Background:
TCC Mortgage Holdings Inc. ("TCC") and Peterson Investment Group Inc. ("Peterson") were the first and second secured creditors of a development property in Vancouver, British Columbia. The property was owned by Shawn Oaks Holdings Ltd. and Landmark Shawn Oaks Development Ltd. ("Owners"), with Landmark Premiere Properties Ltd. and Helen Chan Sun acting as guarantors ("Debtors"). The loans, totaling over $100 million, were in default, with an interest "burn rate" of $45,000 per day.

Legal Issues:
TCC sought the appointment of a receiver under section 39 of the Law and Equity Act (LEA) and potentially under section 243 of the Bankruptcy and Insolvency Act (BIA). The key dispute was whether the Court should immediately appoint a receiver or allow the Debtors a six-month redemption period. TCC and Peterson argued that the Debtors lacked financial control and failed to remit rents or provide refinancing plans, justifying immediate receivership. The Debtors opposed, citing their equity of redemption rights.

Court Decision:
The Court appointed Alvarez & Marsal Canada Inc. as receiver, allowing it to begin sales efforts after February 24, 2025, and file an application for approval of sale after March 14, 2025. The Court dismissed the Debtors' request for a redemption period due to financial risks.

Costs and Award:
The total amount owed by the Debtors exceeded $100 million. The successful party, TCC, was granted receivership, but specific cost awards were not detailed in the decision.