Real estate litigation update: Coastal Village project, Squamish, BC
October 23, 2009The developers of the Coastal Village real estate project in Squamish, BC have obtained court protection pursuant to the Companies Creditors Arrangement Act (CCAA).
Approximately 105 pre-sale purchasers are affected. Pre-sale purchasers are exposed to risk in two ways:
1. They are required to complete their purchases and acquire units that are worth, on average, $80,000 less than what they might have been worth in 2006; or
2. They do not complete their purchases, the developers sell the units at their current values, and might pursue the pre-sale purchasers for the deficiency (~ $80,000 CDN deposit).
Harper Grey LLP represents a number of pre-sale purchasers of condominiums in this development. Our goal is to see that your rights are asserted in the CCAA proceeding and that your risk is mitigated.
If you are a pre-sale contract holder or if you know someone who might be at risk in this development or another in BC, please contact Bryan Baynham, QC, chair of our condo pre-sale litigation group, at 604 895 2802.
Please read the attached summary and FAQ's regarding the CCAA proceedings for the Coastal Village Development.
