Keltic (Prior) Development Limited Partnership and related entities
Follow- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
- File
- H-250991
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.
Keltic (Prior) Development Limited Partnership and related entities — Receivership filed, British Columbia.
Source: Receivership Order
Debtor
Keltic (Prior) Development Limited Partnership and related entities
Applicant
Shape Capital Corp.
Receiver
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Stephens | Supreme Court of British Columbia | 2 orders, Feb 2026 | 12 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFTI | Lawson Lundell LLP | 5 Feb 2026 | Application · 5 Feb 2026 |
| DebtorKeltic (Prior) Development Limited Partnership and related entities | Bennett Jones LLP | 5 Feb 2026 | Service list · 5 Feb 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | TS Alpha Venture Limited Partnership (the "Lender"), acting through Shape Capital Corp. · in 2 casesPrior Street Mortgage and assignment of rents (registered Jan 27, 2023, New Westminster LTO nos. CB449253/CB449254) over Prior Street Lands; River Garden Mortgage and assignment of rents (registered May 13, 2025, nos. CB2038554/CB2038555) over River Garden Lands; Borrower GSA; Nominee GSA; River Garden GSA; beneficial charges and nominee directions; specific assignment of cash security dated Jan 20, 2023. Underlying Credit Facilities: construction loan facility (max $62,000,000), letter of credit facility (max $3,000,000), and Work in Progress sub-facility. — Amount is total indebtedness under · as of 25 Aug 2025 | $61.9M | Petition to the Court |
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.
| Date | Document | File |
|---|---|---|
Order (Price Range)
| ||
Order (Receiver's Activities)
| ||
First Report of the Receiver
| ||
Notice of Application
| ||
Service List
| ||
| Notice of Receivership | ||
Receivership Order
| ||
Affidavit of Raymond Ng
| ||
Petition to the Court
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Keltic (Prior) Development Limited Partnership and related entities” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/keltic-prior-development-limited-partnership-and-related-entities