The lot is 66,029 square feet at 1221 East 2nd Avenue in Vancouver, and what was to go up on it, in the words of Laurentian Bank of Canada's petition, was "a single-phased, 5-storey, 85-unit industrial and office strata project." Alliance Wingsail (Clark and 1st) Limited Partnership is the beneficial owner, Alliance Wingsail (Clark and 1st) Holdings Ltd. holds title as its trustee, and Alliance Wingsail (Clark and 1st) GP Ltd. is the general partner and a guarantor; the petition calls them together "a property developer based in Vancouver," per the Petition, June 30, 2026, Part 2, paras. 1, 6–7. A commitment letter from one of the two refinancing lenders later named in the developers' forbearance agreement describes the project as "marketed as 'Frameworks'," per the Affidavit #1 of Susan Danielisz, June 12, 2026, Ex. "NN", p. 402.
On August 13, 2026, Justice Masuhara of the Supreme Court of British Columbia appointed PricewaterhouseCoopers Inc. receiver and manager of all three, on Laurentian's petition, under s. 243(1) of the Bankruptcy and Insolvency Act and s. 39 of the Law and Equity Act, in Vancouver Registry No. S-264921, per the Receivership Order, Aug. 13, 2026, recitals and para. 2. The appointment had been written into the developers' forbearance agreement with the bank four months earlier, which made "a fully executed copy of the consent receivership order" appointing PwC, "duly executed by legal counsel to the Obligors," a condition of the forbearance taking effect, per the Affidavit #1 of Susan Danielisz, June 12, 2026, Ex. "Z", s. 4.01(a)(ii). Eleven days after the appointment, PwC's notice and statement estimated the debtors' assets at $56,150,000 from their own books, and its list of creditors carried one line, "Pre-Sale Deposits," for $15,026,000, in the unsecured column, per the Form 87 Notice and Statement of the Receiver, Aug. 24, 2026, paras. 1, 6 and App. A.
A construction loan, renewed and cut back
Laurentian's money went in during 2022. Dax Romero, the bank's senior manager of special loans, affirmed on June 12, 2026 that the debtors entered a commitment letter dated May 31, 2022, accepted June 3, "In an effort to refinance the Project." Under it the bank made available a demand interim non-revolving construction loan facility of up to $22,250,000 and a $3,500,000 letters of credit facility. Laurentian and National Bank of Canada funded the facilities as co-lenders, and Laurentian acts as agent for National Bank, per the Affidavit #1 of Dax Romero, June 12, 2026, paras. 1, 10–12. The general partner and six individuals guaranteed the debt jointly and severally on June 14, 2022, and the security included a mortgage and assignment of rents in the principal amount of $26,700,000, registered July 19, 2022, and a general security agreement, per the Romero affidavit, paras. 13–14.
The loan was then reworked three times by amending letter and three times by renewal letter, each at the borrowers' request, between June 30, 2022 and March 11, 2025. The second and third amendments cut the maximum aggregate authorized amount of the facilities, from $25,700,000 to $23,870,000 in June 2023 and to $22,900,538 in November 2024, per the Romero affidavit, paras. 16–21. The petition says the changes were made "to address the Debtors' liquidity constraints," per the Petition, Part 2, para. 15.
Defaults, a second mortgage and a demand
The loan matured on February 1, 2025 and was not repaid. On July 11, 2025 Laurentian wrote to the limited partnership that the facilities were in default, citing the missed maturity, the unpaid June 1 and July 1, 2025 interest payments, unpaid 2025 property taxes and updated financial information the bank had asked for and not received, per the Romero affidavit, para. 22.
After that letter the developers obtained subordinate financing. Stoic Financial Ltd. took a second mortgage and assignment of rents in the principal amount of $825,000, registered November 14, 2025, and a subordination and standstill agreement put Stoic's security and debt behind Laurentian's, per the Romero affidavit, paras. 23–24. Of the $825,000, the petition says, Stoic funded $625,000, per the Petition, Part 2, para. 18.
The interest due for September 2025 through February 2026 was not paid either. Romero lists all six monthly payments, each between $162,617.23 and $170,371.46, along with property taxes levied by the City of Vancouver, per the Romero affidavit, para. 25. The bank's counsel sent a further default letter reserving its rights on February 6, 2026, and on March 2 a demand for repayment with a notice of intention to enforce security under s. 244 of the BIA; the notice period lapsed on or about March 12, per the Petition, Part 2, paras. 20–21.
The forbearance and its conditions
On April 2, 2026 Laurentian, the three debtors and the six individual guarantors entered into a forbearance agreement whose stated purpose was "to provide the Obligors with the ability to obtain refinancing in respect of the Obligations in accordance with, and within the timelines set forth in, this Agreement." It put the obligations at $23,580,648.92 as of April 1, 2026, and the forbearance was to end on the earlier of June 30, 2026 and any forbearance default, per the Danielisz affidavit, Ex. "Z", ss. 2.11, 2.13, 3.01.
The refinancing had lenders' names attached. By April 30 the borrowers were to deliver executed commitment letters from Fiera Canadian Real Estate Debt Fund LP and KingSett Mortgage Corporation, and every two weeks after signing a "CP Status Report" tracking the conditions precedent in each. They were to pay interest arrears in stages, $700,059.95 of it by April 30, and everything still owing, principal included, by June 30. The forbearance fee was $225,000, in instalments of $50,000 on signing, $50,000 by April 30, $50,000 by May 31 and $75,000 on June 30; if the bank was repaid in full by April 30, the fee would fall to $50,000, per the Danielisz affidavit, Ex. "Z", ss. 4.02–4.03, 6.01.
On any forbearance default the bank could "complete any missing information in the Receivership Order (including details of any supporting affidavits)" and file it with the court, "and each Obligor hereby irrevocably consents to the filing and entry of the Receivership Order in such circumstances." The borrowers also agreed not to bring proceedings under bankruptcy and insolvency laws against any of themselves without the bank's prior written consent, per the Danielisz affidavit, Ex. "Z", ss. 11.01(b), 12.01. The copy of the consent order in the record is approved for the respondents by William E.J. Skelly of MLT Aikins LLP, on a form whose file number, judge, date and affiants are left blank, per the Danielisz affidavit, para. 3 and Ex. "AA", pp. 300, 309.
The April 30 deadline, and a refinancing set for June 30
According to Romero, the borrowers did not pay the $700,059.95 or the $50,000 fee instalment by April 30, did not provide the refinancing commitments and did not deliver an updated status report, per the Romero affidavit, para. 31. On May 5 the bank's counsel gave notice of those four defaults and of the bank's intention to file and seek entry of the receivership order; the same letter acknowledged receipt of the April instalment that day, per the Danielisz affidavit, Ex. "MM", pp. 395–396. The next $50,000 instalment, due at the end of May, was not paid, Romero says, per the Romero affidavit, para. 34.
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