Square Nine King George Development Ltd. and Square Nine Builders Inc.
Follow- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985 c. C-36
- File
- S258449
- Industry
- Real estate · Residential development
Square Nine King George Development Ltd. and Square Nine Builders Inc. entered CCAA proceedings in British Columbia on November 13, 2025. The Pre-Filing Report of the Proposed Monitor, dated the same day, put the petitioners' third-party debt at approximately $39.4 million: roughly $22.6 million to secured lenders, $6.0 million in GST owing to the Canada Revenue Agency, $6.3 million to trade creditors and $4.5 million to other third-party creditors. Cameron Stephens Mortgage Capital Ltd. is the primary secured creditor, owed $18,653,228.12 as at August 25, 2025 under a first-ranking mortgage and assignment of rents registered in the New Westminster Land Title Office, with interest and legal costs continuing to accrue. Financing for the Belvedere project also includes approximately $3.7 million owing to AMRN Holding Ltd. and 1137571 B.C. Ltd. and approximately $400,000 to Chin Koon Puah, secured by a mortgage first in time against two strata lots. Monitor's counsel Dentons opined that the security is valid and enforceable, subject to standard assumptions and qualifications.
The court approved a sale and investment solicitation process.
Source: Sales Process Approval Order
The officer filed report no. Sixth Report of the Monitor. The Petitioners have sold the Commercial Units and are now focused on marketing and selling the remaining 42 residential Strata Units through an exclusive listing agent, with sales activities ramping up for a formal launch in late March 2026.
Source: Sixth Report of the Monitor
The court granted an approval and vesting order for the sale to 1559924 B.C. Ltd. Closing terms, as extracted: Vacant possession delivered on Closing Date; Monitor may extend Closing Date with Purchaser's consent without further Court order.
Application Response (AMRN Holding Ltd. and 1137571 B.C. Ltd.) — Response / objection pleading
The officer filed report no. Fifth Report of the Monitor. Special purpose report supporting the Monitor's application for a Rectification Order to correct a strata plan error classifying the Outdoor Kids Play Area as common property rather than limited common property for Strata Lot 5, which will assist closing the sale of the Commercial Units.
Source: Fifth Report of the Monitor
The officer filed report no. Fourth Report of the Monitor. The Petitioners continue to operate under CCAA protection, collecting rent from four leased commercial units and managing the unsold units. They are pursuing court approval of a $8.4 million sale of the five commercial units, closing scheduled for January 21, 2026, and preparing a brokerage-led marketing process for the 42 remaining residential units.
Source: Fourth Report of the Monitor
The officer filed report no. Third Report. The report is a special-purpose report on approximately $128,000 of interim financing advance funds that were garnished from Square Nine King George's RBC account and paid into Court under a garnishing order obtained against other entities. The Petitioners' liquidity is significantly constrained, and the Monitor recommends an order returning the funds so the CCAA proceedings can continue.
Source: Third Report of the Monitor
The officer filed report no. Second Report of the Monitor. The Petitioners continue to operate the Belvedere development, collecting rent from four leased commercial units and pursuing sale of five commercial units and 40 unsold residential units, funded by interim financing (a $1.0 million replacement DIP facility from CSMC) while a stay extension to January 31, 2026 is sought.
Source: Second Report of the Monitor
The officer filed report no. First Report of the Monitor. The Petitioners are seeking an extension of the CCAA stay to December 5, 2025, increased court-ordered charges, and enhanced Monitor powers while they progress the sale of five commercial units (closing scheduled January 21, 2026) and develop a strategy to sell 40 unsold residential units, funded by a DIP facility.
Source: First Report of the Monitor
Square Nine King George Development Ltd. and Square Nine Builders Inc. — CCAA filed, British Columbia.
Source: Initial Order
Guide
Power of sale vs foreclosure vs receivership in Canada
When a Canadian borrower stops paying a mortgage, the lender can sell the property itself, ask a court to foreclose, or have a receiver take control. How the routes differ by province, what each means for owners and tenants, and how long a receivership takes, drawn from the court record.
Case update
Square Nine King George: the Belvedere's proceeds are cleared for its first mortgagees
On July 28 the court authorized FTI to pay Cameron Stephens and an individual lender the net proceeds of the Belvedere units each holds security over, up to the amount owing and secured. The monitor argued the Crown's GST deemed trust does not operate under the CCAA; Square Nine owed approximately $6.0 million of GST at filing.
Debtor
Square Nine King George Development Ltd. and Square Nine Builders Inc.
