Jung Developments

CCAA Filing Information

Page last updated: June 14, 2011

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 as at June 8, 2011

June 18, 2009 an interim dividend was issued. At this time, there are two creditor claims that have been disputed and are pending resolution by the Court. There is no estimated timing on a resolution.

Please visit this page periodically for further updates.

Status of File as at February 10, 2009

On February 10, 2009, the Supreme Court of British Columbia (the "Court") issued an Order appointing PricewaterhouseCoopers Inc. as Receiver of certain assets of the Petitioners, as defined in the Initial Order.

Status of File as at December 5, 2008

At the December 3rd, 2008, Court hearing, the Letter of Intent of Concord Development Properties Inc. ("Concord") was selected, by the Monitor and by Lehman Brothers Holdings Inc. ("Lehman"), as the highest and best proposal, and Lehman was authorized by the Court to negotiate with Concord to conclude the terms of a Definitive Agreement on or before December 19th, 2008. The next scheduled Court hearing date is December 19th, 2008, at which time it is anticipated that the Definitive Agreement with Concord will be approved by the Court and implemented. The stay of proceedings in the CCAA process was extended to January 15th, 2009.

Status of File as at December 2, 2008

At the hearing on December 1, 2008, the Stay Period was extended to December 3, 2008. A copy of the Monitor's third report to Court is available on this website below the heading "Monitor's Reports". A copy of the Court Order will be available on this website shortly.

Status of File as at November 21, 2008

At the hearing on November 21, 2008, the Stay Period was extended to December 1, 2008. A copy of the Monitor's second report to Court is available on this website below the heading "Monitor's Reports". A copy of the Court Order is also available on this website below the heading "Court Orders".

Status of File as at November 12, 2008

Order dated November 12, 2008, approved the extension of the Stay Period to November 21, 2008. A copy of the Order is available on this website under the heading "Court Orders" and a copy of the Monitor's first report to Court is available on this web site below the heading "Monitor's Reports".

Status of File as at October 15, 2008

On October 15, 2008, the Supreme Court of British Columbia (the "Court"), granted an Order (the "Initial Order") providing protection for Jung Developments Inc. (the "Applicant") pursuant to Companies' Creditors Arrangement Act ("CCAA") and PricewaterhouseCoopers Inc. ("PwCI") was named as Monitor (the "Monitor"). A stay of proceedings was granted until November 12, 2008 (the "Stay Period"). A copy of the Initial Order is available on this web site below under the heading "Court Orders".

Status of File as at October 15, 2008

Pursuant to the Initial Order, the Applicant shall send a notice to its known creditors and shareholders, other than employees and creditors to which the Applicant owes less than $250, notifying them of this filing and the address of the Monitor's website where a copy of the Initial Order is posted.

Status of File as at October 15, 2008

Jung Developments Inc. filed for protection under the Companies' Creditors Arrangement Act on October 15, 2008.

For Further Information: Please call Amanda Koning at +1 604 806 7050 ext. 4931, Christopher A. Stocco at +1 604 806 7163 and Jim M. Crooks at +1 604 806 7306

 

This Web site will be updated as information becomes available.


Court Orders:
 

100 KB Order Amending Jung Developments Inc Receivership Order, dated April 8, 2009.
100 KB Order appointing PwC Inc. as Receiver of Myung Soo Jung, Yuksung Korea Co. Ltd. and Jung Development Co. Ltd., dated February 19, 2009.
100 KB Order approving extension of the stay up to February 10, 2009, dated January 30, 2009.
100 KB Restructuring Order, dated February 10, 2009.
100 KB Order appointing PwC as Receiver, dated February 10, 2009.
100 KB Order granting access to JDI's office premises, dated February 12, 2009.
100 KB Court order, 2008-11-21, approved the extension of the stay period to 2008-12-01
100 KB Court order, dated December 19, 2008.
100 KB Order, dated December 3, 2008, approved the extension of the stay period to January 15, 2009.
100 KB Order, dated December 3, 2008.
100 KB Order, dated November 12, 2008, approved the extension of the Stay Period to November 21, 2008.
100 KB Initial Order, dated October 15, 2008.

Monitor's Reports:
 

100 KB Monitor and Receiver's Tenth Report to the Court, dated April 7, 2009.
100 KB Monitor and Receiver's Ninth Report to the Court, dated March 18, 2009.
100 KB Monitor and Receiver's Eight Report to the Court,  dated March 11, 2009.
100 KB Monitor and Receiver's Seventh Report to the Court,  dated February 18, 2009.
100 KB Monitor's Sixth Report to the Court, dated February 9, 2009.
100 KB Monitor's Fifth Report to Court, dated January 29, 2009.
100 KB Monitor's Fourth Report to Court, dated December 18, 2008.
100 KB Monitor's Third Report to Court, dated November 27, 2008.
100 KB Monitor's Second Report to Court, dated November 19, 2008.
100 KB Monitor's First Report to Court, dated November 9, 2008.


 


Motion Materials:
 

100 KB Notice of motion and hearing by Lehman Brothers, dated March 17, 2009.
100 KB Notice of motion and hearing by Lehman Brothers, dated March 11, 2009.
100 KB Notice of Motion by Matcon Excavation, dated January 28, 2009.
100 KB Affidavit #3 of Rose Fazio, dated January 28, 2009.
100 KB Notice of Motion and Affidavit #4 of Vicki Tickle, sworn December 18, 2008.
100 KB Response to the Notice of Motion of Matcon Excavation & Shoring Ltd, dated December 17, 2008.
100 KB Response to the Syber Concrete Forming Ltd Notice of Motion, dated December 18, 2008.
100 KB Affidavit #1 of James Kang, sworn December 18, 2008.
100 KB Affidavit #4 of Vicki Tickle, sworn December 18, 2008.
100 KB Affidavit #3 of Vicki Tickle, sworn December 2, 2008.
100 KB Notion of Motion for the hearing of December 3, 2008.
100 KB Affidavit #1 Michael Armstrong, sworn November 28, 2008.
100 KB Response of the petitioner, dated November 28, 2008.
100 KB Affidavit #2 of Vicki Tickle, sworn November 19, 2008.
100 KB Notice of Motion for the hearing of November 21, 2008.
100 KB Affidavit #1 of Vicki Tickle, sworn October 31, 2008
100 KB Notice of Motion of PricewaterhouseCoopers Inc. Corporate Finance for the hearing of November 12, 2008.
100 KB Affidavit #3 of Byron Lee sworn November 6, 2008.
100 KB Notice of Hearing, dated October 15, 2008.
100 KB Petition, dated October 15, 2008.
100 KB Affidavit #1 of Byron Lee, dated October 14, 2008.
100 KB Affidavit #2 of Byron Lee, dated October 14, 2008.


 


Creditors Communication:
 

100 KB Notice of Hearing of Application for Court Approval of Proposal.
100 KB Letter to creditors by Jung Developments' lawyers, dated October 27, 2008.
100 KB Notice to creditors placed in the Vancouver Sun on October 18, 2008 and the Globe and Mail on October 25, 2008.
100 KB Monitor's Letter to creditors, dated October 24, 2008.

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