British Columbia · Receivership (court-appointed)
Petition to the Court
Application / notice of application · 25 August 2025
Also filed as: Petition to the Court
What we verified from this filing8 verified
- commencement date25 August 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noH-260991
- applicantShape Capital Corp.
- appointeeFTI Consulting Canada Inc.
- appointee rolereceiver and manager
- statutory basissection 243 of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act
- secured creditorsnote: Amount is total indebtedness under the Amended Mortgage Commitment as at Aug 25, 2025, 'together with interest and costs accruing thereafter' (para 24). Facility maximums ($62M construction loan, $3M LC facility) are limits, not balances. Performance guaranteed by Corporate Guarantors (Keltic Canada Development Co. Ltd., Keltic Group Equities (2019) Ltd., 1232616 B.C. Ltd., Keltic Projects Development Ltd., DDAW Holdings Ltd.) and by Personal Guarantors Rui Wang and Wei Guo Li (individuals, personal guarantees only). Debtors in default; Interim Forbearance Agreement expired July 4, 2025 without resolution. Lender advanced $2,520,968.47 on Aug 18, 2025 as protective disbursements under the Prior Street Mortgage to pay Syncra ($2,148,892.57 owed) and BC Hydro ($372,075.90 owed). · page: 10 · as of: 2025-08-25 · amount: 61905222.01 · debtor: Keltic (Prior) Development Limited Partnership and 1319191 B.C. Ltd. (the "Borrower"); also secured against 1232616 B.C. Ltd. ("Nominee") as registered/legal titleholder and against Keltic (River Garden) Development Ltd. and 1319188 B.C. Ltd. (Additional Guarantors) via River Garden Mortgage · creditor: TS Alpha Venture Limited Partnership (the "Lender"), acting through Shape Capital Corp. · currency: CAD · security: Prior Street Mortgage and assignment of rents (registered Jan 27, 2023, New Westminster LTO nos. CB449253/CB449254) over Prior Street Lands; River Garden Mortgage and assignment of rents (registered May 13, 2025, nos. CB2038554/CB2038555) over River Garden Lands; Borrower GSA; Nominee GSA; River Garden GSA; beneficial charges and nominee directions; specific assignment of cash security dated Jan 20, 2023. Underlying Credit Facilities: construction loan facility (max $62,000,000), letter of credit facility (max $3,000,000), and Work in Progress sub-facility.