District Northwest is latest casualty in wave of insolvencies across B.C. and Canada
A B.C. developer is facing mounting financial headaches stretching across properties throughout Metro Vancouver.
This came after the lender, Vancouver-based KingSett Mortgage Corp., petitioned the court on Oct. 11 saying Thind Properties owed them $85,695,102.47 as of Oct. 1, consisting of about $80 million of principal and about $5.6 million in interest. The petition was supported by an affidavit from Daniel Pollack, a KingSett executive who said that on May 1, Thind Properties failed to make monthly interest instalment payments. After that, KingSett attempted to work with the borrower and gave it an opportunity to restructure its financial affairs. However, KingSett then “lost confidence” in the borrower’s ability to satisfy its obligations and took steps to enforce its security.
“The innuendo left by Mr. Pollack’s affidavit is that the respondents have not latched onto opportunities to restructure their affairs … There is not a fair description of the ongoing discussions between the parties.”
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