February 9, 2021
The Receiver holds $151,574.16 (the “Residual Monies”) in its trust account which arose from foreclosure proceedings commenced by Lanyard Investments Inc. The Receiver has filed an application to the Court seeking a declaration that the Residual Monies represent property of the Company and are subject to the Receiver’s charge granted by the Receivership Order. The application will be heard on February 19, 2021.
August 15, 2018
Units at Murrayville House are now available for sale. For further information please visit www.murrayvillelangley.ca or call 604-427-4320.
July 26, 2018
On July 25, 2018, Justice Fitzpatrick issued her reasons for judgement (attached in the “Documents” section below) with respect to all remaining presale contracts. This matter was before the Courts during the week of July 3, 2018. These reasons for judgement are in addition to the April 4, 2018 Order of Justice Fitzpatrick to disclaim 40 presale contracts. The reasons for judgement can be summarized as follows:
The Receiver is directed to disclaim all of the remaining presale contracts and take steps to remarket and sell the units; and
The Receiver shall offer a Right of First Refusal (“ROFR”) to the presale purchasers. The ROFR will be offered to first to the “first in time” presale purchaser, and if not taken, the “second in time” presale purchaser, and if still available then to the “third in time “presale purchaser;
The July 3, 2018 Order by Justice Fitzpatrick (attached in the “Court Orders” section below) clarified the ROFR process;
Any ROFR contract that is accepted by the Receiver will not be subject to a bidding war in court.
If the ROFR for any unit is not accepted, the unit will be marketed for sale to the public.
July 12, 2018
On June 12, 2018 the Court of Appeal upheld the April 4, 2018 Order of Justice Fitzpatrick.
Justice Fitzpatrick’s April 4, 2018 Order directed the Receiver to disclaim 40 presale contracts and offer those presale purchasers a right of first refusal (“ROFR”).
The Receiver has disclaimed the contracts and offered a ROFR to 26 of the 40 presale purchasers.
The remaining 14 contracts have an additional contract for the same unit. The Receiver cannot offer a ROFR to these 14 presale purchasers unless the Court disclaims the additional contracts for the same unit. Assuming the Court disclaims the additional contracts, the Receiver will then be in a position to offer a ROFR to these 14 presale purchasers.
The application by Forjay Management Ltd. to disclaim all remaining presale contracts was heard the week of July 3, 2018. Justice Fitzpatrick reserved her decision on this application. Once a decision has been rendered by the Court, the Receiver will provide a further update.
If you wish to rescind your contract at this time, you may do so by contacting the Receiver at email@example.com.
May 8, 2018
The appeal of Justice Fitzpatrick’s April 4, 2018 decision will be heard by the Court of Appeal on June 12, 2018. We do not know when the Court of Appeal will render their decision on this matter.
Accordingly, we are not in a position to market or sell any units at Murrayville House until the Court of Appeal decision is rendered.
April 25, 2018
On April 4, 2018, Justice Fitzpatrick issued her Reasons for Judgment with respect to the March 12 – 16, 2018 Court application, which directed the Receiver to do the following:
– Disclaim the 40 pre-sale contracts that were subject of the application;
– Re-market and sell these 40 units as soon as possible;
– The 40 pre-sale purchasers will be offered some form of a right of first refusal
(“ROFR”) as determined by the Receiver within the future marketing plan.
A notice of application for Leave to Appeal the decision rendered by Justice Fitzpatrick on April 4, 2018 (the “April 4 Court Order”) has been filed by Solimano Law on behalf of certain pre-sale purchasers who were part of the group of 40 pre-sale purchasers whose contracts were ordered to be disclaimed by the April 4 Court Order.
The Leave to Appeal application, along with several applications in relation to the same filed by Forjay Management Ltd., will be heard by the Court of Appeal in Vancouver at 9:30 a.m. on Wednesday, May 2, 2018.
It is anticipated that the Court of Appeal will confirm that pending the hearing of the Appeal and a determination of whether the Appeal is successful, there will be a Stay of Proceedings in place regarding the April 4 Court Order.
Pending further Order of the Court, the Receiver is not in a position at this time to disclaim any of the pre-sale contracts as it was directed to do so pursuant to the April 4 Court Order.
As a result of the same and pending a determination of the outcome of the Appeal, the Receiver is not able at this time to release any pricing information with respect to the 40 pre-sale purchasers to purchase the units as part of the ROFR under the go forward marketing plan.
If the Appeal does not go ahead or as soon as there is a decision made by the Court on the merits of the Appeal, the Receiver expects that it will be disclaiming contracts and releasing the ROFR pricing as soon as possible thereafter.