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Walker | Supreme Court of British Columbia | 10 orders, Nov 2025 – Jul 2026 | 31 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Dentons Canada LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| ApplicantSquare Nine King George Development Ltd | McEwan Cooper Kirkpatrick LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorAMRN Holding Ltd | DWF (Ontario) LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorC3 GP Ltd | Cassels Brock & Blackwell LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorCameron Stephens Mortgage Capital Ltd | Cassels Brock & Blackwell LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorCanada Revenue Agency | DWF (Ontario) LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorChin Koon Puah | Campbell Froh May & Rice LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorLisi Mechanical Contractors Ltd | Norton Rose Fulbright Canada LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorRaymond Parmveer Singh Kaila, a | Campbell Froh May & Rice LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorSuperintendent of Real Estate | DWF (Ontario) LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Cameron Stephens Mortgage Capital Ltd. (CSMC) · in 11 casesFirst-ranking mortgage and assignment of rents (CSMC Mortgage) registered against certain lands in the New Westminster Land Title Office — Primary secured creditor; cumulative secured debt of the Petitioners approx. $22,200,000 (primarily CSMC); interest continuing to accrue after 2025-08-25 plus legal fees and expenses not included in stated figure; Monitor's counsel security opinion concluded valid and enforceable subject to standard assumptions/qualifications — debtor: Square Nine King George Development Ltd. · as of 25 Aug 2025 | $18.7M | Notice of Application |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans2 transactions · 1 closed · 1 proposed — The Monitor is at liberty to obtain vesting orders in respect of any of the residential units by way of desk order, without notice and without a hearing, by filing an executed Monitor's sale certificateSales Process Approval Order · 26 Mar 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1559924 B.C. Ltd.the Purchased Assets described in the Commercial CPS · asset sale · agreement 19 Sep 2025 | Subscribers | Closed22 Jan 2026 | Sixth Report of the Monitor |
| purchasers of the remaining 42 residential strata units, not yet identifiedany of the remaining 42 residential strata units (the "Strata Units") · asset sale | Subscribers | Proposed | Sixth Report of the Monitor |
Secured creditors: no distribution.EstimatedPetition to the Court (CCAA) · 10 Nov 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | no distributionconditional | Estimatedper the debtor | Petition to the Court (CCAA) · 10 Nov 2025 |
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.
As at ·
Cumulative receipts
$7.71M
As at 18 Mar 2026Sixth Report of the Monitor
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.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Service list
| PDF · Subscribers | |
Order (Stay Extension and Interim Distribution)
| PDF · Subscribers | |
Affidavit #1 of N. Sidhu
| PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Seventh Report of the Monitor
| PDF · Subscribers | |
Sales Process Approval Order
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
Stay Extension Orde
| PDF · Subscribers | |
Sixth Report of the Monitor
| PDF · Subscribers | |
| Monitor's certificate | PDF · Subscribers | |
| Order (Correction of AVO Order) | PDF · Subscribers | |
Order (Approval and Vesting Order)
| PDF · Subscribers | |
Order (Stay extension)
| PDF · Subscribers | |
Order (Strata Rectification)
| PDF · Subscribers | |
| Affidavit of K. Goyal | PDF · Subscribers | |
| Application Response (AMRN Holding Ltd. and 1137571 B.C. Ltd.) | PDF · Subscribers | |
Fifth Report of the Monitor
| PDF · Subscribers | |
| Notice of Application (Strata Plan Rectification) | PDF · Subscribers | |
Fourth Report of the Monitor
| PDF · Subscribers | |
| Notice of Application (AVO, Stay Extension) | PDF · Subscribers | |
| Application Response | PDF · Subscribers | |
| Order (Returned DIP) | PDF · Subscribers | |
| Affidavit #1 of Avic Arenas | PDF · Subscribers | |
Third Report of the Monitor
| PDF · Subscribers | |
Reasons for Judgment
| PDF · Subscribers | |
Second Amended and Restated Initial Order
| PDF · Subscribers | |
| Application Record Index | PDF · Subscribers | |
Blackline ARIO to SAIRO
| PDF · Subscribers | |
| Notice of Application (SAIRO) | PDF · Subscribers | |
Second Report of the Monitor
| PDF · Subscribers | |
Amended and Restated Initial Order (ARIO)
| PDF · Subscribers | |
Creditor List
| PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
| Affidavit #3 of Manish Sharma | PDF · Subscribers | |
| Notice of Application (ARIO) | PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
| Affidavit #1 of Hayley Roberts | PDF · Subscribers | |
| Affidavit #1 of Jerrold Marriott | PDF · Subscribers | |
| Affidavit #2 Hayley Roberts | PDF · Subscribers | |
| Affidavit #2 of Manish Sharma | PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
Pre-Filing Report of the Proposed Monitor
| PDF · Subscribers | |
| Response to CCAA Petition | PDF · Subscribers | |
Affidavit #1 of Manish Sharma
| PDF · Subscribers | |
Petition to the Court (CCAA)
| PDF · Subscribers | |
| Response to the Receivership Petition | 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., “Square Nine King George Development Ltd. and Square Nine Builders Inc.” (CCAA), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/square-nine-king-george-development-ltd-and-square-nine-builders-inc