21 Feb 2023
Addenda Capital Inc. v 0781995 B.C. Ltd.
In the case of Addenda Capital Inc. v. 0781995 B.C. Ltd., dated February 21, 2023, the dispute revolved around the distribution of remaining funds from a property development project that had faced difficulties. The main issue was whether the funds should be paid to Jatinder Singh Minhas or the Receiver General for Canada to settle the tax debt of Terry Kin Keong Lai, the other developer involved. The court rejected the Crown's arguments regarding ownership and concluded that Mr. Minhas had funded the majority of the development costs. As a result, all the remaining funds were to be reimbursed to Mr. Minhas and Elegant, in accordance with the Joint Venture Agreement (JVA). The court dismissed the Crown's application and ordered the funds to be paid to Mr. Minhas and Elegant Development Inc., with the possibility of sharing a portion with Ms. Chan. The specific arrangements for the payment were to be determined through an agreement between the parties involved. No decision had been made regarding costs.