Lifetec: sold roll formers, and the records to say whose they were

The first two lots on the list of Lifetec Construction Group Inc.'s equipment were 2021 custom roll-forming machines made by Samco Machinery: an SG 1 1/2-10 with a single decoiler, and an SGT3 2-14 with a double-sided rotating decoiler and a hydraulic punch, per the receiver's Invitation for Offers and Information Package, App. 1. Both went to CGC Inc. in a sale that closed on July 23, per the Receiver's Second Report, June 25, 2026, App. C, Sch. "A" and the Receiver's Third Report, July 24, 2026, para. 19. Which company owned them remains uncertain, the receiver reports. The machines appear in the appraisal reports and security registrations of both Lifetec and its affiliate Westud Steel Products Ltd.; Lifetec's management has told the receiver that ownership is split between the two; and Grant Thornton Limited, Lifetec's receiver, says that it and Deloitte Restructuring Inc., Westud's receiver, "have been unable to obtain sufficient documentary evidence to establish ownership," per the Receiver's Third Report, July 24, 2026, paras. 30, 34.

In that report, dated July 24, Grant Thornton asks the Supreme Court of British Columbia for two orders that follow from the sale. One would approve a second sale, of the assets CGC did not buy, to Joiner Sales Corp. and Infinity Asset Solutions Inc. for cash, at a price redacted from the public copy. The other would compel Samco to produce the contracts, invoices, drawings and build records that the receiver considers "critical to determining ownership of the Samco Machines." The application is returnable at 9:45 a.m. on August 3 in Vancouver, per the Notice of Application, July 24, 2026, p. 1 and Part 1, para. 1 and the Receiver's Third Report, July 24, 2026, paras. 8, 34.

Three companies under one roof

Lifetec, incorporated in British Columbia on June 22, 2017, was the downstream end of a vertically integrated steel business. Columbia National Steel Products Inc. processed steel, Westud fabricated it, and Lifetec designed, manufactured and installed steel framing for construction projects, per the Receiver's First Report, May 4, 2026, paras. 7–8, 21(a). Its information package describes wall panels, floor joists and roof trusses made on computerized equipment and delivered to sites for assembly, per the Invitation for Offers and Information Package, App. 2. All three companies worked out of 13050 88th Avenue in Surrey, where Lifetec held the head lease, sublet space to the other two and employed approximately 20 people until it ceased operations on the receiver's appointment. Lifetec's directors, Sukhvir Singh Mann and Pardip Singh Sidhu, whom the First Report also calls the guarantors, are identified as directors of Westud as well in a corporate search the receiver cites, per the Receiver's First Report, May 4, 2026, paras. 8–9, 21(b), 21(d).

Royal Bank of Canada, owed approximately $5,750,512 as at January 22, 2026, applied for the receivership, and Justice G.C. Weatherill appointed Grant Thornton on April 2 under s. 243(1) of the Bankruptcy and Insolvency Act and s. 39 of the Law and Equity Act, per the Receivership Order, Apr. 2, 2026, para. 1 and the Receiver's Third Report, July 24, 2026, paras. 1, 17. Deloitte's appointment over Columbia and Westud came under an order of Justice Morellato made on March 4 and effective April 7, in action S-260413. The two receivers run separate estates but have coordinated their sale processes and entered into a cost-sharing arrangement, per the Notice of Application, July 24, 2026, Part 2, paras. 6, 9.

Rent is the largest disbursement in the receiver's accounts. The receiver pays the landlord $62,929.65 a month, triple net, and collects $12,301.69 and $15,103.25 a month from Deloitte on the Columbia and Westud subleases; occupancy rent made up $186,691 of the $223,772 disbursed by June 23, per the Receiver's Second Report, June 25, 2026, App. D and notes 1–2.

What CGC bought

The first sale ran from an April 27 teaser to a May 27 bid deadline. The receiver engaged approximately 114 potential purchasers and received eight offers by the deadline and one late, per the Receiver's Second Report, June 25, 2026, paras. 15, 17(e), 18. CGC Inc. signed on June 17 for four lots: the two Samco machines, with their related spare parts, including tool and die equipment, and two Framecad roll formers from 2018 and 2019. The price, and its apportionment among the four machines, are redacted, per the Receiver's Second Report, June 25, 2026, App. C, s. 3.1, Sch. "A". The receiver told the court that the price exceeded the forced liquidation value estimated in an updated appraisal dated May 7, 2026, "on both an individual asset and aggregate basis," per the Receiver's Second Report, June 25, 2026, para. 22(b). The court approved the sale on July 9, and it closed on July 23, per the Receiver's Third Report, July 24, 2026, paras. 6, 19.

A one-week round and a cash option

What CGC left went into a second round that ran from June 25 to July 2. Schedule A of the resulting agreement lists two more Framecad roll formers, a telehandler, two forklifts, a flatdeck trailer, inventory, racking and tools, and the office, down to two 65-inch televisions, per the Receiver's Third Report, July 24, 2026, App. B, Sch. A. The receiver saw "limited benefit" in going back to the 105 first-round parties that had not bid. It invited the eight unsuccessful first-round offerors that had expressed interest in Lifetec's tangible assets, and three parties that had contacted it and Deloitte but had missed the first round. Eight offers came in, the majority of them for the remaining assets of all three companies, per the Receiver's Third Report, July 24, 2026, paras. 21–22.

Joiner/Infinity's offer was the highest on a combined basis for the three companies' remaining assets; like the next-highest, it proposed an auction, and it also carried a cash purchase option. The receiver negotiated how much of the two leading proposals' net minimum guarantees, and of Joiner/Infinity's cash price, was attributable to Lifetec's assets, then concluded that the cash offer was the highest and best for them, per the Receiver's Third Report, July 24, 2026, paras. 23–25. The notice of application says the same offer was also the highest and best for the Columbia and Westud receivership, per the Notice of Application, July 24, 2026, Part 2, para. 15.

The agreement was signed on July 21, and Joiner/Infinity paid a deposit that day of 12.5% of the price, described as non-refundable but refundable if the court does not approve the agreement; closing is set for noon on August 4, per the Notice of Application, July 24, 2026, Part 2, para. 16 and the Receiver's Third Report, July 24, 2026, App. B, "Satisfaction of Purchase Price". The buyer may hold its auction at the premises on or about August 11, with access at no charge, and all purchased assets, sold or unsold, must be removed by 5 p.m. on August 31. It indemnifies the receiver, RBC and the landlord against losses from its access, the auction and the removal, per the Receiver's Third Report, July 24, 2026, para. 27; App. B. One clause bears on this estate's other difficulty: the receiver may withdraw from the sale any asset whose ownership is disputed, with an adjustment calculated on that asset's appraised forced liquidation value plus the buyer's premium, per the Receiver's Third Report, July 24, 2026, App. B, "Count Confirmation and Adjustment".