Rupert Mews Limited Partnership et al., Receivership

Rupert Mews Limited Partnership et al., which own five adjacent residential properties in North Vancouver, were placed into receivership on June 19 on application by National Bank of Canada, owed approximately $9.4 million.

NBC extended a loan to the companies in 2020 to provide acquisition financing for the properties. The companies have defaulted on the loan, including by failing to repay the loan when due.

The companies have also been sued by one of their limited partners, who alleges financial mismanagement, side deals, management deadlock and dysfunction.

KPMG is the receiver.

Counsel is Blakes for NBC, McCarthy Tétrault for the receiver and Shields Harney for the companies.