1281805 B.C. Ltd.
- Proceeding
- NOIBIA s. 50.4
- File
- VLC-S-B-260250
- Industry
- Real estate · Residential development
1281805 B.C. Ltd. filed a notice of intention to make a proposal under section 50.4 of the Bankruptcy and Insolvency Act on March 26, 2026, in British Columbia, and the proceeding remains active. On April 20, 2026 the Court approved a DIP facility from Envision Financial, the company's existing mortgage lender over the Everwood property, with a total limit of $2.4 million; draws to date total $2,066,327, with a further $333,673 forecast per the Third Cash Flow Forecast running to September 2026. Twenty creditors filed proofs of claim supported by registered liens or identified by the company as lien registrants, totalling $2,176,640, of which $2,101,988 was accepted on an unsecured basis, secured status having been disallowed by notice of revision or disallowance pending valuation of the assets. Envision's mortgage security is under review by independent legal counsel, and the company intends to apply surplus sale proceeds to reduce the mortgage balance.
A claims procedure has been established — see the order for deadlines.
Per the Claims Procedure Order dated 27 April 2026.
Fifth Report of the Proposal Trustee: recorded cumulative receipts since the notice of intention of $9,569,830, being $9,549,907 of net unit sales proceeds and $19,922 of interest.
Fourth Report of the Proposal Trustee: construction is winding down with one Phase I unit left to close, approximately $6,250,000 was held at September 2, 2026, and a further stay extension is sought to prepare a proposal.
By order of July 24, 2026 the court extended the stay of proceedings to September 4, 2026.
Source: Order (Extension of Time)
The company filed a notice of application on July 22, 2026 in the proposal proceedings.
Source: Application Record Index
Notice of Application (Extension of Time and Vesting Orders) — Application / notice of application
Second Report of the Proposal Trustee: with the $2.4 million DIP facility in place, the company re-engaged trade contractors to complete the Phase I townhomes at Everwood while sales continued; it held no cash at May 29, 2026.
By order of April 20, 2026 the court approved a DIP facility of up to $2.4 million from Envision Financial, the company's existing mortgage lender.
Source: Claims Procedure Order
Case update
Everwood: a $3.9 million forced-sale value and a proposal of up to $303,571
Against an appraised $3.9 million forced-sale value for the rest of the Everwood site and about $4.64 million of Envision's secured debt, FTI says affected creditors would likely receive no dividend in a bankruptcy and recommends they support a proposal of up to $303,571, an average of 15 cents on the dollar by its count.
Case update
Everwood: a second Envision DIP, to start Phase 3 and fund a first distribution
On September 18 the court let 1281805 B.C. Ltd. borrow up to $1,483,319 more from Envision Financial, its mortgage lender, on a new super-priority charge, to start excavating the undeveloped part of the Everwood site in Maple Ridge, pay out about $440,000 left on the Phase 1 mortgage and fund a partial payment to unsecured creditors, and directed the proposal trustee to pay Envision's first mortgage from the roughly $6.77 million it holds from the ten Phase 1 sales.
Case update
Everwood: ten townhomes sold, a DIP repaid, and a proposal resting on Phase 2
In five months under a notice of intention, 1281805 B.C. Ltd. finished and sold the last ten first-phase townhomes at Everwood in Maple Ridge, repaid its $2.4 million Envision DIP on August 26 and now holds about $6.25 million, and it asks for time to September 25 to file a proposal its trustee says is contingent on building and selling Phase 2.
Debtor
1281805 B.C. Ltd.
Proposal trustee
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Basran | Supreme Court of British Columbia | 1 order, Apr 2026 | 9 cases on record |
Counsel of record
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Envision Financial (Division of First West Credit Union) · in 2 casesCompany's first (senior) secured lender per para 45; security instrument not detailed in these pages. — debtor: 1281805 B.C. Ltd. · as of 26 Mar 2026 | $10.2M | First Report of the Proposal Trustee |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
19 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution.Under the plan · vote pendingReport of the Trustee on the Proposal · 5 Oct 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | Affected Creditors | — | conditional | Under the planvote pendingper the proposal trustee | Report of the Trustee on the Proposal · 5 Oct 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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$9.57M
As at 16 Sep 2026Fifth Report of the Proposal Trustee
Cash on hand
As at
Professional fees
As at
2 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Report of the Trustee on the Proposal
| PDF · Subscribers | |
Notice to Creditors regarding Proposal
| PDF · Subscribers | |
Proposal to Creditors
| PDF · Subscribers | |
Order (Interim Financing and Distribution)
| PDF · Subscribers | |
| Affidavit #5 of Talbir Mann | PDF · Subscribers | |
Fifth Report of the Proposal Trustee
| PDF · Subscribers | |
| Affidavit #4 of Talbir Mann | PDF · Subscribers | |
Fourth Report of the Proposal Trustee
| PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Order (Extension of Time)
| PDF · Subscribers | |
Third Report of the Proposal Trustee
| PDF · Subscribers | |
Application Record Index
| PDF · Subscribers | |
Notice of Application (Extension of Time and Vesting Orders)
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Claims Procedure Order
| PDF · Subscribers | |
| Schedule "A" - Instruction Letter | PDF · Subscribers | |
Schedule "B" - Notice to Claimants
| PDF · Subscribers | |
| Schedule "C" - Proof of Claim Form | PDF · Subscribers | |
| Schedule "D" - Notice of Revision or Disallowance | PDF · Subscribers | |
Affidavit No.1 of Talbir Mann
| PDF · Subscribers | |
Affidavit No.2 of Talbir Mann
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
| Order (Claims Process) | PDF · Subscribers | |
Order (DIP Financing)
| PDF · Subscribers | |
1281805 B.C. Ltd. Notice of NOI with List of Creditors
| 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., “1281805 B.C. Ltd.” (NOI), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/1281805-b-c-ltd