Consumer Protection Act charges related to life leases stayed against Edmonton developer
CBC
Consumer Protection Act charges against Edmonton developer Greg Christenson have been suspended.
Court information shows that on Oct. 20, two counts of failing to return a life lease entrance fee within 180 days were stayed.
The move came three days after a judge approved an initial order under the Companies’ Creditors Arrangement Act (CCAA), with the Christenson Group of Companies deemed insolvent.
Greg Christenson is the president and sole director of the companies under the Christenson Group umbrella, which includes retirement communities across Edmonton and central Alberta.
The Christenson Group has more than $300 million in debt: about $105 million owed to secured creditors for things like mortgages and construction loans, and $194.4 million in life lease deposits that are due back to 601 seniors, in total.
Each of the seniors put hundreds of thousands of dollars toward a life-lease unit in one of nine Christenson Group retirement homes that previously offered them.
When the residents die or move out because they need a higher level of care, they’re supposed to receive the majority of the initial payment back, but many have been stuck in queues waiting years for repayment.
Christenson was charged earlier this year under new provincial regulations for life leases that set a six-month timeline for repayment, with a fine of up to $300,000 or two years in jail as possible penalties.
But the case won’t continue, according to a spokesperson for the Alberta Crown Prosecution Service.
“After reviewing all the relevant evidence, the Crown prosecutor determined that there was no reasonable likelihood of conviction and it was not in the public interest to proceed.”
Ian Mahood, a lawyer for Christenson, confirmed all the charges he was facing have been stayed.
The Crown has the option to revive stayed proceedings within a year, but it’s a rare move.
After Court of King’s Bench Justice Colin Feasby granted the initial CCAA order giving the Christenson Group 10 days of creditor protection, he approved an extension of the order at a separate hearing.
Accounting and auditing firm Ernst & Young is the court-appointed monitor for the CCAA process.
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