British Columbia · Receivership (court-appointed)
Second Report of the Receiver (August 15, 2025)
Court officer report · 15 August 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 filing8 verified
- closing confirmedscope: the Hillcrest Property · outcome: completed · date basis: unstated · approval order date: 2025-06-11
- operational summaryThe companies have ceased operating; the receiver recovered and stored roughly 9,000 pieces of jewellery inventory, is selling the gold via melt (Guardian) and select items via Bonhams auction, sold the Hillcrest Property and is marketing the Clearbrook Property. Principals have not cooperated and no books and records were provided.
- purchaserprice: sealed: false · scope: the Hillcrest Property · status: closed · name note: purchaser of the Hillcrest Property, unnamed · structure: real_property · name source: recital · relationship: unstated; Bonhams
- recovery outcomeentries: basis: estimated · quote: 136. The Receiver estimates that the first secured creditor will suffer a shortfall of between $1.3 million and $3 million on their loan of approximately $10 million. · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · amount low: 1300000 · amount high: 3000000 · class label: first secured creditor, CIBC · claims amount: 10000000 · creditor name: CIBC · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: estimated; basis: estimated · quote: 145. Based on current information, the Receiver anticipates a shortfall to the first-ranking secured creditor, CIBC of between $1.3 million and $3 million, and, as such, no recovery is expected for any other creditors. · pct of: unstated · outcome: nil · stated by: receiver · class label: any other creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-08-15 · table missing: 137. The following table is a summary of the estimated recovery to the first secured creditor.
- report date15 August 2025
- report noSecond Report
- sale advisorBonhams; Silverman Consulting & Retail Services
- sale outcometext: Approval sought for sale of inventory and Bonhams auction of select items, with the Hillcrest Property sale already closed · scope: liquidation · status: liquidation_in_progress