Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

BC judge voids 78% of Strata owners by rejecting liquidation bid

The judge said there was enough confusion, uncertainty and unfairness on the issue to approve the court’s petition.

Article content

A judge rejected a bid by BC Strata to terminate the Strata Plan for the purpose of selling the property, despite the fact that more than 78 percent of owners favored the move.

advertising 2

Article content

In his ruling on the case, BC Supreme Court Judge Jeffrey Gomery said there was enough confusion, uncertainty, and unfairness surrounding the issue to approve the court’s petition.

Article content

The court heard that in the summer of 2021, the project owners had been discussing the possible liquidation of Strata Corporation and the sale of the property to a developer. faced an increase.

Built in 1982, the so-called Tall Tree Tier has six two-story homes totaling 28 units and is located on Inlet Street, Coquitlam.

On November 5, 2021, the Hierarchical Council negotiated a sale and purchase agreement with Anthem Properties Group Ltd.

advertising 3

Article content

At the January 20th meeting, the owners failed to approve the sale with the required 80% majority, but discussions with the developers continued. On June 17, his 89% of owners approved the liquidation resolution.

However, the developer has taken the position that based on a previously negotiated amendment to the contract, the contract ended three days ago on June 14th and they want the security deposit back.

On August 18, Strata filed a petition seeking approval for liquidation, a required process under the contract. Eight days later, Anthem filed a lawsuit seeking the return of the security deposit.

In the petition, the number of owners supporting the liquidation move has dropped to 22 of 28 owners, or 78%.

The judge said there was “no doubt” that there was injustice, confusion and uncertainty in the issues before him.

Advertising 4

Article content

“Considering the best interests of all owners, the question is whether the likelihood and scope justify overriding the wishes of the 78.6% of owners who voted in favor of liquidation and still wish to proceed. It’s whether it’s important enough to make a difference,” he said.

“The confusion and uncertainty is clear. even is uncertain.”

The judge said an injustice existed because a liquidation proposal was filed and approved based on cost estimates and interest rate schedules that were “completely unrealistic” in light of the litigation involving Anthem.

“Attorney’s fees, transfer fees and liquidator’s fees will undoubtedly exceed $126,000, possibly several times,” the judge said. “If an owner succeeds in suing Anthem, he will recover well under $1,085,000 per owner, possibly with years of delayed recovery.

Advertising 5

Article content

“If their owners fail to act against Anthem, their eventual recovery is entirely uncertain, but it is important that they view this as an inferior outcome.”

The judge said the practical effect of approving the liquidation order was to prevent all tier lots from being sold unless the order was revoked one day.

“It’s hard for anyone to understand the motives for buying a formation that could cease to exist at any moment, as the Strata Council has filed an order with the Bureau of Land Rights,” he said.

“Once applied, no owner has the right to continue owning their residential unit.”

The judge said that petitioner’s attorney advised that the Hierarchical Council adamantly intended not to issue an order unless the sale was ready, but that did not change his analysis.

Advertising 6

Article content

“This does not affect my conclusion that issuing orders jeopardizes the ownership of the Hierarchical Units, because the intentions and guarantees of the Hierarchical Council will not allow this or any future Hierarchical Council to legally “It’s not binding,” he said.

“Current owners may be more inclined to accept them, but I think that is much less likely with potential buyers.”

Layer and developer attorneys could not be reached for comment.


More news, less ads: Our in-depth journalism is possible thanks to the support of our subscribers. For just $3.50 a week, get unlimited add-on access to The Vancouver Sun, The Province, National Post and 13 other Canadian news sites. Subscribe now and support us: The Vancouver Sun |

    advertising 1


Postmedia is committed to maintaining an active yet respectful forum for discussion and encourages all readers to share their opinions on our articles. It may take up to an hour to moderate your comments before they appear on the site. Please keep your comments relevant and respectful. You have enabled email notifications. You will now receive an email when you receive a reply to a comment, when a comment thread you are following is updated, or when someone is following your comment. For more information and details on how to adjust your email preferences, please see our Community Guidelines.

BC judge voids 78% of Strata owners by rejecting liquidation bid

Source link BC judge voids 78% of Strata owners by rejecting liquidation bid

Related Articles

Back to top button