If any pre-sale purchaser who paid a deposit that is now held in trust with the Receiver’s legal counsel wishes to terminate their contract immediately and have their deposit returned to them, they must send an email to firstname.lastname@example.org requesting this.
They will be required to sign a release and acknowledgement of termination of contract.
Please note that this will terminate any rights to the unit that the pre-sale purchaser may have under their contract in the event an appeal is successful.
April 5, 2018
The Reasons for Judgment from the March 12, 2018 to March 16, 2018 Court hearing have now been released and are available for review in the Court Documents section.
There will be further information in the coming weeks and the Receiver will provide updates accordingly.
March 19, 2018
The Court hearing from March 12 – 16, 2018 has been completed. Her ladyship, Madame Justice Fitzpatrick reserved judgement with respect to the receiver’s application to seek directions from the Court as to the validity and enforceability of certain pre-sale contracts. Once a decision is made the Receiver will provide a further update.
January 31, 2018
The Receiver has filed the application materials to seek directions from the Court regarding the 40 pre-sale contracts during the week beginning March 12, 2018.
Please note that the purpose of this Court Application is to hear the 40 pre-sale contracts as outlined in Exhibit B of Mario Mainella’s affidavit only.
The matter will be heard by Madame Justice Fitzpatrick who is seized of this file.
Copies of the following documents are available for review in the Court Documents section:
Notice of Application filed January 26, 2018
Affidavit of Mario Mainella filed January 26, 2018
Exhibit A – Affidavit of Mario Mainella filed January 26, 2018
Exhibit B – Affidavit of Mario Mainella filed January 26, 2018
Exhibit C – Affidavit of Mario Mainella filed January 26, 2018
December 15, 2017
The Court Application regarding the 58 presale agreements that the Receiver recommended the approval of in its First Report to Court, will be heard by the Court on March 12, 2018 to March 16, 2018. The matter will be heard by Madame Justice Fitzpatrick who is seized of this file.
Each of the presale contracts will need to be reviewed on an individual basis and the Court will require the allotted time to accomplish this.
The Court application regarding the other 91 presale contracts that the Receiver recommended to be cancelled in its First Report to Court, will be heard by the Court on April 16, 2018 to April 20, 2018, also by Madame Justice Fitzpatrick.
We anticipate that a new disclosure statement will be filed shortly. Once it has been filed, the Receiver will be sending a copy of it to all presale purchasers on a without prejudice basis.
We require presale purchasers to inform us by end of Monday, December 18, 2017, of one of the following:
1. To receive the disclosure statement by email, please send an email to email@example.com and state that you consent to receiving the disclosure statement by email; or
2. To receive by registered mail, please send your current mailing address to firstname.lastname@example.org.
November 17, 2017
There is a Court Application by the Receiver for Monday, November 20, 2017. The materials with respect to this are the Notice of application filed on November 15, 2017 and the Affidavit of Mario Mainella filed on November 15, 2017.
The Receiver filed the First Report to Court dated November 16, 2017.
The Court application on November 20, 2017 will not address the issues identified in the Report to Court. There will be a subsequent Court hearing regarding these matters, which we will post on the website once we have the date from the Court.
Copies of the following filed documents are attached in the Court Documents section below:
Receiver’s First Report to Court filed November 16, 2017
Notice of Application filed November 15, 2017
Affidavit of Mario Mainella filed November 15, 2017
Affidavit of Christopher Stanley filed November 15, 2017
We continue to receive presale contracts directly from presale purchasers or their legal representatives.
If purchasers have not received a confirmation from the Receiver, they are requested to provide their presale contracts and proof of deposit payment to the Receiver immediately, by email at email@example.com or by fax at 604-689-8584.
November 3, 2017
We are in process of obtaining quotes from a qualified construction builder with WBI Home Warranty (“WBI”). The qualified builder is expected to be engaged to:
complete the remaining work to satisfy the requirements of the Township of Langley (“TOL”) and obtaining final occupancy; and
attend to any fit and finish requirements under the New Home Warranty Program
We have received the proposal from WBI. We are in process of satisfying all of WBI’s requirements to obtain Home Warranty coverage.
The Receiver is in process of having the First Report to Court completed and filed on or before November 17, 2017. We anticipate having a Court hearing soon after filing our report.
