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
The officer filed report no. Fourth Report. Construction on the Willoughby townhome project remains halted since August 2023; the Receiver has been preserving and marketing the property and is now pursuing a reverse vesting order structure to complete a sale to Redekop, pending an appeal of the earlier sale approval.
The court granted an approval and vesting order. Closing terms, as extracted: Vacant possession delivered at 12:00 noon on the Closing Date; Receiver may extend Closing Date with Purchaser's consent.
The officer filed report no. Third Report. Construction on the Willoughby townhome project remains stalled; the Receiver completed winterization and finished Buildings One and Two, then marketed the project 'as is, where is' through Colliers and obtained an accepted $35 million offer from Redekop, now seeking Court approval of the sale.
Source: Receiver's Third Report to Court
The officer filed report no. Second Report. The Receiver completed winterization of Phase 1 units and construction of Building One and Two, and is now seeking court approval to list the Project for sale on an 'as is, where is' basis, while all pre-sale contracts have been rescinded and deposits returned.
The court appointed MNP Ltd. as Receiver and manager, on the application of MCAP FINANCIAL CORPORATION. Court file S-237489.
Placed the three QRD (Willoughby) entities into court-appointed receivership under BIA s. 243 and provincial Judicature Act authority, commencing the proceeding on court file S-237489.
Source: Receivership Order
Debtor
QRD (Willoughby) Holdings Inc., QRD (Willoughby) GP Inc., and QRD (Willoughby) Limited Partnership
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Walker | Supreme Court of British Columbia | 4 orders, Jul 2024 – Aug 2024 | 31 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverMNP | DLA Piper (Canada) LLP | 22 Nov 2023 | Service list · 22 Nov 2023 |
| Applicant | DLA Piper (Canada) LLP Previously Lawson Lundell LLP (last seen 19 Apr 2024) | 19 Apr 2024 | Service list · 23 Apr 2024 |
| CreditorCanadian Mortgage Servicing Corporation | Koffman Kalef LLP | 22 Nov 2023 | Service list · 22 Nov 2023 |
| CreditorDIALOG BC Architecture Engineering Interior Design Planning Inc | Clark Wilson LLP | 26 Apr 2024 | Service list · 26 Apr 2024 |
| CreditorL2 Exterior Ltd | Bear Creek Law LLP | 21 Aug 2024 | Service list · 21 Aug 2024 |
| CreditorOverland Capital Canada | Watson Goepel LLP | 23 Apr 2024 | Service list · 23 Apr 2024 |
| CreditorRedekop Ferrario Properties (DD) Corp | Gowling WLG (Canada) LLP | 19 Jul 2024 | Service list · 19 Jul 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | MCAP Financial Corporation · in 6 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 |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
4 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansThis 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 | — | interim | 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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansCumulative receipts
$2.64M
As at 12 Aug 2024Receiver's Fourth Report to Court
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| 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 4 November 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.