Proceedings.

Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Supreme Court of British Columbia
File
S-266074
Industry
Real estate · Residential development
Filings held26
Last activity13 Oct 2026
On the record83 days
Secured debtSubscribers
OverviewSummary updated

Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. obtained protection under the Companies' Creditors Arrangement Act from the Supreme Court of British Columbia on August 14, 2026. The initial order carried a stay of proceedings through August 24, 2026. On that date the court extended the stay to October 26, 2026. The proceedings remain active.

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Case updates26 dated entries
#Sale

Approval and vesting order granted for the sale to WB Portwood Holdings (CA) ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (INT) MF ULC, vesting on delivery of the Monitor's certificate.

Source: Approval and Vesting Order

#Order

Companion order extended the stay of proceedings to December 18, 2026, the date to which the Monitor's updated cash flow forecast runs.

Source: Stay Extension Order

#Report

Second Report recorded no competing bids, designation of the stalking horse bid as the Successful Bid, and sought an approval and vesting order; estate receipts of $1,496,624 and disbursements of $1,279,692 to October 2, 2026.

Source: Monitor's Second Report to Court

#Order

Order authorized PricewaterhouseCoopers Inc. to carry out the sale process, fixing a September 24, 2026 bid deadline and a November 10, 2026 outside date.

Source: Sale Process Order

#Report

Monitor's First Report asked the court to approve a sale and investment solicitation process supported by the Petitioners' stalking horse purchase agreement dated August 19, 2026.

Source: Monitor's First Report to Court

#Order

Initial order granted under the CCAA by the Supreme Court of British Columbia, commencing the proceedings and staying claims against the four Portwood entities until August 24, 2026.

Source: Initial Order

AnalysisAll insights⁠

Case update

Portwood: thirty potential bidders, and no one topped the credit bid

PwC's sale process for Phases 3 to 5 of Portwood drew three NDAs and no qualified bid but the first-mortgage holders' $127.1 million credit bid; they say they are owed $127,224,362.88. The monitor understands those ranking behind the first mortgage are not expected to recover from the sale, and seeks its approval on October 13.

Filing brief

Portwood: Woodbourne's first mortgage, second mortgage and half the equity

Affiliates of Woodbourne Canada, whose group already held the second mortgage and half the equity in Phases 3 to 5 of the Portwood master plan in Port Moody, bought QuadReal's matured first mortgage in March, put the landowning partnerships into a creditor-driven CCAA on August 14 under a PwC monitor with enhanced powers; on August 24 the court approved a 30-day sale process with their $127.1 million credit bid as the stalking horse.

Parties

Debtor

Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd

Monitor

PwC

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice BlakeSupreme Court of British Columbia3 orders, Aug 20265 cases on record
Justice StephensSupreme Court of British Columbia2 orders, Oct 202617 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorPwCOsler, Hoskin & Harcourt LLP27 Aug 2026Service list · 27 Aug 2026
CreditorEdgar Development CorpMcEwan Cooper Kirkpatrick LLP27 Aug 2026Service list · 27 Aug 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredWB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULCRelated party (WB Portwood Holdings entities); listed as secured creditor — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026$123MPortwood - Creditor Listing
4Secured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured

17 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

4 transactions · 3 proposed · 1 approved — Court approved the sale transaction under the Sale Agreement between the Monitor and the Purchasers and authorized the Monitor's execution of itApproval and Vesting Order · 13 Oct 2026

Bid deadline (round closed)

24 September 2026

Sale Process Order

Break fee

Subscribers

Sales and Investment Solicitation Process

Stalking horse

WB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULC

Monitor's Second Report to Court

PurchaserPriceStatusSource
WB Portwood Holdings (CA) ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (INT) MF ULCStalking horsethe Enhanced Powers Property or any other assets · asset salenot statedProposedSale Process Order
the PetitionersStalking horsethe Debtors' business, including substantially all of the property, assets, and undertakings of the Debtors · auction · agreement 19 Aug 2026SubscribersProposedoutside 10 Nov 2026Sales and Investment Solicitation Process
WB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULCStalking horsethe Purchased Assets of the Debtors · asset salenot statedProposedMonitor's Second Report to Court
WB Portwood Holdings (CA) ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (1NT) MF ULCthe Purchased Assets, including the PW3 Lands and the PW4/5 Lands, the Accounts Receivable, Books and Records, Intellectual Property, Assigned Contracts, Bonds and cash · asset sale · nominee/assignee: Assignees or nominees of the Purchasers (unnamed) · agreement 19 Aug 2026SubscribersApproved13 Oct 2026Approval and Vesting Order
Closing termsPossession of the Purchased Assets to be delivered on the Closing Date, which the Monitor may extend with the Purchasers' consent; vesting is effective upon delivery of the Monitor's CertificateApproval and Vesting Order
Estate financialsReported figures — never derived
Total liabilities at filing

