Background:
Canadian Western Bank (CWB) filed a petition against Quarry Rock Developments (McAllister) Inc. and related entities for defaulting on financing obligations related to a mixed-use development project in Port Coquitlam, British Columbia. CWB sought the appointment of Alvarez & Marsal Canada Inc. as receiver after Quarry Rock defaulted on approximately $12.7 million in secured debt, alongside $10.5 million in builders’ liens and $700,000 in unsecured creditor claims.

Receivership and Sale Process:
The court appointed the receiver in April 2024 after Quarry Rock failed to finalize a purchase and sale agreement (PSA) with a prior bidder. The receiver marketed the property at $18.5 million, received bids, and approved a $10 million sale to NorthStar Acquisitions Ltd. This bid was subject to court approval.

Adjournment Request and Legal Arguments:
Quarry Rock, supported by a lienholder, requested an adjournment to seek confirmation from another potential bidder, Frontier Housing Society. The receiver and CWB opposed, arguing delays risked losing NorthStar’s bid. The court noted that Frontier’s letter of interest lacked binding terms and sufficient commitment.

Outcome:
The court denied the adjournment, emphasizing the need to balance stakeholder interests and avoid further delays. The sale to NorthStar was approved.

Costs:
No specific award of costs was mentioned in the provided judgment. If awarded, standard costs typically favor the successful party, Canadian Western Bank.