1270858 B.C. Ltd. (Skyeview)

1270858 BC Ltd (Skyeview)

We wish to advise you that McEown and Associates Ltd. was appointed as Receiver of all of the assets of 1270858 B.C. Ltd. pursuant the order dated November 8, 2024.

On November 12, 2024, the Receiver issued a Notice advising stakeholders that McEown and Associates Ltd. was appointed as Receiver of all assets of 1270858 B.C. Ltd., including the 37-unit residential development at #244 Island Highway, Victoria, BC. The Notice outlines the secured lender, creditors with liens, and the Receiver’s plans to complete construction and realize the assets.

On June 16, 2025, the Receiver filed its First Report to Court and a Notice of Application seeking approval of a sales procedure, execution of a Stalking Horse Agreement, disclaimer of pre-sale contracts, increased borrowing authority from $4,000,000 to $5,250,000, and approval of the Receiver’s activities to date.

On June 24, 2025, the Receiver brought an application to the Court seeking approval of a sales procedure for the Debtor’s assets, authority to execute a Stalking Horse Agreement, and related relief.

On July 8, 2025, the Receiver filed a Requisition regarding the Notice of Application filed June 16, 2025.

On July 8, 2025, the Receiver filed a further Supplemental Report addressing purchaser walkthroughs, access requests, and the status of pre-sale contracts and confirming that the remaining contracts were null and void.

On July 15, 2025, the Court approved the Receiver’s Sale Process, allowing disclaimers of pre-sale contracts with return of deposits, execution of the Stalking Horse Agreement, and disclosure of necessary information to prospective purchasers. The Court also approved the Receiver’s prior reports and activities.

On September 2, 2025, the Receiver, McEown and Associates Ltd., filed a Notice of Application and Second Report seeking the Court’s approval of the sale of the 37-unit residential development of 1270858 B.C. Ltd. to His Majesty the King in Right of Canada as represented by the Minister of National Defense, authorization to pay real estate commission, an interim distribution to BJK Holdings Ltd., and approval of the Receiver’s activities to date. The application is scheduled for September 16, 2025.

On September 16, 2025, the Supreme Court of British Columbia approved the Sale Agreement with the Minister of National Defense and authorized transfer of the property into the Purchaser’s name free and clear of all claims and encumbrances.

On September 16, 2025, the Court also authorized payment of real estate commission, an interim distribution to BJK Holdings Ltd., and approved the Receiver’s activities as set out in its Second Report to Court.

On December 29, 2025 the Receiver’s applied to Court for approval of the following:

Actions and conduct of McEown & Associates Ltd. in its capacity as receiver and manager of 1270858 B.C. Ltd;
Authorizing and directing the Receiver to distribute, release and deliver the balance of the funds realized in the course of the administration of the receivership as proposed in the Receiver's Third Report after payment of its accounts and the accounts of its legal counsel, to pay the balance of the funds realized in the course of the receivership to BJK Holdings Ltd.;
Authorizing the Receiver to assign all of the Company's right, title, and interest in the Cobrafer Contract and the Sierra Lane Contracts and the security deposits posted by 1270858 B.C. Ltd. with the Town of View Royal to BJK Holdings Ltd.;
Summarily approving the Receiver's fees and disbursements (and those of its legal counsel) as set out in the Third Report, including estimates to conclude the receivership; and
Discharging the Receiver.

Relevant documents have been included below.

For further information, please contact Johnny Cassidy at (604) 558-8011 or by email at jc@mceownassociates.ca.

Court Documents

Receiver Court Application Materials

Receivership Reports

Notice & statement of Receiver

Notice of Receiver November 12, 2024 - 1270858 BC Ltd. (Skyeview)