Keltic (Prior) Development Limited Partnership, together with 1319191 B.C. Ltd. and 1232616 B.C. Ltd., has been under court-appointed receivership in British Columbia since September 5, 2025, on an application grounded in section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act jurisdiction. Senior secured lender Shape Capital Corp. was owed approximately $62 million as at the receivership date; the indebtedness under the Amended Mortgage Commitment owing to TS Alpha Venture Limited Partnership, acting through Shape, stood at $61,905,222.01 as at August 25, 2025, with interest and costs accruing. The debt is secured by mortgages and assignments of rents over the Prior Street and River Garden lands, general security agreements, beneficial charges, corporate guarantees and personal guarantees from Wei Guo Li and Rui Wang. Shape has since advanced a further $10.5 million under Receiver's Certificates secured by the Receiver's Borrowing Charge.
TS Alpha Venture Limited Partnership (the "Lender"), acting through Shape Capital Corp. · in 2 casesPrior Street Mortgage and assignment of rents (registered New Westminster LTO Jan 27, 2023, CB449253/CB449254) over Prior Street Lands; River Garden Mortgage and assignment of rents (registered New Westminster LTO May 13, 2025, CB2038554/CB2038555) over River Garden Lands; Borrower GSA; Nominee GSA; River Garden GSA; beneficial charges and nominee directions (Jan 20, 2023 and May 5, 2025); specific assignment of cash security dated Jan 20, 2023 — Total indebtedness under Amended Mortgage Commitment as at Aug 25, 2025, 'together with interest and costs accruing thereafter.' Underlying Credit Fa · as of 25 Aug 2025
$61.9M
Petition to the Court
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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.
Secured creditors$62M · Note: Approximate pre-filing balance owed as at Receivership Date (September 5, 2025); prose approximation. Shape has since advanced an additional $10.5 million under Receiver's Certificates (post-filing, secured by Receiver's Borrowing Charge, not part of pre-filing balance). · Page: 3 · As of: Receivership Date · Debtor: Keltic (Prior) Development Limited Partnership, 1319191 B.C. Ltd., and 1232616 B.C. Ltd. · Creditor: Shape Capital Corp. · Security: Senior secured lender; pre-existing credit facility (the "Facility") between Shape and Keltic
Secured creditors$61.9M · Note: Total indebtedness under Amended Mortgage Commitment as at Aug 25, 2025; interest and costs continue to accrue. Facilities: construction loan facility max $62,000,000, letter of credit facility max $3,000,000, plus Work In Progress sub-facility. Corporate Guarantors (Keltic Group Equities (2019) Ltd., Keltic Projects Development Ltd., Nominee 1232616 B.C. Ltd., Keltic Canada Development Co. Ltd., DDAW Holdings Ltd.) and Additional Guarantors (Keltic (River Garden) Development Ltd., 1319188 B.C. Ltd.) also granted security/guarantees; personal guarantees given by Wei Guo Li and Rui Wang (individuals - directors/personal guarantors, names noted only). · As of: 2025-08-25 · Debtor: Keltic (Prior) Development Limited Partnership and 1319191 B.C. Ltd. · Creditor: TS Alpha Venture Limited Partnership (through Shape Capital Corp. as mortgagee/servicer) · Security: Prior Street Mortgage and assignment of rents (registered Jan 27, 2023, LTO nos. CB449253/CB449254); Prior Beneficial Charge; Borrower GSA (PPR reg. 324876P); Nominee GSA (PPR reg. 324776P); Cash Security Assignment; River Garden Mortgage (registered May 13, 2025, LTO nos. CB2038554/CB2038555); River Garden Beneficial Charge; River Garden GSA (PPR reg. 443510R); Corporate and Personal Guarantees (Jan 20, 2023); Additional Guarantee (May 5, 2025)
Secured creditors$61.9M · Note: Total indebtedness under Amended Mortgage Commitment as at Aug 25, 2025, 'together with interest and costs accruing thereafter.' Underlying Credit Facilities were subject to stated maximum limits (construction loan facility $62,000,000; letter of credit facility $3,000,000) — these are facility ceilings, not the outstanding balance. Personal guarantees given by Rui Wang and Wei Guo Li (individuals; the "Personal Guarantors"). On Aug 18, 2025 Lender advanced $2,520,968.47 as protective disbursements under the Prior Street Mortgage (included within total indebtedness figure). · Page: 10 · As of: 2025-08-25 · Debtor: Keltic (Prior) Development Limited Partnership and 1319191 B.C. Ltd. (together, the "Borrower"), with Corporate Guarantors (Keltic Canada Development Co. Ltd., Keltic Group Equities (2019) Ltd., 1232616 B.C. Ltd. ("Nominee"), Keltic Projects Development Ltd., DDAW Holdings Ltd.) and Additional Guarantors (Keltic (River Garden) Development Ltd., 1319188 B.C. Ltd.) · Creditor: TS Alpha Venture Limited Partnership (the "Lender"), acting through Shape Capital Corp. · Security: Prior Street Mortgage and assignment of rents (registered New Westminster LTO Jan 27, 2023, CB449253/CB449254) over Prior Street Lands; River Garden Mortgage and assignment of rents (registered New Westminster LTO May 13, 2025, CB2038554/CB2038555) over River Garden Lands; Borrower GSA; Nominee GSA; River Garden GSA; beneficial charges and nominee directions (Jan 20, 2023 and May 5, 2025); specific assignment of cash security dated Jan 20, 2023
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Keltic (Prior) Development Limited Partnership et al.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/keltic-prior-development-limited-partnership-et-al
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/keltic-prior-development-limited-partnership-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.