Garibaldi at Squamish Limited Partnership and Garibaldi at Squamish Inc., Receivership

Garibaldi at Squamish Limited Partnership and Garibaldi at Squamish Inc. (“GAS”), a Vancouver-based partnership formed in 2001 to develop a ski resort on Brohm Ridge, near Squamish, British Columbia, was placed into receivership on December 4, on application by Aquilini Development Limited Partnership, Garibaldi Resort Management Company Ltd. and 1413994 B.C. Ltd., owed approximately $65 million. Although various steps have been taken to advance the project, including entering into a memorandum of understanding with the Squamish Nation and obtaining an Environmental Assessment Certificate (the “EAC”), construction has not yet commenced and many of the conditions to the EAC remain outstanding. GAS and the project generate no income and are entirely dependent on third-party funding and there is a lack of consensus among the companies’ directors regarding the future of the project. EY was appointed as receiver to pursue a sale process. Counsel is Cassels for Aquilini Development et al., MLT Aikins for the receiver and Dentons for GAS.

By: Dina Milivojevic