We act for the court-appointed receiver concerning the completion and sale of a 69 townhome strata complex located on First Nations lands outside of Kelowna, BC.
Konnect is the developer of a large townhouse development on Westbank First Nation-owned land, Konnect was unable to complete the development and defaulted under its financing arrangement with Canadian Western Bank. Grant Thornton was appointed as receiver and has undertaken to complete Phase I of the development and sell the townhouse units and market the balance of the project assets for sale.
We are advising the receiver regarding insolvency matters, land use, zoning and regulatory issues, design, procurement and construction activities, and sales and marketing issues including rights of parties to pre-sale agreements with the debtor.
The case is particularly challenging because of the unique issues arising from the property located on First Nations lands, which includes considerations of the First Nation’s particular land title and related laws.
Fasken is counsel to Grant Thornton Limited with a team led by Kibben Jackson and includes Fergus McDonnell and Mishaal Gill (Insolvency & Restructuring) and Sarah Batut (Real Estate).
- British Columbia