Proceedings.

1075 Nelson Development LP et al.

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Proceeding
Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
Court
Supreme Court of British Columbia
File
H-250800
Industry
Real estate · Residential development
Filings held18
Last activity31 Aug 2026
On the record468 days
Secured debtSubscribers
OverviewSummary updated

1075 Nelson Development LP and related respondents have been in court-appointed receivership under section 243 of the BIA since July 25, 2025. The proceeding follows the maturity on April 30, 2025 of a $90,000,000 loan facility under a June 7, 2024 credit agreement, as amended, with Royal Bank of Canada as administrative agent for a syndicate including Meridian Credit Union and Bank of Montreal. Total indebtedness under that facility stood at $91,204,611.06 as of July 10, 2025, accruing at a per diem rate of $18,369.87. The debt is guaranteed by 1075 Nelson Development GP Inc., 1075 Nelson Development Holdings Inc., Brivia Family Investments Inc. and, personally, by Kheng Ly. Title to the development property also carries mortgages registered in favour of Travelers Insurance Company of Canada, 1409658 B.C. Ltd., HSBC Bank Canada and KingSett Mortgage Corporation; priority agreements rank the RBC mortgage ahead of the 1409658 and Travelers charges. The matter remains active.

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Case updates19 dated entries
#Report

The officer filed report no. First Report Supplement. The supplement responds to Mr. Ly's allegations that the Receiver mishandled Northlink's LOI #2, setting out a chronology of the Receiver's and CBRE's repeated attempts to engage Northlink during the court-supervised sale process of the Nelson Street real property. It contains no financial results and concludes the Receiver acted promptly and diligently.

Source: Supplement to the First Report of the Receiver

#Report

Receiver's First Report: the CURV pre-sale condominium project never proceeded to construction, every pre-sale contract has been terminated, and the Receiver is pursuing deposits, interest and advance commissions, holding $1,214,286 at August 19, 2026.

Source: First Report of the Receiver

#Order

1075 Nelson Development LP et al. — Receivership filed, Québec.

AnalysisAll insights⁠

Guide

What happens to your deposit if your builder goes bankrupt in Canada

When a Canadian builder goes bankrupt or into receivership, buyers of condos, new homes and presales have paid deposits that may be in trust, insured or already spent. How Tarion, deposit insurance and the trust rules work in Ontario, British Columbia, Alberta and Québec, what a receiver can do with your purchase agreement, and how deposits come back, drawn from the court record.

Case update

1075 Nelson: a $91 million letter and a guarantor's defence

A year into Deloitte's receivership of the CURV tower site in Vancouver's West End, the pre-sales are gone, a $1,419,865 permit fee is back and no offer is reported; the receiver asks leave to pay the RBC-led syndicate, owed $92,969,843.93 at October 15, 2025, and answers a guarantor, Brivia Group's Kheng Ly, who says an August 2025 letter of intent at $91 million was let slip.

Parties

Debtor

1075 Nelson Development LP et al.

Applicant

RBC

Receiver

Deloitte

Bench and counselPer the orders and service lists on the record

Counsel of record

PartyCounselFirst seenSource
ReceiverDeloitteDLA Piper (Canada) LLP26 May 2026Service list · 26 May 2026
CreditorRoyal Bank of CanadaDentons Canada LLP26 May 2026Service list · 26 May 2026
CreditorThomas Patrick McNeilageWatson Goepel LLP26 May 2026Service list · 26 May 2026
CreditorTravelers Insurance Company of CanadaBorden Ladner Gervais LLP26 May 2026Service list · 26 May 2026
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredRoyal Bank of Canada (as agent for lending syndicate: RBC, Bank of Montreal, Meridian Credit Union) · in 584 casesMortgage and assignment of rents (principal amount $108,000,000, as modified from original $90,000,000), GSA over all present and after-acquired personal property, mortgage of beneficial interest of the Lands, unlimited joint and several guarantee, debt service agreement, environmental indemnity — RBC by predecessor by amalgamation HSBC Bank Canada; senior secured creditor and administrative/collateral agent for syndicate of RBC, BMO, Meridian under Interlender Agreement — debtor: 1075 Nelson Development Limited Partnership (and Nominee/GP) · as of 10 Jul 2025$91.2MAffidavit #1 of S. Kovesdi
Secured
Secured
Secured

3 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount.

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This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.

RecoveriesAs stated in the filings

Syndicate: shortfall.EstimatedFirst Report of the Receiver · 31 Aug 2026

ClassCreditorClaimsRecoveryBasisSource
SecuredSyndicate—shortfallEstimatedper the receiverFirst Report of the Receiver · 31 Aug 2026

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

Estate financialsReported figures — never derived

Cumulative receipts

$2.16M

As at 19 Aug 2026First Report of the Receiver

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures

Each one as the filing states it, with its source.

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Documents
18 filings
DateDocumentFile
First Report of the Receiver
  • Operational summary The Debtors' pre-sale condominium project (CURV) has not proceeded to construction; all Pre-Sale Contracts have now been terminated and the Receiver is pursuing recovery of related deposits, interest and advance commissions, while marketing the Real Property for sale and managing the partly-occupied rental property with no employees of the Debtors.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Supplement to the First Report of the Receiver
  • Operational summary The supplement responds to Mr. Ly's allegations that the Receiver mishandled Northlink's LOI #2, setting out a chronology of the Receiver's and CBRE's repeated attempts to engage Northlink during the court-supervised sale process of the Nelson Street real property. It contains no financial results and concludes the Receiver acted promptly and diligently.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Service List
  • Counsel DLA Piper (Canada) LLP
PDF · Subscribers
Affidavit #1 of K. LyPDF · Subscribers
Response to Petition (K. Ly)PDF · Subscribers
Affidavit #1 of I. KonstantopoulosPDF · Subscribers
A ffidavit #1 of A. ArenasPDF · Subscribers
Order NisiPDF · Subscribers
Notice of Hearing returnable October 15, 2025PDF · Subscribers
State of Title CertificatePDF · Subscribers
Statement of Relief SoughtPDF · Subscribers
Notice and Statement of ReceiverPDF · Subscribers
Communication #1 to Presale BuyersPDF · Subscribers
Notice of Application returnable July 25, 2025
  • Applicant Royal Bank of Canada
  • Court IN THE SUPREME COURT OF BRITISH COLUMBIA
  • Court file no H-250800
  • Financial position Subscribers
  • + 1 more extracted fact
PDF · Subscribers
Receivership Order
  • Applicant Royal Bank of Canada
  • Appointee Deloitte Restructuring Inc.
  • Appointee role Receiver and Manager
  • Court IN THE SUPREME COURT OF BRITISH COLUMBIA
  • + 2 more extracted facts
PDF · Subscribers
Affidavit #2 of N. SidhuPDF · Subscribers
Affidavit #1 of N. Sidhu
PDF · Subscribers
Affidavit #1 of S. Kovesdi
PDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “1075 Nelson Development LP et al.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 5 November 2026, https://proceedings.ca/case/1075-nelson-development-lp-et-al

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/1075-nelson-development-lp-et-al

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.