For further information please contact:

 

Chris Bowra

Phone: 604 608 6242 cbowra@bowragroup.com

 

 

Newgen Harrison Development Inc.

 

Overview
 

Newgen Harrison Development Inc. (the “Company”) was the developer of a 90 acre master planned community, called Harrison Highlands which is located in Kent, B.C.  The Bowra Group Inc. was appointed Receiver-Manager of the assets, undertakings and properties of the Company on November 16, 2011.

Receivership Order – November 16, 2011

 

The Bowra Group Inc. was appointed Trustee in the Proposal of Newgen Harrison Development Inc. on January 26, 2015.

 

The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.

 

The Proposal of Newgen Harrison Development Inc. was unanimously approved by the creditors at the First Meeting of Creditors held on February 12, 2015. It was subsequently approved by the Court on March 9, 2015.

 

Order approving proposal – March 9, 2015

Order amending Order granted (March 9, 2015) – Mar 12, 2015

 

File Updates
 

19/6/2014 10:42 AM

 

The Bowra Group Inc. was appointed Trustee in Bankruptcy of the Company on June 9, 2014.

 Certificate of Appointment

 

The Bowra Group Inc. was appointed Trustee in the Proposal of Newgen Harrison Development Inc. on January 26, 2015.

 

The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.

 

The Proposal of Newgen Harrison Development Inc. was unanimously approved by the creditors at the First Meeting of Creditors held on February 12, 2015. It was subsequently approved by the Court on March 9, 2015.

 

Order approving proposal – March 9, 2015

Order amending Order granted (March 9, 2015) – Mar 12, 2015

 

Creditor’s Meeting
 

The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.

 

Creditor Information
 

The Receiver marketed the property on an enbloc basis and also listed the individual lots for sale.

 

The Receiver accepted an offer to restructure the Company (the “Restructuring Agreement”), which also called for an alternative transaction in the event that the restructuring was not successful.  Under the Restructuring Agreement, a third party (the “Purchaser”) will purchase the shares of the Company, fund the costs of a Proposal that offers the creditors (excluding the first mortgagee) a total estimated dividend of approximately $58,000, all of which is subject to the creditors and Court approving the Proposal.  In the event that the Proposal is not successful, the Purchaser will purchase the development property for $5.08 million from the Receiver.  The Restructuring Agreement was approved by the Court on January 19, 2015.

 

The Bowra Group Inc. was appointed Trustee in the Proposal of Newgen Harrison Development Inc. on January 26, 2015.

 

The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.

 

Creditors Package

Form 31 – Proof Of Claim

Form 37 – Voting Letter

Trustee’s Report on Proposal to Creditors – January 27, 2015

 

Vancouver Office: 

PO Box 72, Bentall One

505 Burrard Street, Suite 430

Vancouver, B.C.  V7X 1M3

Tel: 604 689 8939

Fax: 604 689 8584

Edmonton Office: 

TD Tower

Suite 1411 – 10088 102 Avenue

Edmonton, AB T5J 2Z1

Tel: 780 809 1224

Fax: 780 705 1946

 

 
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© The Bowra Group.