This case involved an application by Sanovest Holdings Ltd. (Sanovest) to amend a receivership order issued in September 2024 concerning the Bear Mountain Resort lands and assets. The original order, granted on consent, appointed Alvarez & Marsal Canada Inc. as receiver (the Receiver) and manager over certain lands and assets owned by Bear Mountain Adventures Ltd. and Ecoasis Bear Mountain Developments Ltd., but excluded the operations and business of Ecoasis Resort and Golf LLP (Resorts), which operates two golf courses, a tennis club, and related amenities.
Sanovest applied to include Resorts’ business within the receivership, arguing that Resorts was insolvent and unable to meet its financial obligations. The Receiver agreed with Sanovest, and had conducted an extensive investigation over eight months, reviewing financial statements, forecasts, and operational practices. The Receiver concluded that the current circumstances threatened the viability of the business and the broader sales process for the Bear Mountain lands.
The court ultimately agreed with Sanovest that it was just and convenient to amend the Receivership Order. The court found that all stakeholders would suffer irreparable harm if Resorts’ business continued on its current trajectory without intervention.
The court rejected the respondents’ proposal to preserve the status quo pending the outcome of the sales and marketing process in the ongoing Receivership. Rather, the court observed that including Resorts in the receivership would stabilize its operations, preserve asset value, and facilitate the enforcement of an arbitration award related to a dispute with a neighbouring hotel.
Sanovest was represented by Andrew I. Nathanson, KC, Kibben Jackson, Lisa Hiebert, Jessica Cameron, Lars Brusven, and Thor Paulson.
Jurisdiction
- British Columbia
