3000 Henry Street Limited Partnership and 0790857 B.C. Ltd., the beneficial and registered owner of properties located in Port Moody, British Columbia, were placed in receivership on July 29 on application by KingSett Mortage Corporation, owed over $13.5 million.

The properties were intended for the development of a 173-apartment condominium project which has reportedly received approval from the City of Port Moody.

The companies have defaulted on the mortgage from KingSett, including by failing to make required interest payments, and have failed to repay the mortgage following a demand by KingSett.

KSV is the receiver.

Counsel is Osler for KingSett, Cassels for the receiver and Owen Bird for certain opposing unitholders.