District Northwest Limited Partnership and 105 University View Homes Ltd.
- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
- File
- S-246994
- Industry
- Real estate · Residential development
District Northwest Limited Partnership and 105 University View Homes Ltd. have been under the receivership of KSV Restructuring Inc. since November 8, 2024, when the Supreme Court of British Columbia appointed it on the application of KingSett Mortgage Corporation under s. 243(1) of the Bankruptcy and Insolvency Act and s. 39 of the Law and Equity Act (file S-246994). KingSett, the senior secured lender under a February 14, 2022 first mortgage commitment of $79,912,500, obtained a judgment order on January 30, 2025 for $88,681,620.18 as of January 6, 2025 plus interest, which confirmed the validity and priority of its security subject only to the Receiver's Charge and the Receiver's Borrowings Charge. Lien claims asserted by BOXX Modular GP Inc. and Core Creative & Strategy Inc. remain unadjudicated. The proceeding remains active.
The officer filed report no. Third Report of the Receiver. The receiver has been marketing the District Northwest development for sale via a Sale Procedure anchored by a stalking horse bid, which terminated after too many pre-sale purchasers rescinded their contracts, and is now proposing an amended sale procedure with a new listing agent (JLL) to continue marketing the property.
The officer filed report no. Second Report. The Debtors could not repay KingSett or secure a refinancing, so the Receiver is seeking to broaden the receivership to District GP and to approve a stalking horse sale process (reverse vesting structure) for the stalled, pre-construction District Northwest project. Pre-sale deposits of about $78 million remain held in trust.
Notice of Application of the Receiver dated March 24, 2025 — Application / notice of application
The officer filed report no. First Report. Construction on the District Northwest project had not commenced when the receivership began. The Receiver is barred from marketing or selling the Property before January 18, 2025, and is now working toward a Court-approved en bloc sale process. Marketing is paused under a cease marketing undertaking to BCFSA pending a new disclosure statement, and the Receiver is working to obtain the building permit before the March 21, 2025 deadline.
Notice of Application of KingSett Mortgage Corporation dated January 17, 2025 — Application / notice of application
On KingSett Mortgage Corporation's application, the court appointed KSV Restructuring Inc. receiver of both debtors under s. 243(1) of the BIA and s. 39 of the Law and Equity Act.
Undated filings1 — no date appears on the document · show
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
District Northwest: no sale yet, so the receiver hires Marcon to rezone
District Northwest presold 873 of its 1,023 planned Surrey condominiums before the November 2024 receivership, and 200 purchasers have since rescinded. With no transaction from the sale process, the receiver has engaged Marcon Developments for an 18-month rezoning and permit mandate, and on July 27 the court raised its borrowing limit from $250,000 to $4,571,000.
Debtor
District Northwest Limited Partnership and 105 University View Homes Ltd.
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Masuhara | Supreme Court of British Columbia | 4 orders, Nov 2024 – Jun 2025 | 21 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Bennett Jones LLP | 18 Jun 2025 | Application · 18 Jun 2025 |
| ApplicantKingSett Mortgage Corporation | Osler, Hoskin & Harcourt LLP | 21 Jul 2026 | Service list · 21 Jul 2026 |
| DebtorDistrict Northwest Limited Partnership and 105 University View Homes Ltd. | Richards Buell Sutton LLP | 21 Jul 2026 | Service list · 21 Jul 2026 |
| CreditorA & B Tool Rentals Ltd | Sportschuetz & Company Law Corporation | 21 Jul 2026 | Service list · 21 Jul 2026 |
| CreditorFormer Stalking Horse Bidder BOXX Modular GP Inc | Fasken Martineau DuMoulin LLP | 21 Jul 2026 | Service list · 21 Jul 2026 |
| CreditorSubordinate R.A.R | Webster Hudson & Coombe LLP | 21 Jul 2026 | Service list · 21 Jul 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | KingSett Mortgage Corporation · in 28 casesGeneral security agreement dated February 24, 2022 (105 University, grantor); direction, acknowledgement and security agreement dated February 24, 2022 (105 University and District LP, grantors); first mortgage/charge in the principal amount of $70,000,000 and assignment of rents registered against the Lands; second mortgage/charge in the principal amount of $99,890,625 registered against the Lands — the mortgage principal figures are registration amounts, not balances (p. 3-4) — Stated as 'approximately $88,730,000' as at January 6, 2025, accruing interest at approximately $30,293.47 per day. · as of 6 Jan 2025 | $88.7M | Notice of Application dated July 21, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
9 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount.