We continue to receive presale contracts directly from presale purchasers or their legal representatives. However, we understand that there are certain presale contracts that were not provided to the Receiver by the developer or presale purchasers. Accordingly, if purchasers have not received a confirmation from the Receiver, they are requested to provide their presale contracts and proof of deposit payment to the Receiver immediately, by email at firstname.lastname@example.org or by fax at 604-689-8584.
We would like to remind everyone that we cannot disclose our findings regarding presale contracts, prior to filing our report to Court.
Our next update will be on November 17, 2017, when we will post a copy of the First Report to Court.
October 20, 2017
We had meetings with representatives of the Township of Langley (“TOL”) regarding the project, in general, and the remaining work to be completed at the development property. The TOL was helpful and provided all of the information as requested by the Receiver.
We will be contacting the necessary construction consultants to identify the remaining work in order to satisfy the requirements of the TOL and obtaining final occupancy.
We have had discussions and correspondence with the Home Warranty Insurance provider in order to reinstate the insurance. We continue to work towards obtaining the necessary Home Warranty Insurance.
We have received presale contracts directly from presale purchasers or their respective legal representatives. These contracts are in addition to the ones that were sent by the Company’s legal counsel to the Receiver on October 13, 2017.
We have asked the Company to provide us with copies of all presale contracts that are in addition to the ones that were sent to us on October 13, 2017. We have been informed that the Company is preparing all of these documents to send to the Receiver.
There is a significant amount of information that has to be reviewed by the Receiver, that needs to be included in the First Report to Court which is due on or before November 17, 2017. The Receiver is working towards that deadline and would like to remind everyone that we cannot make any presale purchasers information public, prior to completing our report to Court.
As previously stated, we ask that all presale purchasers sent us their copy of the presale contract and proof of deposit payment, if not done so already. Please email it to the Receiver at email@example.com.
Our next update will be on November 3, 2017.
October 15, 2017
We believe there may be some misinformation circulating suggesting that the Receiver may be canceling all of the presale contracts and will be re-marketing the project and selling all of the units. This is not true. As the Receiver, we are in the process of performing an analysis of all contracts.
We have obtained the presale contracts that were in the possession of the Company’s legal counsel on Friday afternoon. We have been informed by the Company’s legal counsel that they only have one presale contract and deposit for each unit. However, based on some of the information we have received from presale purchasers to date, we believe that there may be units with more than one presale contract. Once we have reviewed all off the resale contracts, we will have to cancel some contracts, as we cannot sell the same unit to more than one purchaser.
We understand that presale purchasers are eager to know which contracts will be honoured, as soon as possible, as they need to plan their future.
We want all parties involved to know that we are working diligently and have to go through the proper procedures, complete our analysis of all contracts and then present our findings to the Court. We are working hard to make this happen without delay, but we cannot make any information public prior to completing our full report.
We will continue to communicate with presale purchasers in a timely manner, and answer their questions as best as we are able to.
October 13, 2017
We continue to gather information regarding the development property and presale contracts. The Company’s legal counsel provided the Receiver with copies of the presale contracts that were in their possession at 4:30pm this afternoon.
As there may be certain presale contracts that were not in the Company’s legal counsel possession, we ask that all presale purchasers sent us their copy of the presale contract, if not done so already. Please email it to the Receiver at firstname.lastname@example.org.
The Receivership Order was amended on October 12, 2017 to provide the Receiver with specific powers in regards to the Murrayville property. A copy of the amended Receivership Order is attached in the Court Documents section below.
On October 4, 2017, The Bowra Group Inc. was appointed Receiver and Manager of the assets, undertakings and properties of 0981478 B.C. Ltd. (the “Company”) pursuant to an Order of the Supreme Court of British Columbia.
The lands and premises that are the subject of this receivership consist of a 92 unit strata development known as Murrayville House project and located at 5020 – 221A Street, Langley, B.C. with the strata lots to be sold to repay the indebtedness owed to various creditors of 0981478 B.C. Ltd.
We are currently obtaining information with respect to presale contracts. We understand that many presale purchasers want to complete the sale of their units and move in. Unfortunately, we cannot complete any sale of the units without obtaining Home Warranty Insurance coverage, complying with the Superintendent of Real Estate issued Order, issuing new Disclosure Statement and obtaining Court approval of all contracts.
We are working through the various issues we are encountering on the file. We will update our website regarding the status of our progress every Friday starting October 13, 2017.
If you are a presale purchaser and wish to be added to a distribution list, please email your contact information to email@example.com.
We ask all presale purchasers to email us copies of their sales contracts, including proof of deposit payment, to firstname.lastname@example.org as we may not receive copies of this information from the developer.
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