QRD (Willoughby) Holdings Inc., QRD (Willoughby) GP Inc. and QRD (Willoughby) Limited Partnership have been in court-appointed receivership in British Columbia since November 8, 2023, when the Supreme Court of British Columbia made a receivership order covering the three related entities. The proceeding rests on section 243 of the Bankruptcy and Insolvency Act together with provincial Judicature Act authority, and is carried on court file S-237489. The receivership remains active. The record to date consists of the appointment itself; no further steps have been entered.
The officer filed report no. Fifth Report. The Receiver has substantially completed the receivership: it sold the partially-built townhome project via a reverse vesting order transaction for $36.15 million, repaid MCAP in full, made a partial distribution to CMSC, assigned Residual Co. into bankruptcy, and is now seeking a final dividend and its own discharge.
Source: Receiver's Fifth Report to Court
21 earlier updates, back to 8 November 2023 — subscribers.
Debtor
QRD (Willoughby) Holdings Inc., QRD (Willoughby) GP Inc., and QRD (Willoughby) Limited Partnership
Receiver
MNP
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | MCAP Financial Corporation · in 7 casesMortgage/General Security Agreement — Estimated claim as of November 3, 2023 — debtor: QRD (Willoughby) Holdings Inc., QRD (Willoughby) Limited Partnership and QRD (Willoughby) GP Inc. · as of 3 Nov 2023 | $29.6M | Form 87 |
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.
5 transactions · 2 closed · 1 not completed · 1 proposed · 1 approved — The Receiver was successful in selling the Project for gross proceeds of $36.15 million resulting in payment of the MCAP debt of $29.84 million in full, and estimated payment to CMSC of $3.1 million, in partial satisfaction of its debt.Receiver's Fifth Report to Court · 24 Apr 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Foundation Residence Societythe Project · real property | Subscribers | Not completed | Supplemental Report to Receiver's Third Report |
| Redekopthe Project (asset sale under the original Redekop Offer) · asset sale | not stated | Proposed | Supplemental Report to Receiver's Fourth Report |
| RFP (Willoughby) Limited Partnershipthe Shares; the Lands and the Buildings; and all permits, licenses, and deposits that relate to the Lands or the Buildings · assets and shares · ResidualCo: Residual Co · agreement 12 Aug 2024 | Subscribers | Approved30 Aug 2024 | Order Made after Application - Approval and… |
| Redekopthe Project · share sale | Subscribers | Closed | Receiver's Fifth Report to Court |
| unnamedthe RVO Transaction | not stated | Closed16 Sep 2024 | Receiver's Fifth Report to Court |
Unsecured creditors: no recovery. CMSC a distribution · MCAP paid in full.EstimatedReceiver's Third Report to Court · 21 Jun 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | CMSC | — | a distributioninterim | Finalper the receiver | Receiver's Fifth Report to Court · 31 Mar 2025 |
| Secured | MCAP | — | paid in full | Finalper the receiver | Receiver's Fifth Report to Court · 31 Mar 2025 |
| Unsecured | any other creditors, including Steelcrest, Overland Capital Corporation and Wubs Investments Ltd. | — | no recovery | Estimatedper the receiver | Receiver's Third Report to Court · 21 Jun 2024 |
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.
Cumulative receipts
$2.64M
As at 12 Aug 2024Receiver's Fourth Report to Court
| Date | Document | File |
|---|---|---|
Receiver's Fifth Report to Court
| PDF · Subscribers | |
Order Made after Application - Approval and Reverse Vesting Order
| PDF · Subscribers | |
Supplemental Report to Receiver's Fourth Report
| PDF · Subscribers | |
| Service List updated August 21, 2024 | PDF · Subscribers | |
Receiver's Fourth Report to Court
| PDF · Subscribers | |
| Service List updated August 8, 2024 | PDF · Subscribers | |
| Service List updated July 19, 2024 | PDF · Subscribers | |
| Order Made after Application - Approve Activities | PDF · Subscribers | |
Order Made after Application - Order Approving Sale
| PDF · Subscribers | |
| Second Further Amended and Restated Receivership Order | PDF · Subscribers | |
Supplemental Report to Receiver's Third Report
| PDF · Subscribers | |
Receiver's Third Report to Court
| PDF · Subscribers | |
| Service List updated April 26, 2024 | PDF · Subscribers | |
| Service List - updated April 23, 2024 | PDF · Subscribers | |
| Order Made After Application | PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Receiver's Second Report to Court
| PDF · Subscribers | |
| Service List updated January 18, 2024 | PDF · Subscribers | |
Amended and Restated Receivership Order
| PDF · Subscribers | |
| Service list updated December 8, 2023 | PDF · Subscribers | |
Receiver's First Report to Court
| PDF · Subscribers | |
| Service List updated November 22, 2023 | PDF · Subscribers | |
Form 87
| PDF · Subscribers | |
Receivership Order
| 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., “QRD (Willoughby) Holdings Inc., QRD (Willoughby) GP Inc., and QRD (Willoughby) Limited Partnership” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/qrd-willoughby
Sources last checked · summary updated 9 August 2026 · Report a correction · Printed from proceedings.ca/case/qrd-willoughby
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.