439288 BC Ltd. and Area Finance Inc.

Insolvency-Bankruptcy Filing

Page last updated: August 13, 2013

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 of File July 10, 2014

Attention Creditors: If your name is on the dividend sheet below and you did not receive a cheque in July 2013 please contact Kiran Chahal as soon as possible.

90 KB Interim Dividend Sheet July 2013

Status as at August 2, 2013

On November 25, 2013, Gowling Lafleur Hendersen LLP, legal counsel to PricewaterhouseCoopers Inc., Trustee of the Estates of 439288 B.C. Ltd. and Area Finance Inc., will make an application to the Supreme Court of British Columbia for the taxation of its legal fees. Copies of the application materials can be found in the "Legal" Tab [to the left].

Status as at July 29, 2013

An interim dividend in the amount of $300,000.00 has been issued to the creditors of Area Finance Inc. A copy of the dividend sheet is located under the Creditor Communications tab below.

Status as at July 22, 2013

On June 24, 2013 the Inspectors of the Estates approved an interim distribution in the amount of $300,000.00 to the creditors of Area Finance Inc. At this time no interim distribution will be issued from 439288 B.C. Ltd. Estate as there are not sufficient funds to make a distribution to creditors. We will be mailing dividend cheques to creditors shortly. At this time, we are unable to estimate when our administration of the estates will be completed and a final distribution is made to creditors. Periodic updates regarding the status of the file will be communicated on this website.

Status as at February 7, 2013

A report to creditors dated January 31, 2013 is available under the creditor communications tab below. The report provides creditors with an update on the status of the Area Finance Inc. and 439288 B.C. Ltd bankruptcies.

Status as at June 13, 2011

A report to creditors is available under the creditor communications tab below. The report provides creditors with an update on the status of the Area Finance Inc. and 439288 B.C. Ltd bankruptcies.

Status as at December 10, 2010

The Trustee has made available 10 vacant lots for sale in the Burns Lake, Hazelton and Prince George areas. A summary of the available lots and a detailed information package are available for download below under the Assets for Sale tab.

Enquiries should be directed to Ms. Senara Mulitalo in the Area Finance Office, located in the Evergreen Mall, 321 Highway 16, Burns Lake, BC on Mondays and Tuesdays or by phone, 250 692 1855.

Alternatively, please contact Kiran Chahal on +1 604 806 7057.

Status as at November 19, 2010

The Inspector’s in the bankruptcies of Area Finance Inc. and 439288 B.C. Ltd requested the Trustee prepare a letter summarizing the tasks completed to date.

Please refer to the document titled “Letter to creditors re tasks completed” under the Creditor Communications section.

Status as at July 21, 2010

The Inspectors of Area Finance Inc. and 439288 B.C. Ltd have prepared a report to update creditors on the status of the estates. The report can be accessed on this website via the left navigation under “Inspector Reports” or in hardcopy form at the Burns Lake office located in the Evergreen Mall.

The Inspector Reports will be provided on a regular basis to keep creditors informed of developments in the administration of the estates.

Status as at June 1, 2010

On May 31, 2010, Douglas Montaldi was petitioned into Bankruptcy and Boale Wood & Company Ltd was appointed Trustee.

Boale Wood & Company Ltd was also appointed as Receiver to Omineca Lama Ranch Inc. on May 19, 2010.

Enquiries regarding both appointments should be addressed to Mr John McEown of Boale Wood & Company Ltd at 604 605 3335.

Status as at April 13, 2010:

A silent auction of artwork and sports memorabilia of Area Finance Inc. will be held in Burns Lake on Friday April 16, 2010, commencing at 10 am. For full details, please refer to the documents entitled ‘Silent Auction Rules’ and ‘Artwork’ under the Burns Lake Auction section of this webpage. Please direct any enquiries to Senara Mulitalo at (250) 692 1855.

Status as at March 3, 2010

In an effort to save on professional fees on these estates, we advise we have hired an employee to deal with all investor inquiries, loan payment collections, etc. Her name and contact information appear to the right of this update. Please contact PwC only if your query not be answered by Ms. Mulitalo, or if you have any change with regards to your claim in the estates.

Status as at February 9, 2010

Posted in the Creditor Communications portion of this website are Amended Statements of Affairs for both 439288 BC Ltd. and Area Finance Inc. Both statements now include an Exhibit A, which is a listing of the loan receivables for each entity.

Status as at February 2, 2010

1. Inspector Meetings

The Trustee and inspectors have held two meetings to discuss the findings in the Trustee's report to inspectors dated January 6, 2010, and to make some decisions regarding the realization of the assets.

2. Trustee's Report

The Trustee's report will be released to creditors in the coming weeks.

3. Loan Collection Agent

The inspectors have chosen CRC located in Prince George, BC to be the estate's loan collection agent. CRC will be establishing an office in Burns Lake in the interim.

4. Real Estate Agent

The inspectors have chosen Robbie Nay of Remax, Burns Lake to be the real estate listing agent for the various properties.

5. Glenn Anderson Personal Bankruptcy

Mr. Anderson filed an assignment in bankruptcy on January 26, 2010 with John S. Beverley & Associates of Prince George.  Mr. Anderson is a first time bankrupt and will be eligible for discharge as early as nine months from the date of his bankruptcy (i.e. October 2010).  Mr. Anderson personally guaranteed the debts of 439288 B.C. Ltd. ("439").  Accordingly, all 439 debenture holders are listed in his personal bankruptcy, and all should expect to receive materials concerning his personal bankruptcy by mail in due course.

