December 2, 2022
Van Vic Isle Construction Ltd., a Revelstoke, British Columbia-based general contractor and design builder, had a receiver appointed over certain assets on December 2, 2022, on application by Mitsubishi HC Capital Canada, Inc., owed approximately $1.1 million plus interest and fees as at December 2, 2022. The company has defaulted on its payment obligations to Mistubishi under a credit agreement and subsequent forbearance agreement. Mitsubishi requested that a receiver be appointed over limited property so as to protect its collateral and maintain the status quo through a stay of proceedings while being minimally intrusive to the business, and to enable it to investigate a related party's purported exercise of a distress right. BDO was appointed receiver. Miller Thomson is counsel to Mitsubishi.
By Dina Milivojevic
