The Willoughby townhouse project in Langley, comprising 87 units, is facing financial turmoil, with creditors owed over $39.9 million. The project was under construction by Quarry Rock Developments (QRD) and placed into receivership on Nov. 8, 2023, by B.C. Supreme Court Justice Joel Groves under the Bankruptcy and Insolvency Act. In such cases, a court-appointed receiver, here MNP Ltd., aims to complete or sell the project to recover funds for unpaid creditors.
The court documents reveal five major creditors associated with the project. MCAP financial corporation claims the highest amount, $29.6 million, followed by Canadian Mortgage Servicing Corporation seeking $7.5 million. Steelcrest Construction holds a builders lien on the development, amounting to more than $2.8 million.
Located in the 20300 block of 70A Avenue, the townhouse project’s receivership signals a complex financial situation. The involvement of multiple creditors and the substantial amounts owed underscore the project’s struggle. Whether through completion or sale, the primary goal is to recoup funds for creditors who are currently facing significant financial losses.
