Factual Background:
QRD (Willoughby) Holdings Inc. and related entities planned to develop 87 townhouse units in Langley, BC. The project halted in 2023 due to delays and financial difficulties. MCAP Financial Corporation, the first mortgagee, was owed $33.6 million. The court appointed MNP Ltd. as receiver under the Bankruptcy and Insolvency Act (BIA) after QRD defaulted on its mortgage.

Legal Issues:
The central issue was whether the chambers judge erred in approving the sale of the property to Redekop Ferrario Properties (DD) Corp. for $35 million. QRD argued that a potential bid from the Foundation Residence Society (FRS) for $64 million, backed by BC Builds, should have been given more time. The chambers judge found the FRS bid speculative and approved the sale to Redekop. QRD appealed, claiming the judge misapplied the Soundair factors for assessing asset sales by receivers.

Court’s Decision:
The appeal was dismissed. The court acknowledged the chambers judge had erred in balancing the Soundair factors but held that too much time had passed for a reversal. Without fresh evidence on the progression of the FRS bid, delaying the sale further was unjustified.

Costs:
No specific amount for costs or awards in favor of the successful party, MCAP Financial Corporation, was mentioned?.