Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd
Follow- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- File
- S-266074
Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. obtained protection under the Companies' Creditors Arrangement Act from the Supreme Court of British Columbia on August 14, 2026. The initial order carried a stay of proceedings through August 24, 2026. On that date the court extended the stay to October 26, 2026. The proceedings remain active.
The court approved a sale and investment solicitation process. A bid deadline of 2026-09-24.
Source: Sale Process Order
On the expiry date of the initial stay, the court extended the stay of proceedings for a further period, to October 26, 2026.
The officer filed report no. First Report. The Debtors are single-purpose entities holding undeveloped lands for a multi-phase residential project (Phases 3-5), with existing townhomes continuing to generate rental income; the Monitor is pursuing a court-supervised sale process (SISP) with a stalking horse bid to monetize the Property rather than continuing active development.
Source: Monitor's First Report to Court
Initial order granted under the CCAA by the Supreme Court of British Columbia, commencing the proceedings and staying claims against the four Portwood entities until August 24, 2026.
Source: Initial Order
Filing brief
Portwood: Woodbourne's first mortgage, second mortgage and half the equity
Affiliates of Woodbourne Canada, whose group already held the second mortgage and half the equity in Phases 3 to 5 of the Portwood master plan in Port Moody, bought QuadReal's matured first mortgage in March, put the landowning partnerships into a creditor-driven CCAA on August 14 under a PwC monitor with enhanced powers; on August 24 the court approved a 30-day sale process with their $127.1 million credit bid as the stalking horse.
Debtor
Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd
Monitor
PwC
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | WB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULCRelated party (WB Portwood Holdings entities); listed as secured creditor — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $123M | Portwood - Creditor Listing |
| 4 | Secured | Woodbourne Canada Partners IV (CA), LP, WB Canada Partners IV MF, LLC and WB Canada Partners IV (INT) MF Corp.Related party (Woodbourne/WB Canada Partners entities); listed as secured creditor — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $114M | Portwood - Creditor Listing |
| 8 | Unsecured | Axiom Builders Inc.debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $978K | Portwood - Creditor Listing |
| 8 | Unsecured | Edgar Development Corp.debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $121K | Portwood - Creditor Listing |
| 8 | Unsecured | R.F. Binnie & Associates Ltd.debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $23.4K | Portwood - Creditor Listing |
| 8 | Unsecured | Koffman Kalef LLP · in 3 casesdebtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $15.1K | Portwood - Creditor Listing |
| 8 | Unsecured | Roe Environmental Inc. · in 2 casesdebtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $13.7K | Portwood - Creditor Listing |
| 8 | Unsecured | Geopacific Consultants Ltd. · in 3 casesdebtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $7.62K | Portwood - Creditor Listing |
| 8 | Unsecured | Diamond Head Consulting Ltd.debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $5.78K | Portwood - Creditor Listing |
| 8 | Unsecured | PWL Partnership Landscape Architects Inc. · in 2 casesdebtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $5.34K | Portwood - Creditor Listing |
| 8 | Unsecured | BTY Consultancy Group Inc. · in 4 casesListed twice with separate amounts — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $3.6K | Portwood - Creditor Listing |
| 8 | Unsecured | Pooni Group Inc.debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $3.44K | Portwood - Creditor Listing |
| 8 | Unsecured | Super Save Fence Rentals Inc. · in 6 casesdebtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $1.95K | Portwood - Creditor Listing |
| 8 | Unsecured | The City of Port MoodyMunicipal taxes/charges - not stated as preferred in this document — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $1.17K | Portwood - Creditor Listing |
| 8 | Unsecured | MNP LLP · in 63 casesListed twice with identical amount — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $684 | Portwood - Creditor Listing |
| 8 | Unsecured | BTY Consultancy Group Inc. · in 4 casesListed twice with separate amounts — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $391 | Portwood - Creditor Listing |
| 8 | Unsecured | Douglas Creativedebtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $357 | Portwood - Creditor Listing |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesListed twice, both entries show dash (zero) — debtor: Portwood Development 3 Limited Partnership and Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. · as of 21 Aug 2026 | $0 | Portwood - Creditor Listing |
2 transactions · 2 proposed — Sale process and bidding procedures approved by the Court; stalking horse bid accepted for purposes of conducting the processSales and Investment Solicitation Process · 24 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| WB Portwood Holdings (CA) ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (INT) MF ULCStalking horsethe Enhanced Powers Property or any other assets · asset sale | not stated | Proposed | Sale Process Order |
| the PetitionersStalking horsethe Debtors' business, including substantially all of the property, assets, and undertakings of the Debtors · auction · agreement 19 Aug 2026 | not statedPrice defined by reference to the Stalking Horse Purchase Agreement dated August 19, 2026; amount not stated in this document. | Proposedoutside 10 Nov 2026 | Sales and Investment Solicitation Process |
per Monitor-prepared summary of Debtors' financial position; basis/date not specified in text · Debtors: PW 3 LP, PW 3 GP, PW 4 LP and PW 4 GP — Liabilities table (CAD in '000s): Senior Secured Loan (122,985); Mezzanine Loan (113,890); Total Secured Liabilities (236,875); Accounts Payable (1,815); Other Liabilities (3,453); Total Unsecured Liabilities (5,269). Corresponding assets table referenced (para 2.35) but its figures are not shown in the extracted text, so total assets could not be confirmed.
| Date | Document | File |
|---|---|---|
| Service List | ||
Amended and Restated Initial Order
| ||
Sale Process Order
| ||
Sales and Investment Solicitation Process
| ||
| Notice to Creditors | ||
Portwood - Creditor Listing
| ||
Monitor's First Report to Court
| ||
| Notice of Application | ||
| Requisition | ||
| Affidavit #1 of Catherine Magday | ||
| Affidavit #1 of Jake Herman | ||
| CCAA FAQ | ||
Initial Order
| ||
| Notice of Hearing | ||
Petition to the Court
| ||
| Phase 2 (Umbra) Pre-Sale Purchasers Notice | ||
| Phase 2 (Umbra) Trades, Subcontractors Notice | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd” (CCAA), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/portwood-development-3-limited-partnership-portwood-development-3-gp-ltd-portwoo