Sanovest Holdings Ltd. v. Ecoasis Developments LLP

Sanovest Holdings Ltd. v. Ecoasis Developments LLP

The Receivership Order was varied to bring the Bear Mountain Litigation within the receivership because the litigation's outcome is materially intertwined with the receivership distributions and asset quantum, variation of a consent receivership order is permissible without a demonstrated change in material facts,...

Source-derived case information.

Citation
2026 BCSC 141
Parties
Petitioner: Sanovest Holdings Ltd.; Respondent: Ecoasis Developments LLP; Respondent: Ecoasis Bear Mountain Developments Ltd.; Respondent: Ecoasis Resort and Golf LLP; Respondent: 0884185 B.C. Ltd.; Respondent: 0884188 B.C. Ltd.; Respondent: 0884190 B.C. Ltd.; Respondent: 0884194 B.C. Ltd.; Respondent: BM 81/82 Lands Ltd.; Respondent: BM 83 Lands Ltd.; Respondent: BM 84 Lands Ltd.; Respondent: BM Capella Lands Ltd.; Respondent: BM Highlands Golf Course Ltd.; Respondent: BM Highlands Lands Ltd.; Respondent: BM Mountain Golf Course Ltd.; Respondent: Bear Mountain Adventures Ltd.; Attendee: 599315 B.C. Ltd.; Attendee: Daniel Matthews; Attendee: Tomoson (Tom) Kusumoto; Receiver: Alvarez & Marsal Canada Inc.; Attendee: Royal Bank of Canada
Court
Supreme Court of British Columbia
Jurisdiction
Canada
Judgment Date
29 January 2026
Procedural Posture
Receivership/insolvency / Application to Vary Receivership Order; Case Management and Sale Approval
Outcome
Receivership Order varied to encompass the Bear Mountain Litigation within the receivership.
Legal Topics
Receivership, Variation of Court Order, Derivative Actions, Oppression Remedy, Case Management, Sale Approval, BIA S.187(5)
Source Language
english
Insolvency Civil Procedure Corporate Law Equity Partnership Law Receivership Variation of Court Order Derivative Actions +4 more

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Parties

Sanovest Holdings Ltd.

Petitioner

Ecoasis Developments LLP

Respondent

Ecoasis Bear Mountain Developments Ltd.

Respondent

Ecoasis Resort and Golf LLP

Respondent

0884185 B.C. Ltd.

Respondent

0884188 B.C. Ltd.

Respondent

0884190 B.C. Ltd.

Respondent

0884194 B.C. Ltd.

Respondent

BM 81/82 Lands Ltd.

Respondent

BM 83 Lands Ltd.

Respondent

BM 84 Lands Ltd.

Respondent

BM Capella Lands Ltd.

Respondent

BM Highlands Golf Course Ltd.

Respondent

BM Highlands Lands Ltd.

Respondent

BM Mountain Golf Course Ltd.

Respondent

Bear Mountain Adventures Ltd.

Respondent

599315 B.C. Ltd.

Attendee

Daniel Matthews

Attendee

Tomoson (Tom) Kusumoto

Attendee

Alvarez & Marsal Canada Inc.

Receiver

Royal Bank of Canada

Attendee

Procedural Posture

Receivership/insolvency / Application to Vary Receivership Order; Case Management and Sale Approval

Legal Issues

  1. 1 Whether the Bear Mountain Litigation should be brought within the receivership
  2. 2 Whether the Receivership Order may be varied absent a change in material facts
  3. 3 Whether s.187(5) of the BIA authorizes inclusion of the litigation in the receivership

Ratio Decidendi

The Receivership Order was varied to bring the Bear Mountain Litigation within the receivership because the litigation's outcome is materially intertwined with the receivership distributions and asset quantum, variation of a consent receivership order is permissible without a demonstrated change in material facts, and s.187(5) BIA supports inclusion to preserve the single proceeding model and avoid inconsistent findings.

Court Disposition

Receivership Order varied to encompass the Bear Mountain Litigation within the receivership.

Orders

  • Receivership Order varied to include Actions S223937, S226218, S234047 and S234048 (the Bear Mountain Litigation)
  • Parties to schedule further hearing to consider summary procedures under the BIA