Hoy Creek Housing Co-Operative


 

Receivership Filing

Page last updated: October 24, 2017

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 of October 23, 2017

On Monday, October 16, 2017, the Supreme Court of British Columbia granted an Order discharging PwC as Receiver of the Co-Op. PwC's discharge is subject to Paragraphs 3 and 4 of the Order and further updates will be made as required.

A copy of the October 16, 2017 Order can be found under the Court Applications - Receiver tab above.

Status of file as of September 27, 2017

The Receiver's application for its discharge initially set for Wednesday, September 27, 2017 at 09:45 has been adjourned and reset to Monday, October 16, 2017.

Status of file as of September 21, 2017

The Receiver's application for its discharge initially set for Monday, September 25, 2017 at 09:45 has been adjourned and reset to Wednesday, September 27, 2017.

Status of file as of September 14, 2017

The Receiver's application for its discharge initially set for Monday, September 18, 2017 at 09:45 has been adjourned and reset to Monday, September 25, 2017.

Status of file as of August 31, 2017

The application of the Receiver for its discharge has been set for Monday, September 18, 2017 at 09:45 at the Supreme Court of British Columbia located at 800 Smithe Street, Vancouver, BC, V6Z 2E1. The hearing date for the Receiver’s discharge application is subject to the Co-Op successfully completing its refinancing activities.

In support of its application, the Receiver's Second Report to Court dated August 29, 2017 can be found under the Receiver's Reports tab. Copies of the Receiver's application materials can be found under the Court Applications - Receiver tab.

Status of file as of July 17, 2017

The application of CMHC set for Wednesday, July 19, 2017 at 10:00 has been adjourned generally. The Receiver will provide more information as it becomes available.

Status of file as of July 10, 2017

The application of CMHC set for Friday, July 14, 2017 has been rescheduled to Wednesday, July 19, 2017 at 10:00 at the Supreme Court of British Columbia located at 800 Smithe Street, Vancouver, BC, V6Z 2E1.

Status of file as of July 6, 2017

The application of the Canada Mortgage and Housing Corporation ("CMHC") to the Court to have PwC’s mandate expanded to include the planning and execution of the redevelopment of the Co-Op’s Property at 2905 Glen Drive and 1205 Johnson Street in Coquitlam, BC has been set for Friday, July 14, 2017, 10:00 at the Supreme Court of British Columbia located at 800 Smithe Street, Vancouver, BC, V6Z 2E1.

Copies of CMHC’s updated application materials (filed first page) can be found under the Court Applications - Receiver tab above.

Status of file as of June 15, 2017

On June 14, 2017, Canada Mortgage and Housing Corporation (“CMHC”) issued Court application materials to have PwC’s mandate expanded to include the planning and execution of the redevelopment of the Co-Op’s Property at 2905 Glen Drive and 1205 Johnson Street in Coquitlam, BC. Copies of CMHC’s June 14, 2017 application materials can be found under the Court Applications - Receiver tab above.

A copy of the Receiver's First Report to Court dated June 15, 2017 can be found under the Receiver's Reports tab above.

The date of the application has not been set yet. The Receiver will update its website with the application details when they become available.

Status of file as of October 14, 2016

Interim Receivership

On August 11, 2016, PricewaterhouseCoopers Inc. (“PwC”) was appointed Interim Receiver (the “Interim Receiver”) of the Hoy Creek Housing Co-Operative (the "Co-Op") by the Supreme Court of British Columbia (the “Court”) with respect to five townhouse buildings located at 2095 Glen Drive, Coquitlam, BC (the “Townhouses”) until August 19, 2016. The Interim Receiver’s powers were limited to the safety and security of the Townhouses. The Interim Receiver took control of the Townhouses on the August 11, 2016. Copies of the application materials, the August 11, 2016 Oral Reasons for Judgment, and the August 11, 2016 Court Order can be found under the Court Applications - Interim Receiver tab above.

On August 19, 2016, the Court increased the Interim Receiver’s powers to include the planning and implementation of the demolition, subject to Court approval, of the Townhouses and extended the Interim Receiver’s appointment to September 9, 2016. Copies of the August 19, 2017 Oral Reasons for Judgment and the August 19, 2016 Court Order can be found under the Court Applications - Interim Receiver tab above. A copy of the Interim Receiver's First Report to Court dated August 17, 2016 can be found under the Receiver's Reports tab above.

Receivership

On September 9, 2016, PwC was appointed Receiver (the “Receiver”) by the Court, until September 20, 2016, with the same powers granted to the Interim Receiver. Copies of the application materials and the September 9, 2016 Court Order can be found under the Court Applications - Receiver tab above. Copies of the Interim Receiver's Second Report to Court dated September 6, 2016 and Supplemental Report to the Interim Receiver's Second Report to Court dated September 9, 2016 can be found under the Receiver's Reports tab above.

On September 20, 2016, the Receiver’s appointment was confirmed, with the same powers, limited to the safety and security of the Townhouses, and the planning and implementation of the demolition of the Townhouses. A copy of the September 20, 2016 Court Order can be found under the Court Applications - Receiver tab above.

On October 4, 2016, the Court, with the consent of the Co-Op and the Petitioner, authorized:

  • The Receiver to execute a contract for the remediation and demolition of the Townhouses; and
  • The funding required to carry out the remediation and demolition of the Townhouses.

A copy of the October 4, 2016 Court Order can be found under the Court Applications - Receiver tab above.

Town-hall Meeting

The Receiver plans to hold a town-hall meeting to meet with residents / members and hold a question and answer session. Phoenix will be present at the meeting to ensure questions are answered. Please take note of the time and location of the meeting below:

        Date: Monday, October 24, 2016

        Time: 7:00 pm

        Location: Gleneagle Secondary School - Multi-purpose Room 130

        (also used as the cafeteria area)

       1195 Lansdowne Drive, Coquitlam, B.C. V3B 7Y8



This Web site will be updated as information becomes available.

For more information, please contact: Jing Shi, Telephone: +1 604 806 7215, Fax: +1 604 806 7806, or via Email
 

Contact us

Jing Shi

Tel: +1 604 806 7215
Email