A creditor based in Whistler is suing the lead proponent of an international private school and housing development in Pemberton.
Cam McIvor, owner of the Ravens Crest property that's slated for development of a highly-touted GEMS school, is being sued by Whistler-based company Vision West Development Ltd. for $1,437,683.87 in connection with three loans made to the developer between 2005 and 2007.
In a civil claim filed in B.C. Supreme Court on March 16, a lawyer for Vision West states that the company agreed to lend McIvor and his company McIvor Properties three separate principal amounts.
A first loan of $159,500 was extended to him on December 1, 2005. The amount payable with interest totaled $176,779.17 by December 31, 2006 but it was not paid on that date. A second loan of $250,000 was extended to McIvor on November 17, 2006. The final loan, totaling $524,044.60 was advanced to McIvor on March 30, 2007.
The claim cites the total unpaid principle amounts with interest, as per March 9, 2011, at $1,437,683.87.
The claim does not make clear what the loans were extended for and neither did either party in the suit when contacted by Pique .
McIvor didn't return a call from Pique . Tim Regan, owner of Vision West, declined to comment when contacted for an interview. So did lawyer Stephen Ross, who is representing the latter in the lawsuit.
"I'm not happy to make comment on this," Regan said on Monday. "It's a private matter, so I'd prefer not to."
The civil suit states that on or around November 1, 2009, McIvor and McIvor Properties acknowledged their debt to Vision West. Counsel for Vision West first demanded payment of the loans in a letter on December 31, 2010, giving McIvor a deadline of January 10, 2011 to pay them back, but McIvor never paid them anything, according to the claim.
The claim goes on to state that the parties entered a General Security Agreement on March 30, 2007, in which McIvor Properties granted Vision West a "security interest" in the company's personal property, assets and undertakings, other than real property.
On December 31, 2010, Vision West's lawyer delivered a Notice of Intention to Enforce Security dated December 29, 2010, to McIvor Properties as per Rule 124 and Section 244 of the Bankruptcy and Insolvency Act.
The plaintiff is demanding that McIvor pay the $1,437,683.87, with interest starting March 9, 2011 at a rate of 10 per cent per year. The plaintiff also claims costs including legal fees. Furthermore, Vision West seeks the appointment of a Receiver or Receiver-Manager of the assets of McIvor Properties.
McIvor has long been a proponent of economic development in Pemberton. Since 2005 he has been pushing a housing development on the Ravens Crest property, which lies in Area C of the Squamish-Lillooet Regional District, but it has never gotten past the regional board.
The GEMS school, meanwhile, is contingent on McIvor being able to put up housing. Frustrated with a lack of movement on his development, he and the Sunstone Ridge group have given up on trying to get it approved by the regional board and are now waiting for a boundary expansion that will bring his property into the Village of Pemberton.