Background: The case of Prospera Credit Union v. 1321725 B.C. Ltd., Syndicate Lending Corporation, Angela Minhas, Inam Ahmed Ali Qureshi, and All Tenants or Occupants involved a foreclosure petition by Prospera Credit Union. The dispute centered on whether 1321725 B.C. Ltd. was in default under the terms of their mortgage agreement. Prospera sought an order nisi with a six-month redemption period and the redemption amount set at $877,449.30, claiming both financial and non-financial defaults.

Legal Issues: The main issue was whether 1321725 B.C. Ltd. defaulted by not establishing a business operation as initially intended and by failing to adhere to other operational covenants. These non-financial defaults included failure to perform required reporting and to conduct business in a proper, efficient, and businesslike manner as outlined in the loan agreement.

Held: The court evaluated whether the alleged defaults justified accelerating the loan repayment. It also assessed the applicability of non-financial covenants and the sufficiency of the company’s remedial actions.

Costs/Damages Awarded: The text primarily discusses the arguments and proceedings up to the point of determining whether the matter should go to trial or be resolved summarily. It does not mention a final judgment or any awards related to costs or damages.