Anderson Square: the proposal withdrawn, without a deemed bankruptcy

Prima, at 6833 Buswell Street in Richmond, has 109 residential strata lots and ten commercial ones, and nearly three years after its developer filed a notice of intention, 33 of them were still for sale. As at September 22, 2026, the proposal trustee, Deloitte Restructuring Inc., counted 32 unsold residential units and one commercial unit, listed at an aggregate price of approximately $36.7 million. It understood that three of the residential units had internal water damage and needed repairs before they could be sold, and that the strata corporation had made an insurance claim and was awaiting its insurer's response before starting repairs. The developer, Anderson Square Holdings Ltd., still owns and rents the eight affordable housing units, per the Fourth Report of the Proposal Trustee, Sept. 22, 2026, paras. 2, 33–35.

On October 6, 2026, Justice Stephens of the Supreme Court of British Columbia, in Bankruptcy, ordered that upon the order's filing the company's notice of intention of November 27, 2023, "as amended by the Proposal dated May 10, 2024," and its amended proposal of May 30, 2024 "shall be deemed withdrawn and shall cease to have any effect going forward." From the date of the order, any stay triggered under the BIA by those filings ceases to apply. The withdrawal "shall not deem the Company bankrupt by reason only of there being no proposal approved by the Company's creditors, by reason only of there being no court approval of a proposal or by reason only of this order causing any other irregularity in respect of the proposal process under the BIA." Once a copy is filed with the Office of the Superintendent of Bankruptcy, that office is directed to designate the NOI and the proposal "withdrawn pursuant to court order," per the Order Made After Application (NOI Withdrawal), Oct. 6, 2026, paras. 2–4. No reasons for it are in the record.

The application, the pre-sale buyers' judgment whose reversal led to it, and the company's legal argument were reported here on September 24.

The trustee's account of who was left

Deloitte's Fourth Report set out the claims as they stood. The pre-sale buyers' claim, it says, "was dismissed pursuant to the Final Pre-Sale Decision and no claim remains." Anderson Plaza Holdings Inc. had filed a secured proof of claim for approximately $64.1 million, which the trustee disallowed as secured and allowed as an unsecured claim of $46,762,798, net of a disallowed claim for interest. Anderson Plaza appealed, the appeal was heard on October 31, 2024, and on February 6, 2025 the court issued reasons dismissing it. "As a result, Anderson Plaza holds an unsecured claim for approximately $46.8 million," per the Fourth Report of the Proposal Trustee, Sept. 22, 2026, para. 36(a)–(b). Anderson Square is a wholly owned subsidiary of Anderson Plaza, per the parent's Application Response of Anderson Plaza Holdings Inc., Sept. 23, 2026, Part 4, para. 1.

The buyers had been the only creditors eligible to vote, the trustee wrote, because it treated Anderson Plaza as an excluded creditor, and Anderson Plaza "had no voting rights as a related party." With the buyers' claim invalidated, the report says, no creditor with a proven claim was left to vote. "As the only remaining eligible creditor is a related party, there are no creditors who could vote in favour of the Amended Proposal," per the Fourth Report of the Proposal Trustee, Sept. 22, 2026, paras. 48, 50.

As a result of what the report calls the Final Pre-Sale Decision, the Supreme Court of Canada's dismissal of the buyers' leave application, the trustee was of the opinion that the company had experienced "a material change in financial circumstances"; it was "now solvent and capable of meeting its obligations outside of bankruptcy"; it had "acted in good faith throughout the process, and no fraud, misconduct, or bad faith exists"; and it had "fully repaid or is in the process of repaying all creditors other than Anderson Plaza, a related party that has been patient and supportive," whose claim, the report says, is expected to be repaid from cash on hand and the proceeds of the unsold units. In the trustee's view no further purpose would be served by placing the company into bankruptcy, its creditors "would be unduly prejudiced by an automatic assignment into bankruptcy," and withdrawal would be "just, fair, and equitable in the circumstances," per the Fourth Report of the Proposal Trustee, Sept. 22, 2026, paras. 51–53.

Cash, liens and the smaller claims

The trustee reported that the company had an available cash balance of $33.5 million at July 31, 2026, and had generated $1.8 million in net cash flow since October 21, 2024 "without any advances from shareholders or other parties." Its table runs from $31,673,482 on October 21, 2024 to $33,507,753 at July 31, 2026: receipts of $8,655,560 against total disbursements of $6,821,289, of which $530,369 was professional fees. The company had held $17.0 million in a GIC that matured on February 7, 2025, and kept its cash in an interest-bearing business account with National Bank, the report says, because cashable GIC rates were similar to what its existing accounts paid. Six residential units had sold since the trustee's October 2024 supplemental report, per the Fourth Report of the Proposal Trustee, Sept. 22, 2026, paras. 33, 43–45.

Among the other claims the report sets out, the Canada Revenue Agency filed for $3,404 in GST for November 2023; as of August 11, 2026 the trustee understood from the company that all obligations to CRA were current, and the company provided a CRA statement showing nothing outstanding. Three Road Plaza Inc., which the trustee describes as a related party, filed an unsecured claim of $372,323 for 2023 development funding that the trustee understood "will be paid imminently." Three Road had also funded approximately $812,000 of post-filing costs while company funds were temporarily unavailable during a shareholder dispute, and the trustee understood those advances were fully paid in February 2026, per the Fourth Report of the Proposal Trustee, Sept. 22, 2026, paras. 17–18(a), 37–38.