BDO Administrator/ Resort Restructuring – Owner Survey 1 closed; Next Steps

Laurie KennedyNews - Members Only

TO ALL OWNERS 

The Carriage Ridge survey is now closed.  BDO will not be responding to any further questions or requests relating to this survey.

All questions relating to operations or points programs should be directed to Wyndham, SVC and RCI.  The Administrator will be reviewing the results and confirming same over the next several weeks.

NEXT STEPS 

The Administrator will undertake the following process once the number of exiting Members is determined:

1.  The Administrator will determine if a restructured resort is viable.  This will take some time to determine. Until this is determined, the Administrator will not be making the results of the survey publicly available.  It is anticipated that this will be completed by no later than October 31st;

2.  If an ongoing resort is not viable given the number of remaining Members, the Administrator will prepare a plan to market and sell the Resort(s), all subject to court approval;

3. If the Administrator determines that a restructured Resort(s) with fewer Members is economically viable, a financial plan and restructured resort plan will be developed and presented to the Members who voted to stay, the plan will also be subject to court approval; and,

4. The Members who voted to stay will be given an opportunity to complete a second survey in which they will again be given a chance to exercise the exit option or remain a Member of the proposed restructured resort.  This second survey will also be subject to court approval.

The Administrator anticipates that a restructuring plan (if necessary) will take considerable work to put together.

Although the Administrator would like to be in a position to conduct the second survey before the end of this year, it is quite possible that it will be undertaken in early 2021.

Please note that the EXIT FEE will be invoiced by the Associations’ invoicing agent (currently Equiant) and they will be responsible for sending out the invoices and for the collection of those invoices not the Administrator.

We anticipate the EXIT FEE invoices will be sent in or about late October / early November 2020.

BDO Canada Limited
Court Appointed Administrator of
Carriage Hills Vacation Owners Association and
Carriage Ridge Owners Association

IF YOU HAVE ANY COMMENTS OR CONCERNS

Please review the information on the Administrator’s website: www.bdo.ca/en-ca/extranets/carriage.   In the event you still have questions, they may be directed to:  BDOCarriageRidge@bdo.ca