RMIC and Forjay Receivership of 098 B.C. Ltd.

098 is the owner of lands located in Langley, B.C. on which it was developing a 92-unit strata complex known as the “Murrayville House”. RMIC, along with a co-mortgagee, funded the initial acquisition of the lands and RMIC and Forjay funded the construction costs of the development. In 2017, allegations of multiple sales of the same unit and a cease marketing order by the Superintended of Real Estate for B.C. in September 2017 led to multiple legal proceedings, including certificates of pending litigation being filed against the lands, and 098 was unable to complete the development or sales of the strata units. Forjay commenced foreclosure proceedings in July 2017 and The Bowra Group Inc. was appointed receiver of the lands and related assets in October 2017.