Newgen Harrison Development Inc.
Filing Date:
Overview
Newgen Harrison Development Inc. (the “Company”) was the developer of a 90 acre master planned community, called Harrison Highlands which is located in Kent, B.C. The Bowra Group Inc. was appointed Receiver-Manager of the assets, undertakings and properties of the Company on November 16, 2011.
Receivership Order – November 16, 2011
The Bowra Group Inc. was appointed Trustee in the Proposal of Newgen Harrison Development Inc. on January 26, 2015.
The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.
The Proposal of Newgen Harrison Development Inc. was unanimously approved by the creditors at the First Meeting of Creditors held on February 12, 2015. It was subsequently approved by the Court on March 9, 2015.
File Updates
The Bowra Group Inc. was appointed Trustee in Bankruptcy of the Company on June 9, 2014.
The Bowra Group Inc. was appointed Trustee in the Proposal of Newgen Harrison Development Inc. on January 26, 2015.
The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.
The Proposal of Newgen Harrison Development Inc. was unanimously approved by the creditors at the First Meeting of Creditors held on February 12, 2015. It was subsequently approved by the Court on March 9, 2015.
Creditor's Information
The Receiver marketed the property on an enbloc basis and also listed the individual lots for sale.
The Receiver accepted an offer to restructure the Company (the “Restructuring Agreement”), which also called for an alternative transaction in the event that the restructuring was not successful. Under the Restructuring Agreement, a third party (the “Purchaser”) will purchase the shares of the Company, fund the costs of a Proposal that offers the creditors (excluding the first mortgagee) a total estimated dividend of approximately $58,000, all of which is subject to the creditors and Court approving the Proposal. In the event that the Proposal is not successful, the Purchaser will purchase the development property for $5.08 million from the Receiver. The Restructuring Agreement was approved by the Court on January 19, 2015.
The Bowra Group Inc. was appointed Trustee in the Proposal of Newgen Harrison Development Inc. on January 26, 2015.
The First Meeting of Creditors to vote on the Proposal will be held on February 12, 2015.