Golden View Development Corp. v. Power Tek Dev. Inc.

Golden View Development Corp. v. Power Tek Dev. Inc.

Given the substantial overbid relative to appraisal, the evident market interest, and the need to protect lienholders and the integrity of the sale process, the court exercised its Rule 50 discretion to approve the petitioners' offer of $4,828,000 as a back up sale to the successful $5,650,000 bid.

Citation
2000 BCSC 319
Parties
Petitioner: GOLDEN VIEW DEVELOPMENT CORP.; Petitioner: TEG DEVELOPMENT LTD.; Respondent: POWER TEK DEVELOPMENTS INC.; Respondent: NU TEK PROPERTIES LTD.; Respondent: SATNAM SINGH JOHAL; Respondent: KULWINDER KAUR JOHAL; Respondent: A AND G INVESTMENT INC.; Respondent: SATISH SINGH KUMAR; Respondent: PRAKASH KAUR KUMAR; Respondent: NEW CENTURY GRAPHICS LTD.; Respondent: BHAJAN DHANNU; Respondent: CHANDI HOLDINGS LTD.; Respondent: SARBAN SINGH CHANDI; Respondent: PARMJIT KAUR CHANDI; Respondent: MOMI ENTERPRISES LTD.; Respondent: SARBJIT SINGH MOMI; Respondent: JASBIR KAUR MOMI; Respondent: MAINLAND DEMO CONTRACTING LTD.; Respondent: ALL SEASON EXCAVATING AND TRUCKING LTD.; Respondent: A.G.E. DISPATCH LTD.; Respondent: AVANTE CONSTRUCTION LTD.; Respondent: LASERCRETE FLOORS LTD.; Respondent: LAFARGE CANADA INC.; Respondent: VALLEY RITE-MIX LTD.; Respondent: EMCO LIMITED; Respondent: PERKINS EXCAVATING LTD.; Respondent: BALA ELECTRIC LTD.; Respondent: FAQIR MOHAMMED; Respondent: EMIL MAREK ARCHITECT INC.; Respondent: J.S.B. ENGINEERING INC.; Respondent: H B ENGINEERING INC.; Respondent: OCEAN CONSTRUCTION SUPPLIES LIMITED; Respondent: TOTAL FABRICATION LTD.; Respondent: VALLEY RENTALS LTD.; Respondent: DICK'S LUMBER & BUILDING SUPPLIES (SURREY) LTD.; Respondent: PACIFIC PREBENCHED LTD.; Respondent: MAINLAND ENGINEERING CORPORATION; Respondent: SKYLINE PLUMBING, HEATING AND GAS FITTNG LTD.; Respondent: MCELHANNEY CONSULTING SERVICES LTD.; Respondent: PACIFIC BLASTING & DEMOLITION LTD.; Respondent: CIT CONSTRUCTION INSPECTION AND TESTING INC.; Respondent: CONTINENTAL STEEL LTD.; Respondent: RICHFORM CONSTRUCTION SUPPLY COMPANY LIMITED
Court
Supreme Court of British Columbia
Jurisdiction
Canada
Judgment Date
22 February 2000
Procedural Posture
Foreclosure / Hearing for Approval of Sale and Consideration of Back Up Offer
Outcome
Approved petitioners' offer at $4,828,000.00 as a back up sale; directed procedural steps regarding deposit handling and allowed parties to apply for further directions.
Legal Topics
Foreclosure Sale Approval, Back Up Offer, Builders Lien, Court Discretion, Conduct of Sale
Source Language
English
Real Property Civil Procedure Construction Law Equity Foreclosure Sale Approval Back Up Offer Builders Lien Court Discretion +1 more

Case Brief

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Parties

GOLDEN VIEW DEVELOPMENT CORP.

Petitioner

TEG DEVELOPMENT LTD.

Petitioner

POWER TEK DEVELOPMENTS INC.

Respondent

NU TEK PROPERTIES LTD.

Respondent

SATNAM SINGH JOHAL

Respondent

KULWINDER KAUR JOHAL

Respondent

A AND G INVESTMENT INC.

Respondent

SATISH SINGH KUMAR

Respondent

PRAKASH KAUR KUMAR

Respondent

NEW CENTURY GRAPHICS LTD.

Respondent

BHAJAN DHANNU

Respondent

CHANDI HOLDINGS LTD.

Respondent

SARBAN SINGH CHANDI

Respondent

PARMJIT KAUR CHANDI

Respondent

MOMI ENTERPRISES LTD.

Respondent

SARBJIT SINGH MOMI

Respondent

JASBIR KAUR MOMI

Respondent

MAINLAND DEMO CONTRACTING LTD.

Respondent

ALL SEASON EXCAVATING AND TRUCKING LTD.

Respondent

A.G.E. DISPATCH LTD.

Respondent

AVANTE CONSTRUCTION LTD.

Respondent

LASERCRETE FLOORS LTD.

Respondent

LAFARGE CANADA INC.

Respondent

VALLEY RITE-MIX LTD.

Respondent

EMCO LIMITED

Respondent

PERKINS EXCAVATING LTD.

Respondent

BALA ELECTRIC LTD.

Respondent

FAQIR MOHAMMED

Respondent

EMIL MAREK ARCHITECT INC.

Respondent

J.S.B. ENGINEERING INC.

Respondent

H B ENGINEERING INC.

Respondent

OCEAN CONSTRUCTION SUPPLIES LIMITED

Respondent

TOTAL FABRICATION LTD.

Respondent

VALLEY RENTALS LTD.

Respondent

DICK'S LUMBER & BUILDING SUPPLIES (SURREY) LTD.

Respondent

PACIFIC PREBENCHED LTD.

Respondent

MAINLAND ENGINEERING CORPORATION

Respondent

SKYLINE PLUMBING, HEATING AND GAS FITTNG LTD.

Respondent

MCELHANNEY CONSULTING SERVICES LTD.

Respondent

PACIFIC BLASTING & DEMOLITION LTD.

Respondent

CIT CONSTRUCTION INSPECTION AND TESTING INC.

Respondent

CONTINENTAL STEEL LTD.

Respondent

RICHFORM CONSTRUCTION SUPPLY COMPANY LIMITED

Respondent

Procedural Posture

Foreclosure / Hearing for Approval of Sale and Consideration of Back Up Offer

Legal Issues

  1. 1 Whether the court may approve a back up sale in foreclosure proceedings
  2. 2 Whether approving a back up offer would better protect the integrity of the sale process and lienholders' interests
  3. 3 Whether parties with an interest in the matter (respondents) can have their offers approved

Ratio Decidendi

Given the substantial overbid relative to appraisal, the evident market interest, and the need to protect lienholders and the integrity of the sale process, the court exercised its Rule 50 discretion to approve the petitioners' offer of $4,828,000 as a back up sale to the successful $5,650,000 bid.

Court Disposition

Approved petitioners' offer at $4,828,000.00 as a back up sale; directed procedural steps regarding deposit handling and allowed parties to apply for further directions.

Orders

  • Petitioners' offer of $4,828,000.00 approved as a back up offer to the successful bid
  • Any party may apply if there are difficulties with the terms of the order