Real Estate Executive’s Legal Deadline Looms
A Vancouver property developer with an estimated net worth exceeding $20 million could face incarceration later this month unless she provides full financial disclosure to the Supreme Court of British Columbia. Court documents reveal Helen Chan Sun received a suspended 40-day contempt sentence in November, with the penalty deferred until February 20 to allow complete transparency about her income and expenses.
Mounting Financial Pressure
The legal threat emerges as separate creditors seek bankruptcy proceedings against the 49-year-old CEO, whose development company manages multiple residential projects across Greater Vancouver. Additional court filings show Sun simultaneously contests a $6 million tax assessment from federal revenue authorities.
Discrepancies in Financial Disclosures
Sun maintains ownership of Landmark Premiere Properties, a holding company that creates subsidiaries for property acquisition and development. Despite declaring a personal net worth of $94 million in 2018, her stated assets reportedly dwindled to $21 million by 2023. The developer claims financial hardship, asserting she resides with her mother, earns $60,000-$70,000 annually, and maintains minimal banking facilities.
Justice Richard Fowler expressed skepticism during contempt proceedings, noting significant inconsistencies between Sun’s reported finances and her luxury lifestyle. “Your client has to understand that she is hanging by a very fine thread,” Fowler cautioned Sun’s legal counsel. “The time for obstruction has passed.”
Contempt Proceedings Timeline
The contempt case originated from a defaulted $4.5 million mortgage issued in 2018 for a failed Burnaby development project. Sun, who personally guaranteed the loan, initially agreed to repay $5.6 million in installments in 2021. After paying approximately $3 million, she ceased payments in mid-2022, prompting creditor GC Capital Inc. to secure a court-ordered monthly repayment mandate of $300,000.
Luxury Lifestyle Contradicts Financial Claims
During deposition proceedings, Sun’s legal representatives clashed with creditors over her spending habits. Creditor counsel Ravi Hira presented evidence of substantial monthly expenditures on designer apparel, luxury vehicles, and international travel despite Sun’s declared modest income. Court records indicate one judicial officer described Sun’s testimony as “unlike any I’ve heard” and characterized her responses as consistently evasive.
Market Downturn Complicates Recovery
Sun’s legal filings attribute her financial challenges to Vancouver’s declining real estate market, which recorded its lowest annual home sales in two decades last year. Development plans for several Landmark properties, including two Cambie Corridor sites now in receivership, remain stalled with creditors holding judgments exceeding $115 million.
Bankruptcy Threatens Condo Project
Creditors seeking personal bankruptcy against Sun argue the action could impact the Foster Martin development in White Rock, where 93 pre-sale contracts worth $131 million might become voidable. Sun contends this would significantly devalue the multi-tower project, though these claims remain legally untested.
Judicial Ultimatum Issued
Sun must comply with comprehensive financial disclosure orders by February 20, including detailed asset listings, cross-examination availability, and updated net worth statements. Justice Fowler emphasized the transparency required, noting apparent gaps in previous disclosures and questionable corporate expenses like $780,000 in consultant fees.
When questioned about halting debt payments, Sun reportedly expressed frustration about perceived inequity in creditor actions against other guarantors. Legal professionals emphasize that guarantor liability remains absolute under Canadian law regardless of co-signers’ circumstances.
The impending deadline places Sun at a critical juncture, with the court maintaining incarceration remains a viable enforcement option. “The challenging part is sending a businessperson to jail,” Justice Fowler remarked during proceedings. “Don’t worry, I’ll do it if circumstances warrant.”
