Anderson Square Holdings Ltd., a Richmond, British Columbia condominium developer, filed an NOI on November 27. The company made news in 2019, after it pulled the plug on the Alfa development – a 15-storey mixed use residential tower in the city centre – and terminated contracts with 37 pre-sale purchasers. The company reportedly cited a $4.6 million lawsuit by its contractor, Scott Construction, as causing an “uncertain business environment”, as well as an inability to complete the project by the date agreed as the reasons for terminating the contracts. The pre-sale purchasers had their deposits returned, plus interest, but sued for their lost opportunity to use the funds while the company allegedly stalled on the project to get out of the contracts. The company lists over $64 million in liabilities to Anderson Plaza Holdings Inc., as well as 16 other claims valued at $1 in favour of creditors including CRA, Allen McMillan Litigation Counsel – Presale Litigation and Scott Construction. Deloitte is the proposal trustee.

By: Dina Milivojevic