PwC takes control of Surrey and Abbotsford supermarkets after receivership appointment sought by National Bank

The Supreme Court of British Columbia appointed PricewaterhouseCoopers Inc. as receiver of seven related grocery and real estate companies on October 31, 2025. The order covers all present and after-acquired property of 1265056 B.C. Ltd., Abbotsford Super Market Ltd., Amol and Jas Holdings Ltd., Bains Brothers Holdings 2020 Ltd., Surrey Super Market 104 Ltd., Surrey Super Market Ltd., and Surrey Super Trading Ltd. PwC has assumed full authority over operations and has begun running three supermarkets located in Surrey and Abbotsford along with certain parcels of real property.

The group owns and operates these stores and associated real estate in the Greater Vancouver area. All companies are controlled by Satnam Singh Bains and Nirmal Singh Bains, both of whom provided unlimited guarantees. National Bank of Canada, the secured lender, is owed over $25 million across several mortgages and operating loans advanced between 2019 and 2023. The bank is represented by McCarthy Tetrault LLP, while the receiver is represented by Osler, Hoskin and Harcourt LLP.

According to the affidavit evidence, the group’s financial strain developed over a prolonged period of covenant breaches, missed reporting, and non-payment events. Default notices were issued in October 2023 and January 2025, followed by demand letters in May 2025. The borrower entities attempted to secure refinancing through RBC but were unable to satisfy required conditions, including the sale of an identified property that had its deadline extended to September 26, 2025. No refinancing occurred.

A forbearance agreement executed on June 20, 2025 was intended to provide a temporary standstill but never took effect because key conditions were not met. These included payment of a one hundred twenty five thousand dollar fee, delivery of corporate filings, and proof of tax payments. During this same period the lender identified one hundred thirty one thousand dollars in unauthorized withdrawals from corporate accounts which were used for personal and family events. The withdrawals were not repaid despite several requests. The lender also identified indications that the companies had shifted daily banking to another financial institution, limiting visibility into their cash flows.

By October 2025 the lender had concluded that the group lacked liquidity, continued to default on reporting obligations, and no longer demonstrated the ability to refinance. A foreclosure action was also active against property owned by 1265056 B.C. Ltd. The bank sought a court appointed receiver to preserve the value of the assets and stabilize operations.

Justice Masuhara granted a full receivership order empowering PwC to operate or cease operations, take control of all assets, borrow up to five hundred thousand dollars under a court approved borrowing charge, market and sell assets, and obtain records and information from all obligors. PwC is now managing the three supermarkets and overseeing the group’s real estate while preparing next steps for monetization or restructuring.