Bear Mountain Adventures Ltd., Ecoasis Resort and Golf LLP et al., which own development lands and operate the Bear Mountain Resort, a resort property near Victoria, British Columbia, had certain of their property and assets placed in receivership on September 18 on application by Sanovest Holdings Ltd.

The property includes several parcels of land suitable for development (the “Project”) and two 18-hole golf courses and tennis facilities, which are the partnerships’ only source of revenue.

The partnerships are currently unable to generate revenue from the sale or development of the lands because the partners disagree on the appropriate strategy to realize value. This has led to litigation, including allegations of undervalue transactions and misconduct by management, and an effective deadlock in the partnerships.

In May, 599315 B.C. Ltd., a related party, filed an application in another proceeding seeking orders that several properties be subdivided, bundled and sold. Sanovest did not agree with this approach and sought the appointment of a receiver to safeguard assets and conduct a transparent sale process.

A&M is the receiver.

Counsel is Fasken for Sanovest, Blakes for the receiver, and Lawson Lundell for 599315 B.C. Ltd. and Daniel Matthews.