Bear Mountain Master Partnership et al
CCAA filing
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Status Update as of June 8, 2011
There have been no material realization of assets or updates in the status of this file since the interim distribution.
Please visit this page periodically for further updates.
Status Update as of December 23, 2010
The Monitor has processed the interim distribution and the cheques have been mailed out.
Status Update as of November 5, 2010
The Monitor confirms that on November 5, 2010, certain assets of Bear Mountain have been transferred into newly created subsidiaries of HSBC Bank Canada according to Section 9.1(c) in the Revised Consolidated Plan of Arrangement (the "Plan"). November 5, 2010 now serves as the Effective Date as defined in the Plan. As such, the Monitor is required to make the Initial Distribution to the General Creditors (i.e. up to $500 per creditor) on or before December 3, 2010.
Status Update as of October 29, 2010
An application to amend the powers of the CEO is scheduled to heard on Friday, October 29, 2010 at 9:45 am.
Status Update as of October 4, 2010
Today the British Columbia Supreme Court approved the Plan. More details will be posted as soon as they become available.
Status Update as of October 4, 2010
Judge Masuhara heard submissions in this matter Wednesday, September 29 and received further written submissions. Judge Masuhara will give his ruling on Monday October 4, 2010 at 1:15 pm at the Vancouver Law Courts.
Status Update - September 29, 2010
The Sanction hearing to approve the Plan began today but was adjourned to Monday, October 4, 2010 (time to be determined). The Court ordered the Stay of Proceedings extended until further notice.
Status Update - Results of Creditor Vote on the Plan
A Meeting of General Creditors was held on September 21, 2010 in Victoria, B.C. to consider and vote on the Plan of Arrangement.
The Plan was approved by 97% of the General Creditors who voted in person, by proxy or by voting letter.
The final step in the approval process is to obtain Court approval of the Plan of Arrangement. A Court hearing to obtain approval of the Plan is scheduled for 9:00 am (Vancouver time) on September 29, 2010. The hearing will take place at the British Columbia Supreme Court, Vancouver, B.C.
The Monitor will also be filing its 5th Report to the Court detailing the results of the creditor vote on the Plan, and other matters, prior to the hearing.
Status Update - September 9, 2010 Hearing Decision
The following update is based on the Justice Masuhara's oral reasons for judgment on September 17, 2010.
Motion # 1
Motion by HSBC to amend the CRO Order of March 25, 2010 to provide the CRO with the authority to assign the Bear Mountain companies into bankruptcy and to have such bankruptcy proceedings stayed.
The motion amending the CRO Order to provide the CRO with the authority to assign the Bear Mountain companies into bankruptcy was approved.
The motion to have the bankruptcy proceeds stayed was denied; however, HSBC was given leave to reapply to the Court once a bankruptcy proceeding is initiated to have the motion reviewed.
Motion # 2
Motion by Canada Revenue Agency ("CRA") that HSBC pay forthwith to Her Majesty the proceeds received from the sale of assets known as the Finlayson Reach units up to $1,398,322.83 being the amount deemed held in trust for Her Majesty under section 222 of the Excise Tax Act.
The Court did not decide this motion and referred to the pending Ted LeRoy case which is being considered by the Supreme Court of Canada. Parties have leave to reapply to the Court to have the motion determined once the Ted LeRoy decision is rendered. The Court also indicated in its reasons that this issue would best be determined in a separate proceeding.
Motion # 3
Motion by CRA that the Initial Order be amended to clarify that Petitioner shall not be paid the proceeds from the sale of the assets until the applicable amount deemed held in trust under had been paid in full to Her Majesty.
The Court did not decide this motion and referred to the pending Ted LeRoy case which is being considered by the Supreme Court of Canada. Parties have leave to reapply to the Court to have the motion determined once the Ted LeRoy decision is rendered. The Court also indicated in its reasons that this issue would best be determined in a separate proceeding.
Motion # 4
Motion by CRA for a declaration that the Initial Order does not apply to Her Majesty with respect to the amounts owing by the Bear Mountain Respondents that are deemed held in trust under section 222 of the Excise Tax Act(the "Deemed Trust Amounts"), or in the alternative, an Order lifting the stay provisions of the Initial Order with respect to the Deemed Trust Amounts.
Motion Denied.
Status Report as of September 9, 2010
On September 9, 2010, the Court heard arguments from Canada Revenue Agency ("CRA") and HSBC regarding CRA's deemed trust claim for unpaid Goods and Services Tax. In addition, the Court heard arguments on HSBC's motion allow the CRO the power to assign Bear Mountain companies into bankruptcy. The Court reserved its decision. An update will be posted once it is available.
