Keltic (Prior) Development Limited Partnership and related entities

Keltic (Prior) Development Limited Partnership and related entities have been under court-appointed receivership in British Columbia since September 5, 2025, on an application grounded in s. 243 of the BIA and provincial Judicature Act powers. The senior secured lender, TS Alpha Venture Limited Partnership acting through Shape Capital Corp., put total indebtedness at $61,905,222.01 as at August 25, 2025 under an Amended Mortgage Commitment comprising a construction loan facility capped at $62,000,000 and a $3,000,000 letter of credit facility, secured by mortgages over the Prior Street lands in Vancouver and the River Garden lands in Richmond, general security agreements and beneficial charges. An Interim Forbearance Agreement expired July 4, 2025 without resolution, and on August 18, 2025 the lender advanced $2,520,968.47 in protective disbursements to pay Syncra $2,148,892.57 and BC Hydro $372,075.90. Shape has since advanced a further $10.5 million under Receiver's Certificates. Obligations were guaranteed by corporate guarantors including Keltic Canada Development Co. Ltd. and DDAW Holdings Ltd., and personally by Wei Guo Li and Rui Wang.