Tripoint West Georgia: a receivership deferred to November 1, by consent

On June 24, 2026, National Bank of Canada petitioned the Supreme Court of British Columbia to appoint Deloitte Restructuring Inc. receiver and manager of the first four floors of 1575 West Georgia Street in Vancouver, "36,038 square feet of net leasable commercial office space" held as an air space parcel, and of a fifth-floor strata lot in the same building. Both parcels are registered in the name of Tripoint West Georgia Holdings Ltd., as nominee for the borrower, 1111801 Holdings Ltd., a company incorporated in the Turks and Caicos Islands and registered extraprovincially in British Columbia. The petition also reached all the assets of 1231348 B.C. Ltd., which operates "a co-work share space environment" on the floors. The bank's affidavit put the debt at $14,338,186.96 as of June 19, with interest and fees continuing to accrue, per the Petition to the Court, June 24, 2026, Part 1, para. 1 and the National Bank affidavit #1, June 23, 2026, paras. 5, 10, 15–16.

The order came on August 10, by consent. Made by Justice Coval, it appoints Deloitte under s. 243(1) of the Bankruptcy and Insolvency Act and s. 39 of the Law and Equity Act with effect from an "Effective Date": the earlier of the bank's filing a certificate that the respondents had failed to satisfy one or more of the payment conditions recorded in the order and had not remedied the failure within three business days, and November 1, 2026. If the respondents paid the bank all amounts owing before November 1, the order requires the bank to file a certificate of repayment, "whereupon the appointment of the Receiver contemplated by this Order shall be of no force or effect," per the Receivership Order, Aug. 10, 2026, paras. 2, 36. November 1 was the date the respondents had asked for, according to the National Bank written submissions, Aug. 4, 2026, para. 35.

Four floors on West Georgia, and the 2023 loan

Canadian Western Bank, later amalgamated to form National Bank, agreed under a commitment letter of January 13, 2023 to facilitate the refinancing of the four floors and to provide an inventory loan to refinance two fifth-floor strata units of 4,080 square feet. Facility 1 was up to $22,000,000 in three tranches, at 6.75% a year; Facility 2 was up to the lesser of half the units' appraised value and $2,800,000; together they could not exceed $22,000,000. In an agreement of the same date, Tripoint and the borrower represented to the bank that Tripoint holds the real property as nominee and bare trustee for the borrower. The security includes a $22,000,000 debenture, with a mortgage and an assignment of rents, registered as a first fixed charge on February 2, 2023, and a general security agreement from 1231348 B.C. Ltd., which guaranteed the loan with two other British Columbia companies, Arpeg Holdings Ltd. and Arpeg Investments Ltd. The bank says it holds the only registered mortgage on the real property, per the National Bank affidavit #1, June 23, 2026, paras. 7, 13–15, 17–19, 22.

The commitment letter defines 1231348 B.C. Ltd. as "And-Co.," per the paralegal's affidavit, June 23, 2026, Ex. "B" (Commitment Letter, Jan. 13, 2023), p. 1. By the bank's affidavit, its co-work space includes 27,951 square feet of office on levels two to four, 8,087 square feet of retail on the second level and 674 square feet of retail on the ground floor; the office space on the third and fourth levels is "geared for co-workspace," and the retail space "is meant to support that use with 'break-out' spaces," per the National Bank affidavit #1, June 23, 2026, para. 16.

Defaults since May 2024, by the bank's account

The defaults are sworn to by a senior director and team lead in the bank's special loans group. Notifications of breach, each with forbearance terms, followed missed payments in April and May 2024 and in July and August 2024. In or around August 2024, the affidavit says, the borrower "generated additional liquidity through the sale of other real property, which temporarily alleviated payment pressures and prevented further payment issues for several months." A June 13, 2025 letter cited missed payments for April, May and June 2025. An August 13, 2025 letter said Facility 2 had matured on May 1, 2025, and required, among other things, payment of $675,406 to the City of Vancouver for outstanding property taxes and the discharge of a Strata Property Act lien registered against strata lot 5 on June 4, 2025, per the National Bank affidavit #1, June 23, 2026, paras. 1, 25–29. The parties' later forbearance agreement records that the lien "arises from a dispute between the Nominee as the owner and developer of Strata EPS8445, and the Strata Corporation, in respect of the annual budget for the Strata Corporation," and that Tripoint "has contested the fees alleged to be owing," per the paralegal's affidavit, June 23, 2026, Ex. "Q" (Forbearance Agreement, Feb. 6, 2026), s. 2.14.

On or around December 5, 2025, after what the affidavit calls "delays in closing the sale of the Units," the borrower paid $2,830,383.39 in full satisfaction of Facility 2, and the bank released its security over strata lot 4. A January 2, 2026 letter from the bank's counsel required full repayment by February 1. The affidavit says the obligors did not pay by then, and on February 6 the bank delivered its demand, with a notice of intention to enforce security under s. 244 of the BIA, per the National Bank affidavit #1, June 23, 2026, paras. 30–33.

Three forbearance periods and the Scotiabank take-out

The forbearance agreement is dated the same day as the demand. In it the obligors acknowledged obligations of $14,286,384.12 as of February 1, and the bank agreed to forbear until April 3 or an earlier forbearance default. Its 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," per the paralegal's affidavit, June 23, 2026, Ex. "Q" (Forbearance Agreement, Feb. 6, 2026), ss. 2.11, 2.13, 3.01. An executed term sheet was due by March 13 and an executed commitment letter by March 23, per the National Bank affidavit #1, June 23, 2026, para. 37.

The bank's August 4 submissions quote the obligors' counsel's emails on the refinancing from a July 20 affidavit that is not in the record, beginning with one of March 13 that attached a preliminary term sheet from Scotiabank and, in the email's words, a "CMLS marketing offering that has 4 lenders coming to the table next week. That said, barring an unexpectedly competitive offering, our client will proceed with Scotia." On March 31 counsel wrote: "we hope to receive the commitment letter from Scotia this week or early next week," per the National Bank written submissions, Aug. 4, 2026, paras. 23, 26. The March 23 deadline had passed without a commitment letter, and the forbearance period expired on April 3, per the National Bank affidavit #1, June 23, 2026, para. 38.

On April 13 counsel asked for more time: "[o]ur client has advised that the commitment from Scotia should come this week or early next. Given that timing, it would be unrealistic to expect that the loan can be funded by April 30. Would National be amendable [sic] to an extension of the forbearance to May 15?" On April 22: "Scotia has confirmed the target funding date of May 15 to our client," per the National Bank written submissions, Aug. 4, 2026, paras. 28–29. The first amendment, made as of April 23, reinstated and extended the forbearance to May 15, on conditions that included payment of the bank's enforcement costs and a $160,000 equity injection, with a further $50,000 injection due by May 1; the affidavit says the costs were paid and the injections made, per the National Bank affidavit #1, June 23, 2026, paras. 39–40. In it the obligors agreed that upon termination of the forbearance period, if any obligations remained outstanding, the bank "may, by instrument in writing, appoint a receiver and manager over all or any part of the assets, undertakings and properties of the Obligors, or may apply to any court of competent jurisdiction for the appointment of a receiver," per the paralegal's affidavit, June 23, 2026, Ex. "R" (First Amendment to Forbearance Agreement, Apr. 23, 2026), s. 5.01.