Status Report as of September 3, 2010
On September 3, 2010, the Monitor mailed a Notice of the Meeting of Creditors to every creditor who that has filed a claim with the Monitor before the Claims Bar Date. The meeting will be held on Tuesday, September 21, 2010 at 2:00 p.m at the Victoria Marriott Inner Harbour Hotel. The purpose of the meeting is to consider and vote on the Plan of Arrangement. A copy of the Meeting Notice and related material is available on this website under the heading "Claims Process".
Status Report as of July 29, 2010
The Monitor advises that at the July 23, 2010 hearing to consider the Turner Lane application, the Court delayed any decisions or reasons until a hearing scheduled for today, July 29, 2010. The Monitor further advises that today's hearing has been postponed until Tuesday, August 3, 2010 at 9:15 am.
Status Report as of July 9, 2010
On July 5th, the Court approved:
- the stay of proceedings be extended to September 30, 2010
- the appointment of a new CEO, and
- that the Companies be permitted to file their Consolidated Plan of Arrangement.
All supporting documents and Orders can be found in the various headings on this website.
Status Report as of July 5, 2010
The stay of proceedings was extended to midnight, July 5, 2010. The Court is expected to relay their decisions regarding the recent application materials, at 12:30 pm July 5, 2010.
Status Report as of June 30, 2010
At today's hearing, the Court extended the stay of proceedings to midnight, July 2, 2010. The Court also approved the accounts of the CRO.
All other matters were adjourned to the next hearing, which will be at 10:00 am, July 2, 2010.
Status Report as of June 30, 2010
The Monitor advises that the following documents have been filed to the Reports to the Court and Motion Material areas of this website:
- Monitor’s 4th Report to the Court which includes:
- updated cash flow reports (Appendices B & C)
- Company’s Revised Consolidated Plan of Arrangement (Appendix E)
- CRO’s 4th Report
- Various Notices of Motion for June 30th hearing
- Notice of Hearing
A hearing is taking place today to largely:
- Extend the stay of proceedings to September 30, 2010
- Seek the court’s approval on:
- Appointment of a new CEO
- Transfer of powers from the existing CRO to the new CEO
- Filing a Consolidated Plan of Arrangement
- Adoption of a procedural order to initiate the Plan review process
Status of File as at June 4, 2010
The application dealing with the right of the CRO to assign the Bear Mountain Respondents into bankruptcy has been adjourned. We will update this web-site when a new date for the application is known.
Status of File as at June 2, 2010
The CRO's Second Report is available under Reports to the Court.
Status of File as of May 20, 2010
- Today (May 20, 2010) the court approved an extension of the Stay of Proceedings until 11:59 pm, June 30, 2010.
- Today the Court also approved the CRO's motion concerning re: the payment of certain critical supplier claims (see Notice of Motion dated May 19, 2010).
- The next court hearing will be on June 4, 2010 with regards to amending the CRO Order (dated March 25, 2010) to allow the CRO to assign the companies into bankruptcy.
- Subsequent court hearings are also scheduled for June 25, 2010 (with regards to the Romspen issues), and June 30, 2010 (with regards to a comeback hearing and further stay extensions).
Status of File as of May 19, 2010
The Monitor's Third Report and the CRO's First Report to Court are now available for viewing under the "Reports to Court" tab. In each of those reports, there is reference to the bank making an application to allow the CRO to assign the companies to bankruptcy.
The Monitor wishes to advise creditors, employees, suppliers and other interested parties that the bankruptcy assignments will have no effect on Bear Mountain's on-going day-to-day operations. The bankruptcy process is a legal component of the overall administration and is being done to facilitate Bear Mountain's efforts to restructure under the CCAA. This application will no longer be heard at the May 20, 2010 hearing but is tentatively scheduled to be heard by the Court at a hearing on June 4, 2010. The Monitor emphasizes that the bankruptcy filings, should they occur, will have no impact on the on-going operations of Bear Mountain
Status of File as of May 18, 2010
The Monitor had anticipated filing its 3rd report to the Court on May 17, 2010, however the filing of the report will be delayed in order to address motion material anticipated to be filed by the CRO and the Petitioners. The report is now expected to be filed on May 19, 2010
Status of File as of May 14, 2010
May 14, 2010 - We advise the Monitor's 3rd Report will be available on this website on Monday, May 17, 2010
Status of File as of April 20, 2010
The Comeback hearing is scheduled for Thursday, April 22, 2010 at 9:45 am. The purpose of the application is to extend the Stay of Proceedings until Tuesday May 18, 2010 and to have a Claims Process Order approved by the Court.
On March 25, 2010, an Order of the Court was approved appointing Prowis Inc. as the Chief Restructuring Officer of Bear Mountain Master Partnership et al.
Status of File as of March 25, 2010
Bear Mountain Master Partnership, Bear Mountain Development Holdings Ltd., 18 on 18 Developments Ltd., and Bear Mountain Resort Management Corp., were petitioned into protection under the Companies' Creditors Arrangement Act on March 25, 2010.
This Web site will be updated as information becomes available.
