured creditor re: Strata Lots; Coast Priority Agreement dated March 26, 2024 under which KingSett subordinated its security to Coast re: Strata Lots and agreed to standstill · page: 13 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Coast Capital Savings Federal Credit Union · currency: CAD · security: Mortgage and Assignment of Rents CB1652776/CB1652777 against Brentwood Tower C - stated as 'all debts of the Nominee due and owing to Coast'
- secured creditorsnote: Indebtedness related to recruitment services in connection with the construction project · page: 13 · amount: 69000 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Shezmin Kurshid Alam Khan · currency: CAD · security: Claim of Builders Lien HB9235 against Brentwood Tower C
- secured creditorsnote: Indebtedness related to temporary fencing services for construction project · page: 13 · amount: 2872.2 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Super Save Fence Rentals Inc · currency: CAD · security: Claim of Builders Lien CB1730476 against Brentwood Tower C
- secured creditorsnote: Amounts owing pursuant to Strata Property Act; per-lot liens not summed by document · page: 14 · debtor: Beta View Homes Ltd. (Nominee) · creditor: The Owners of Strata Plan EPS6882 (Strata Corporation) · currency: CAD · security: Strata Property Act liens against individual Strata Lots: CB1598449 (Lot 281) $2,590.24; CB1598442 (Lot 282) $3,900.59; CB1674335 (Lot 287) $12,162.64; CB1598391 (Lot 290) $3,626.35; CB1598383 (Lot 291) $3,687.29; CB1598380 (Lot 293) $3,687.29; CB1598363 (Lot 296) $3,687.28; CB1598329 (Lot 503) $3,717.74; CB1598044 (Lot 505) $3,534.93; CB1598204 (Lot 506) $3,626.35; CB1598207 (Lot 508) $4,631.96; CB1598206 (Lot 509) $3,534.93; CB1598452 (Lot 510) $4,113.91
- secured creditorsnote: Coast is senior secured creditor with respect to the Strata Lots · page: 14 · debtor: Beta View Homes Ltd. (Nominee) · creditor: Coast Capital Savings Federal Credit Union · currency: CAD · security: Mortgage and Assignment of Rents CA8924790/CA8924791 against the Strata Lots - stated as 'all debts of the Nominee due and owing to Coast'