Consumers and creditors of an insolvent Lower Mainland condo development are set to face off in B.C. Supreme Court Monday in a legal battle over the rights of pre-sale purchasers.
Lawyers for more than three dozen buyers at Burnaby’s Eclipse building want a judge to declare their pre-sale contracts unenforceable — despite creditor protection proceedings which the monitor overseeing the project claims should shield the development from legal claims.
Set against a backdrop of failing developments and a weakened Vancouver housing market, the hearing pits federal legislation aimed at preserving the assets of debtors against provincial laws designed to protect the rights of individual real estate consumers.
The monitor — KSV Restructuring…