Bankruptcy of Lightstone Development Ltd.
On July 31, 2025, the Supreme Court of British Columbia appointed FTI Consulting Canada Inc. as receiver (the "Receiver") over the assets and business of 1076255 B.C. Ltd. and Lightstone Development Ltd. (the "Developers"). The Developers had completed a mixed use strata project in Vancouver. We assisted the Receiver in successfully resolving complex priority disputes, including litigating a novel issue involving strata lien priority. We also implemented an innovative and efficient sales process that reduced transaction costs and expedited closings. Our real estate team navigated British Columbia’s regulatory framework for insolvent developers, including disclosure statement amendments and closing logistics, ensuring compliance and stakeholder protection.
McCarthy Tétrault is assisting the Receiver with a team led by Lance Williams that includes Ashley Bowron (Bankruptcy and Restructuring), Andrew Butler, Nico Rullmann (Litigation), Craig Shirreff, Albert Chen, Thomas Fox (Real Property and Planning) and Lucas Beatch (Financial Services).
