Jung Developments

CCAA Filing Information

Page last updated: July 18, 2016

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, Patricia A. Marshall at +1 604 806 7267 and Jim M. Crooks at +1 604 806 7306

 

This Web site will be updated as information becomes available.


Court Orders:
 

100 KB Order, dated May 28, 2008, authorizing payout of Holdback Accounts
100 KB Order, dated March 12, 2009, increasing the Receiver's Borrowing Charge
100 KB Order, dated April 8, 2009, amending the Receivership Order
100 KB Order, dated February 19, 2009, appointing PwC as Receiver of Myung Soo Jung, Yuksung Korea Co. Ltd. and Jung Development Co. Ltd
100 KB Order, dated January 30, 2009, extending the stay of proceedings to February 10, 2009
100 KB Restructuring Order, dated February 10, 2009
100 KB Receivership Order, dated February 10, 2009
100 KB Order, dated February 12, 2009, granting access to office premises
100 KB Order, dated November 21, 2008, extending the stay of proceedings to December 1, 2008
100 KB Order, dated December 19, 2008, authorizing DIP commitment letter and increasing maximum permitted borrowings to $2.4 million
100 KB Order, dated December 3, 2008, extending the stay of proceedings to January 15, 2009
100 KB Order, dated December 3, 2008, authorizing DIP commitment letter and increasing maximum permitted borrowings to $1.9 million
100 KB Order, dated November 12, 2008, extending the stay of proceedings to November 21, 2008
100 KB Initial Order, dated October 15, 2008

Monitor's Reports:
 

100 KB Monitor and Receiver's Eleventh Report to the Court, dated May 26, 2009
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 Affidavit #2 of Susan Kim, dated November 6, 2008
100 KB Notice of Motion of Sun Jong Kwon, dated November 6, 2008
100 KB Notice of Motion of CIBC, dated November 6, 2008
100 KB Notice of Motion of Lehman Brothers, dated November 10, 2008
100 KB Affidavit #1 of Joanne Austen, dated November 10, 2008
100 KB Affidavit #1 of Peter Hoelzle, dated November 10, 2008
100 KB Response of Lehman Brothers to ITC Construction, dated November 27, 2008
100 KB Notice of Motion of Lehman Brothers, dated December 17, 2008
100 KB Affidavit #1 of Greg Umbach, dated December 17, 2008
100 KB Notice of Motion of Matcon Excavation & Shoring, dated December 17, 2008
100 KB Affidavit #1 of Rose Fazio, dated December 17, 2008
100 KB Notice of Motion of Syber Concrete Forming, dated December 18, 2008
100 KB Affidavit #1 of Michelle Zhang, dated December 18, 2008
100 KB Notice of Motion of Lehman Brothers, dated February 6, 2009
100 KB Affidavit #1 of Amanda Koning dated February 11, 2009
100 KB Notice of Motion of PwC Inc., dated February 18, 2009
100 KB Notice of Motion of ITC Construction, dated November 24, 2008
100 KB Affidavit #1 of Lori DiVenere, dated November 21, 2008
100 KB Notice of Motion of the Petitioner, dated December 18, 2008
100 KB Notice of Motion of Lehman Brothers, dated March 17, 2009
100 KB Notice of Motion of Lehman Brothers, dated March 11, 2009
100 KB Notice of Motion of Matcon Excavation & Shoring, dated January 28, 2009
100 KB Affidavit #3 of Rose Fazio, dated January 28, 2009.
100 KB Affidavit #4 of Vicki Tickle, dated December 18, 2008
100 KB Response of the Petitioner to Matcon Excavation & Shoring, dated December 18, 2008
100 KB Response of the Petitioner to Syber Concrete Forming, dated December 18, 2008
100 KB Affidavit #1 of Sukki Kang, dated December 18, 2008
100 KB Affidavit #3 of Vicki Tickle, dated December 2, 2008
100 KB Notice of Motion of the Petitioner, dated December 2, 2008
100 KB Affidavit #1 of Michael Armstrong, dated November 28, 2008
100 KB Response of the Petitioner to ITC Construction, dated November 28, 2008
100 KB Affidavit #2 of Vicki Tickle, dated November 19, 2008
100 KB Notice of Motion of the Petitioner, dated November 19, 2008
100 KB Affidavit #1 of Vicki Tickle, dated October 31, 2008
100 KB Notice of Motion of PwCCF, dated November 10, 2008
100 KB Affidavit #3 of Byron Lee, dated 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.


To download a PDF to your computer click and hold the 'right' mouse button on the link above and select 'save link as' or 'save target as'. To view in your browser, click the link with your 'left' mouse button.