Vernon Recreational Products (VRP) Sales and Service Ltd. and 1390951 B.C. Ltd.

On July 18, 2024, pursuant to an Order of the Supreme Court of British Columbia, BDO Canada Limited was appointed as Receiver and Manager of the assets, undertakings and property of Vernon Recreational Products (VRP) Sales and Service Ltd. (“VRP”) and 1390951 B.C. Ltd. (“139”) (collectively the “Companies”).

VRP and 1390951 B.C. Ltd. were recreational vehicle dealerships and service centres operating in Vernon and Kamloops, BC respectively.

The Receiver conducted a sales process for the assets of the Companies.

The Receiver has accepted an offer from 1495213 B.C. Ltd. for the assets of VRP. Separately, the Receiver has accepted an offer from 1494072 B.C. Ltd. for the assets of 139. On September 11, 2024, the Receiver made an application to:

Amend the Receivership Order to allow the Receiver to assign the Companies into bankruptcy;
Approve the distribution to the Royal Bank of Canada (“RBC”) for up to $8 million; and,
Approve the sale of the assets to 1495213 B.C. Ltd. and to 1494072 B.C. Ltd., respectively.

On September 17, 2024, the court granted the above orders.

On November 20, 2024, the Receiver assigned the Companies into bankruptcy. The First Meeting of Creditors for 139 will occur via Microsoft Teams on December 18, 2024, at 10:00am PDT. The First Meeting of Creditors for VRP will occur via Microsoft Teams on December 18, 2024, at 10:30am PDT.

On December 10, 2024, the receiver filed an application to Court to authorize it to fully payout RBC.

On December 17, 2024, the Court granted an Order directing the Receiver to pay out RBC in full.