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.
The Court approved the Settlement Agreement and a distribution of funds held by the Receiver today. The Receiver's 10th report to the court dated February 25 2013 contains a copy of the Settlement Agreement in Appendix F and outlines the distribution of funds held by the Receiver in Appendix G.
Upon expiry of the appeal period, the Receiver intends to distribute the funds as ordered. Once the Receiver has distributed the funds, the Receiver shall be discharged.
The Receiver has reached an agreement with the two shareholders, Bassi Brothers Framing Ltd. ("Bassi")and others associated with the shareholders regarding the appeal of the Bassi Brothers secured claim (the "Settlement Agreement"). This Settlement Agreement is subject to court approval and a court hearing has been scheduled for 9:00 am Tuesday March 5, 2013 at the Supreme Court of British Columbia - Vancouver Court.
The Settlement Agreement provides for approximately $318,000 to be paid to creditors not related to the shareholders or Bassi. The Receiver is seeking approval for this to be distributed in such a way to provide an 85% recovery to certain lien claimants that are secured creditors by virtue of their lien and a 12% recovery to unsecured creditors. A copy of the Settlement Agreement is attached to the Receiver's 10th report dated February 25, 2013 which is posted on this site. The Receiver's report also provides an update on the status of the receivership, a summary of the Settlement Agreement, details on the Receiver's accounts and a proposed process for the Receiver to be discharged after distribution of the funds.
An order made by Mr. Justice Walker on November 16, 2011 has been uploaded under the Court Orders section of this website. The order provided 497308 B.C. Ltd access to files held by Coast Capital Svaings Credit Union which relate to a water system at one of Symphony’s residential developments. The order also required Mr. Gurmel Singh Kainth and Mr. Malkit Singh Johal to attend pre-trial examinations.
An order made by Mr. Justice Walker on December 1, 2011 has been uploaded under the Court Orders section of this website. The order dismisses the appeals by Malkit and Shminder Johal and parties related to them regarding the mortgages of 0769932 B.C. Ltd. (“076”) and Tejwant Kainth. In accordance with the order, the Receiver has now paid out to counsel for 076 and Tejwant Kainth the amounts calculated by the Receiver as outstanding under their mortgages.
The transcript of the oral reasons provided by Mr. Justice Walker on February 8, 2011 regarding the appeal process of the Receiver’s determinations is available under Court Orders.
The 30 day period for disputing determinations made in the Receiver’s sixth report to the Court dated October 4, 2010 expired on November 3, 2010. The following Notices of Application (“NOA”) were received prior to the deadline:
|Applicant||Claim Determination Disputed|
|497308 B.C. Ltd||497308 B.C. Ltd|
|Bassi Brothers Framing Ltd.||Bassi Brothers Framing Ltd.|
|Brian Joseph||Brian Joseph|
|Integra Architecture||Integra Architecture|
|Malkit Johal||Tejwant Kainth & 0769932 B.C. Ltd|
The filed NOA’s are available under the Claims Process tab on this website.
In addition to the above, Jack Cewe Ltd. have filed an NOA to request payment of their claim by the Receiver. A copy of the NOA is available under the Claims Process tab.
The sales of lots 22 and 34 at Spencer’s Ridge were approved by the Court on October 21, 2010. A copy of the vesting orders are available under the Court Orders tab.
As part of the registration of lots 22 and 34, the Court ordered that the mortgage held by Tejwant Kainth be paid prior to the expiration of the thirty day period for disputes to be filed. To ensure the funds paid to Tejwant Kainth can be recovered should a dispute of the Receiver’s determination be successful, a mortgage has been granted by Tejwant Kainth over her principal residence in favour of the Receiver.
On October 4, 2010, the Receiver issued its notices of determination to seventeen creditors who had filed secured claims. Concurrent with the issuance of these notices, the Receiver released its sixth report to the Court dated October 4, 2010 which details the Receiver's analysis and conclusions for each of the seventeen secured claims and provides an update on the current financial status of the Receivership.
A copy of the Receiver's report is available on this website within the Court Report segment. Please allow a few minutes for the report to download due to the size of the file.
A court hearing is scheduled for October 6, 2010 to hear the Receiver's application to add Tejwant Kainth as a party to the receivership action and to seek approval for the sale of the final two Spencer's Ridge Lots.
The Receiver has accepted offers for lots 22 and 34 at Spencer’s Ridge. A copy of the Court Report regarding these offers can be located by clicking on the Court Reports tab on the left navigation.
On June 22, 2010 the Court approved the sale of the Albion Slopes land to 0865274 BC Ltd. which is scheduled to close on July 6, 2010.
A copy of the vesting order can be obtained from the Court Orders tab via the left navigation.
The Receiver has entered into an agreement for the sale of the Albion Slopes lands as detailed in its fourth report to the Court date June 16, 2010.
The Receiver has sold two of four building lots in the Spencer’s Ridge subdivision.
The Receiver is in the process of reviewing all the secured claims received by the May 7, 2010 claims bar date as directed by the Court on June 1, 2010.
A mailing to known creditors was completed on March 31, 2010 giving notice to SDC’s creditors of the requirement for all creditors to prove their claims to the Receiver by no later than May 7, 2010. In addition, an advertisement appeared in the legal notices section of the Vancouver Sun on April 1, 2010.
Creditors of SDC who fail to prove their claim by May 7, 2010 will not be entitled to receive a distribution of monies from the Receiver.
A copy of the letter to creditors and proof of claim form are provided below under the section entitled ‘Claims Process’.
On March 25, 2010, the British Columbia Supreme Court approved a sales process proposed by the Receiver for the development known as Albion Slopes situated in Maple Ridge, BC.
Colliers International has been appointed by the Receiver to market Albion Slopes. Prospective purchasers are requested to contact Mr Hart Buck of Colliers on 604 681 4111.
On January 12, 2010 PricewaterhouseCoopers Inc. was appointed Receiver and Manager of The Symphony Development Corporation by The Supreme Court of British Columbia.
Further information will be posted as it becomes available.
For more information, please contact: Neil P. Bunker, Telephone: +1 604 806 7209, Fax: +1 604 806 7806, email.