Here’s a recent update to the Bel-Ayre Villa Bill 40 case.
Even though Cressey has bought a controlling stake in the Bel-Ayre strata, and may be able to again seek court approval following another 80% vote, the question still remains whether the BC Supreme Court would approve the sale in the face of what is likely to be continuing opposition from owners in the minority.
The September 2017 decision (B.C. Supreme Court rejects condo-building sale attempt – Business in Vancouver) was based on the fact that the strict procedures put in place for these 80% votes were not properly followed.
If the process is re-started and followed to the letter, would the result be different?
The court still has to consider the ‘probability and extent’ of ‘significant unfairness to one or more owners’ if the court were to confirm or refuse to confirm the 80% vote. ..Stay tuned.