May 29, 2020
Port Capital Development (EV) Inc. and Evergreen House Development Limited Partnership, subsidiaries of the Port Capital Group, which is in the business of real estate development and management primarily in British Columbia, obtained protection under the CCAA on May 29, listing approximately $46.7 million in liabilities, including $20.1 million to CMLS Financial Ltd. and $14.7 million to Aviva Insurance Company of Canada. Together, the companies own the Terrace House Project, a 19-storey mixed-use luxury residential development located in Vancouver. As the companies are undercapitalized in terms of equity, they are unable to meet their obligation to fund any cost overruns on the Terrace House Project. Furthermore, the Port Capital Group has been unable to advance funds, so the companies cannot pay the interest due to their construction lender, CMLS Financial. EY was appointed monitor. Counsel is Gowling WLG for CMLS Financial, Blakes for the monitor, and Lawson Lundell for Aviva Insurance.