Case Overview:
In Bank of Montreal v. Haro-Thurlow Street Project Limited Partnership, the Bank of Montreal (BMO) sought the appointment of a receiver for Haro-Thurlow Street Project Limited Partnership and related entities due to unpaid debts tied to a failed Vancouver real estate development project. The court appointed Deloitte Restructuring Inc. as receiver.

Legal Issues:
BMO claimed it was owed approximately $86.7 million, secured by first-ranking security over the debtor’s assets. The court had to approve the sale of the debtor's property through a Reverse Vesting Order (RVO), allowing the property to be sold without triggering property transfer taxes, maximizing creditor recovery.

Receivership Proceedings:
The receiver applied for approval of a sale agreement with 1045 Haro Street Limited Partnership. The sale aimed to resolve the outstanding debt, which accrued interest at $19,500 per day. Forseed Haro Holdings Ltd., a limited partner, raised concerns about the integrity of the sale process, speculating involvement from another partner, but the court found no evidence supporting these claims.

Court’s Decision:
The court approved the sale, the RVO structure, and the receiver's activities. It granted declarations of ownership to facilitate the sale and allowed the receiver to distribute proceeds to BMO, minimizing future interest costs. Forseed’s objections were dismissed as speculative.

Outcome:
No specific cost award was mentioned, but BMO was the successful party, recovering proceeds from the sale to offset its $86.7 million debt.