Receivership for Garibaldi at Squamish Resort Project amid $65 million debt and development delays

Company

Garibaldi at Squamish Limited Partnership

Law Firm / Organization
Dentons Canada LLP

Company

Garibaldi at Squamish Inc.

Law Firm / Organization
Dentons Canada LLP

Company

Ernst & Young

Law Firm / Organization
MLT Aikins LLP

Company

Aquilini Development Limited Partnership

Law Firm / Organization
Cassels Brock & Blackwell LLP

Company

Garibaldi Resort Management Company Ltd.

Law Firm / Organization
Cassels Brock & Blackwell LLP

Company

1413994 B.C. Ltd.

Law Firm / Organization
Cassels Brock & Blackwell LLP

Garibaldi at Squamish Limited Partnership and Garibaldi at Squamish Inc. (GAS), aimed at developing a ski resort in British Columbia, was placed into receivership on December 4, 2023, due to a claim by Aquilini Development Limited Partnership, Garibaldi Resort Management Company Ltd., and 1413994 B.C. Ltd., which were owed about $65 million. Despite efforts to advance the project, such as partnering with the Squamish Nation and securing an Environmental Assessment Certificate, construction had not started, and key conditions of the certificate were unmet. GAS, generating no income, relied solely on external funding, with its directors divided on the project's direction. EY was appointed as the receiver to oversee a sale process. Legal advisors involved were Cassels for Aquilini Development and its partners, MLT Aikins for the receiver, and Dentons for GAS.

Other
Other
$ 65,000,000
Active