As at ·

Cumulative receipts

$1.5M

As at 7 Oct 2026Monitor's Second Report to Court

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures, and the total the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
26 filings
DateDocumentFile
Approval and Vesting Order
  • Closing terms Possession of the Purchased Assets to be delivered on the Closing Date, which the Monitor may extend with the Purchasers' consent; vesting is effective upon delivery of the Monitor's Certificate
  • Order date 13 October 2026
  • Purchaser WB Portwood Holdings (CA) ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (1NT) MF ULC · nominee/assignee Assignees or nominees of the Purchasers (unnamed) · the Purchased Assets, including the PW3 Lands and the PW4/5 Lands, the Accounts Receivable, Books and Records, Intellectual Property, Assigned Contracts, Bonds and cash · asset sale · approved
  • Sale outcome Sale approved — Court approved the sale transaction under the Sale Agreement between the Monitor and the Purchasers and authorized the Monitor's execution of it
  • + 1 more extracted fact
PDF · Subscribers
Order Made After Application - Petitioners
  • Presiding officer Justice Stephens
PDF · Subscribers
Stay Extension Order
  • Order date 13 October 2026
  • Presiding officer Justice Stephens
  • Stay extended to 18 December 2026
PDF · Subscribers
Affidavit #1 of Michael Karp
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Monitor's Second Report to Court
  • Operational summary The debtors' lands are not being operated for development; the Monitor is overseeing the Phase 4/5 townhome rentals through the Property Manager, administering Off-Site Works funding, and closing a stalking horse sale to the Purchasers (the Petitioners) after the sale process drew no competing bids.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Notice of Application - Monitor
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Notice of Application - Petitioner
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Notice of Hearing - MonitorPDF · Subscribers
Notice of Hearing of ApplicationPDF · Subscribers
Service List
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Amended and Restated Initial Order
  • Applicant PricewaterhouseCoopers Inc., LIT
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role monitor
  • Commencement date 24 August 2026
  • + 6 more extracted facts
PDF · Subscribers
Sale Process Order
  • Bid deadline 24 September 2026
  • Order date 24 August 2026
  • Presiding officer Justice Blake
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Sales and Investment Solicitation Process
  • Bid deadline 24 September 2026
  • Outside date 10 November 2026
  • Purchaser the Petitioners (stalking horse) · the Debtors' business, including substantially all of the property, assets, and undertakings of the Debtors · auction · proposed
  • Break fee Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Notice to Creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Portwood - Creditor Listing
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Monitor's First Report to Court
  • Operational summary The Debtors are single-purpose entities holding undeveloped lands for a multi-phase residential project (Phases 3-5), with existing townhomes continuing to generate rental income; the Monitor is pursuing a court-supervised sale process (SISP) with a stalking horse bid to monetize the Property rather than continuing active development.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Notice of ApplicationPDF · Subscribers
RequisitionPDF · Subscribers
Affidavit #1 of Catherine MagdayPDF · Subscribers
Affidavit #1 of Jake HermanPDF · Subscribers
CCAA FAQPDF · Subscribers
Initial Order
  • Commencement date 14 August 2026
  • Court THE SUPREME COURT OF BRITISH COLUMBIA
  • Order date 14 August 2026
  • Presiding officer Justice Blake
  • + 2 more extracted facts
PDF · Subscribers
Notice of HearingPDF · Subscribers
Petition to the Court
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role monitor
  • Court IN THE SUPREME COURT OF BRITISH COLUMBIA
  • Court file no S-266074
  • + 1 more extracted fact
PDF · Subscribers
Phase 2 (Umbra) Pre-Sale Purchasers NoticePDF · Subscribers
Phase 2 (Umbra) Trades, Subcontractors Notice
  • Financial position · Secured creditors · Unsecured creditors Subscribers
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., “Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd” (CCAA), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/portwood-development-3-limited-partnership-portwood-development-3-gp-ltd-portwoo

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Sources last checked · summary updated 4 September 2026 · Report a correction · Printed from proceedings.ca/case/portwood-development-3-limited-partnership-portwood-development-3-gp-ltd-portwoo

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.