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See all plansThis 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.
Liquidation in progress — Amended sale process for the District Project remains ongoing following the mutual termination of the Stalking Horse APSFourth Report of the Receiver dated July 22, 2026 · 22 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1419195 B.C. Ltd.Stalking horsethe Lands and all right, title and interest of the Debtors in all presently owned or held personal property of whatsoever nature and kind pertaining to the Lands · real property · nominee/assignee: BMG City Centre Limited Partnership · agreement 12 Mar 2025 | Subscribers | Terminatedoutside 10 Sep 2025 | Fourth Report of the Receiver dated July 22,… |
KingSett Mortgage Corporation: shortfall.EstimatedSecond Report of the Receiver · 24 Mar 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredKingSett Indebtedness | KingSett Mortgage Corporation | — | shortfall | Estimatedper the receiver | Second Report of the Receiver · 24 Mar 2025 |
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.
| Date | Document | File |
|---|---|---|
| Ancillary Order dated July 27, 2026 | PDF · Subscribers | |
Fourth Report of the Receiver dated July 22, 2026
| PDF · Subscribers | |
Notice of Application dated July 21, 2026
| PDF · Subscribers | |
Service List as at July 21, 2026
| PDF · Subscribers | |
| Notice to District Northwest Purchasers dated February 4, 2026 | PDF · Subscribers | |
| Notice to District Northwest Purchasers dated July 15, 2025 | PDF · Subscribers | |
Amended Sale Process Order dated June 24, 2025
| PDF · Subscribers | |
Interim Distribution & Ancillary Order dated June 24, 2025
| PDF · Subscribers | |
Notice of Application dated June 18, 2025
| PDF · Subscribers | |
Third Report of the Receiver dated June 18, 2025
| PDF · Subscribers | |
Notice and Statement of the Receiver - Surrey Centre District NW GP
| PDF · Subscribers | |
| Notice to District Northwest Purchasers dated April 22, 2025 | PDF · Subscribers | |
| Acknowledgement of Receipt of Disclosure Statement | PDF · Subscribers | |
| Disclosure Statement dated April 4, 2025 | PDF · Subscribers | |
Amended and Restated Receivership Order dated April 2, 2025
| PDF · Subscribers | |
Sale Process Order dated April 2, 2025
| PDF · Subscribers | |
| Notice of Application of the Receiver dated March 24, 2025 | PDF · Subscribers | |
Second Report of the Receiver dated March 24, 2025
| PDF · Subscribers | |
Judgment Order dated January 30, 2025
| PDF · Subscribers | |
First Report of the Receiver dated January 21, 2025
| PDF · Subscribers | |
| Affidavit #2 of Daniel Pollack sworn January 17, 2025 | PDF · Subscribers | |
| Notice of Application of KingSett Mortgage Corporation dated January 17, 2025 | PDF · Subscribers | |
| Notice to District Northwest Purchasers dated November 21, 2024 | PDF · Subscribers | |
Notice & Statement of the Receiver - 105 University View Homes
| PDF · Subscribers | |
Notice & Statement of the Receiver - District Northwest LP
| PDF · Subscribers | |
Receivership Order dated November 8, 2024
| PDF · Subscribers | |
| Affidavit of Beckett Reinecke affirmed November 7, 2024 | PDF · Subscribers | |
| Affidavit of Daljit Thind sworn November 7, 2024 | PDF · Subscribers | |
| Response to Petition dated November 7, 2024 | PDF · Subscribers | |
| Notice of Hearing dated October 29, 2024 | PDF · Subscribers | |
| Petition to the Court dated October 11, 2024 | PDF · Subscribers | |
| Affidavit of Daniel Pollack sworn October 9, 2024 | PDF · Subscribers | |
| Notice of Rescission | 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., “District Northwest Limited Partnership and 105 University View Homes Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/district-northwest-limited-partnership-and-105-university-view-homes-ltd