As a creditor in Mr. Anderson's personal bankruptcy estate, you must file a proof of claim with John S. Beverley & Associates if you wish to:

  • receive further communication regarding the administration of Mr. Anderson's estate; and/or
  • receive any notice of Mr. Anderson's pending discharge.

It is our understanding that any potential payment coming from Mr. Anderson's estate will be paid to PwC as Trustee of 439, as 439 is a secured creditor in his personal estate.  Debenture holders should only expect to receive any potential distributions from PwC as Trustee of 439 (and AFI).
Any questions regarding Mr. Anderson's personal bankruptcy estate should be directed to John S. Beverley & Associates in Prince George, at (250) 563-4300.

Status as at January 15, 2010:

The Trustee's Report to Inspectors was delivered to estate Inspectors on January 8, 2010, and a meeting of Inspectors has been called for January 22, 2010. Further updates will be available for the general body of creditors after the Inspector meeting.

Status as at January 7, 2010:

Attached below are the minutes of the creditor meeting held on November 30, 2009. In the minutes, reference is made to Appendices A - D. We advise that Appendices B & C are posted as separate items on this website, and given their length, we did not attach them again to these minutes.

Status as at November 12, 2009:

In error, the mailing material for the creditor listing of Area Finance Inc. was missing all the even numbered pages. Below is the complete listing.

Status as at November 10, 2009:

We advise of an error in our mailing of November 9, 2009.
Please note that the First Meeting of Creditors will be held as stated on November 30, 2009, at 7:00 pm at the Lakes District Secondary however, this date is a Monday, not a Wednesday.

We apologize for any inconvenience.

Status as at October 30, 2009:

On November 2, 2009, PricewaterhouseCoopers Inc. was appointed Trustee of 439288 BC Ltd. and Area Finance Inc.

Further information will be posted as it becomes available.

For more information, please contact:
Patricia Marshall - Telephone: +1 604 806 7050 ext. 4146 - Fax: +1 604 806 7806 or email
Kiran Chahal - Telephone: +1 604 806 7787 or email


Assets for Sale:

90 KB Vacant Lots For Sale - Detailed Information
90 KB Vacant Lots For Sale - Summary Information

Creditor Communications:

90 KB Interim Dividend Sheet - July 2013
90 KB Report to Creditors January 2013
90 KB Report to creditors
90 KB Letter to creditors re tasks completed
90 KB Alpaca Ranch listing
90 KB Amended SOA Area Finance Inc. (court filed)
90 KB Amended SOA 439288 B.C. Ltd. (court filed)
90 KB Minutes of the First Meeting of Creditors
90 KB Appendix A - Attendance Listing FMOC AFI & 439
90 KB Appendix D - Creditor Summary Package
90 KB First Meeting of Creditors Slide Presentation
90 KB Trustee's Preliminary Report
90 KB Letter to the Creditors of 439288 BC Ltd. and Area Finance Inc.
90 KB 439288 BC Ltd. Debenture Calculation Schedule
90 KB Area Finance Inc. Debenture Calculation Schedule
90 KB Creditor listing AFI
90 KB First Meeting of Creditors - date clarification, dated November 10, 2009
90 KB AFI Statement of Affairs, dated October 30, 2009
90 KB 439288 BC Ltd Statement of Affairs, dated October 30, 2009
90 KB Proof of Claim 439288 BC Ltd.
90 KB Proof of Claim Area Finance Inc.
90 KB Notice of Bankruptcy 439288 BC Ltd.
90 KB Notice of Bankruptcy — AFI
90 KB Certificate of Appointment 439288 BC Ltd.
90 KB Certificate of Appointment — Area of Finance Inc.

Debtor Communications:

90 KB Letter to Debtors of Area Finance Inc and 439288 B.C. Ltd

Court Orders:

90 KB AFI Claims Process Order, dated November 6, 2009
90 KB 439288 BC Ltd. Claims Process Order, dated November 6, 2009

Completion of Interim Receivership/Proposal Process:

PwC’s work as Interim Receiver and Proposal Trustee of 439288 BC Ltd. ("439") is complete and PwC has taken on the role as Trustee in Bankruptcy of the 439 and Area Finance Inc. In order to complete PwC’s work as Interim Receiver and Proposal Trustee it must obtain approval from the Court of its final Statement of Receipts and Disbursements together with its fees for the administrations. In order to obtain Court approval in the most efficient manner and with the least cost, we will be seeking the approval of PwC’s fees by the investors and creditors of 439 at the creditor meeting on November 30, 2009. The following files contain a summary of the completion process and key data, reports of the Interim Receiver and copies of PwC's invoices for review by the investors in advance of the creditors meeting.

90 KB Completion Process - Creditor Summary Package
90 KB Report of the Interim Receiver (submitted September 26, 2002)
90 KB Final Report of the Interim Receiver (submitted June 30, 2003)
90 KB PwC Proposal Trustee Invoices - 439288 BC Ltd. - May 9, 2002 - May 31, 2003
90 KB PwC Proposal Trustee Invoices - 439288 BC Ltd. - June 1, 2003 - June 30, 2004
90 KB PwC Proposal Trustee Invoices - 439288 BC Ltd. - July 1, 2004 - July 31, 2005
90 KB PwC Proposal Trustee Invoices - 439288 BC Ltd. - August 1, 2005 - August 31, 2006
90 KB PwC Proposal Trustee Invoices - 439288 BC Ltd. - September 1, 2006 - October 31, 2007
90 KB PwC Proposal Trustee Invoices - 439288 BC Ltd. - November 1, 2007 - November 2, 2009

Burns Lake Auction:

90 KB Silent Auction Rules
90 KB Artwork

Inspector Reports:

90 KB Inspector Report #1


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