TAM Management: the $1 million sale and the discharge sought with it

On May 1, 2026, the realtor for a buyer that had agreed to pay $2,350,000 for two apartment buildings on 6th Avenue West in Prince Rupert told the listing brokers that the buyer had finished its inspection and would not be removing its conditions, because "the economics simply do not support proceeding at any price above $0," per the receiver's Notice of Application (Sale Approval), filed Aug. 14, 2026, Part 2, para. 15(a). The buildings are walk-ups of two and three storeys, both put up in or around 1966, with 26 rental units between them, and both stand on timber piles, per the Receiver's First Report, Aug. 13, 2026, paras. 4, 15–16, 20(a).

Their owner is TAM Management Corp., also known as 101234267 Saskatchewan Ltd. On December 1, 2025, Justice G.C. Weatherill of the Supreme Court of British Columbia, hearing the petition in Prince Rupert, appointed MNP Ltd. receiver of the lands, their rents and the company's personal property associated with them, under s. 243(1) of the Bankruptcy and Insolvency Act and s. 39 of the Law and Equity Act, in Prince Rupert Registry No. PRR-S-H-12282, per the Receivership Order, Dec. 1, 2025, p. 1 and para. 1. The appointment reaches the two buildings and no other business of the company, per the receiver's Form 87 Notice and Statement of the Receiver, Dec. 10, 2025, para. 2. The receiver reported a $1,000,000 sale of both buildings in its First Report, and on August 26 it applied for its own discharge, to be heard alongside the sale approval, per the Second Supplement to the Receiver's First Report, Aug. 26, 2026, para. 2.

An order nisi came first

The receivership order was made in a mortgage enforcement proceeding nearly two years old. The petitioners are Prairie Centre Credit Union (2006) Ltd. and the three Concentra entities that hold the first, second and third mortgages on the lands as bare trustee for it: Concentra Financial Services Association, Concentra Trust and Concentra Bank, per the Receiver's First Report, Aug. 13, 2026, para. 5. The proceeding began on February 12, 2024; the lender obtained an order nisi on May 27, 2024 and an order for conduct of sale on January 14, 2025, which took effect on March 3, 2025. Then, "Due to issues experienced with the Debtor and in connection with the Lands," it applied for a receiver, per the Notice of Application (Discharge), Aug. 26, 2026, Part 2, paras. 5–6. The order nisi declared $2,357,114.09 due under the mortgages, per the Second Supplement, Aug. 26, 2026, para. 6(c). By the time the receiver arrived, the lands had been listed for about nine months with a broker the company had engaged, per the Receiver's First Report, Aug. 13, 2026, paras. 21(f), 25.

The receiver's statutory notice gives the principal line of business as "Tenancy of two apartment buildings." It puts the mortgage claim, listed there under the name Prosperity Credit Union, at $2,758,165 as of December 1, 2025, and lists as the largest unsecured claim then known $9,053 owed to the City of Prince Rupert, per the Form 87 Notice and Statement of the Receiver, Dec. 10, 2025, paras. 5(b), 5(d)–(e). The company had managed the buildings itself, per the Notice of Application (Sale Approval), filed Aug. 14, 2026, Part 2, para. 3. The petition also named Tammy Monsell as a respondent, and she appeared on her own behalf, by MS Teams, when the receivership order was made, per the Receivership Order, Dec. 1, 2025, p. 2. By mid-August the lender's secured debt stood at approximately $2.95 million, per the Receiver's First Report, Aug. 13, 2026, para. 6.

What the engineer found

MNP put a Prince Rupert property management company in charge of day-to-day operations and, shortly after its appointment, became aware of "significant deferred maintenance and structural issues affecting the Buildings." According to the First Report, the structural engineer it retained, FRP Engineering Ltd., found that the timber piles and reinforced concrete grade beams under both buildings have deteriorated from long-term settlement and the exposure of the piles to air and groundwater. The inspection found severe rot in portions of the piles under the 10-unit building at 147 6th Avenue West, where different parts of the structure have settled at different rates and extensive foundation remediation is recommended. The 16-unit building at 215 6th Avenue West is in substantially better condition because of foundation work done in or around 2011, though settlement was observed there as well. The engineer concluded the failures are not expected to result in "an imminent catastrophic failure of either of the Buildings." Both roofs are at or near the end of their useful lives, and in January 2026 the receiver laid a temporary membrane over the whole of the 147 roof; the boilers in both buildings are corroded and nearing the end of theirs, per the Receiver's First Report, Aug. 13, 2026, paras. 17, 19–20.

As of the First Report all 16 units at 215 were let, as were 8 of the 10 at 147; of the other two, one was being marketed and the other was held off the market pending roof repair, because that unit is "the principal point of water ingress into the 147 Building." The receiver also re-let five units that a local construction company had occupied until its leases expired as the receivership began, per the Receiver's First Report, Aug. 13, 2026, paras. 15–16, 18.

The listing brokers' marketing report, attached to the First Report, records what buyers raised: the foundation of one building, both roofs, and "replacement of the copper piping and original boiler systems in both buildings," at costs it describes as "likely to be well into seven figures." Colliers adds that one corner of the 147 building "is actively and significantly settling, resulting in cracking to the interior walls," and that 215 still has its original windows, per the Receiver's First Report, Aug. 13, 2026, App. "B" (Colliers Marketing Report, Aug. 5, 2026). The realtors advised the receiver that doing the repairs would not raise the value of the lands by more than the repairs would cost, per the Receiver's First Report, Aug. 13, 2026, para. 30(e).

Four offers

Expecting most buyers to come from outside Prince Rupert, the receiver engaged RE/MAX Coast Mountains (PR) and Colliers Macaulay Nicolls Inc. to co-list the lands. The listing went up on MLS on March 25, 2026 at $2.8 million; the brokers sent notice twice each to a targeted list of 2,326 prospective purchasers and to 1,880 MLS commercial prospects, logged 842 listing views and more than 70 inquiries, and gave detailed information to 30 qualified parties, per the Receiver's First Report, Aug. 13, 2026, paras. 22–23. The brokers took prospective purchasers through the buildings five times. After the $2,350,000 buyer withdrew, an offer of $1,000,000 with a 45-day condition period arrived on June 3 and one of $800,000 on June 12; the receiver declined both after consulting the lender, per the Notice of Application (Sale Approval), filed Aug. 14, 2026, Part 2, paras. 14(h), 15. The asking price came down to $1,500,000 on July 14, and on July 15 Synthesis Holdings Corporation offered $1,000,000, which the receiver accepted, per the Receiver's First Report, Aug. 13, 2026, App. "B" (Colliers Marketing Report, Aug. 5, 2026).