Certain Brivia projects enter CCAA proceedings in Montréal

On January 14, 2026, the Superior Court of Québec (Commercial Division) granted an initial order under the Companies’ Creditors Arrangement Act in respect of four related real estate development entities tied to the Mansfield Condos and Phillips Square Phases I, II, and III projects in downtown Montréal. The proceedings were commenced on application by Bank of Montreal, acting as lender and hypothecary representative for multiple secured lending syndicates. The court appointed Raymond Chabot Inc. as monitor and approved interim financing, a stay of proceedings, and a court-supervised sale and investment solicitation process.

The CCAA proceedings cover four developer general partners and their associated limited partnerships: 1228 Mansfield Development GP Inc., 9399-6767 Québec Inc., 1201-1215 Phillips Square Phase II Development GP Inc., and 9368-9008 Québec Inc., together with four related limited partnerships corresponding to the Mansfield Condos and the three Phillips Square phases. The projects form part of a broader portfolio developed by entities affiliated with Brivia Group, a Montréal-based real estate investment and development firm active across Québec and other Canadian markets.

The Mansfield Condos project is a high-rise residential development located near the Bell Centre, while the Phillips Square projects comprise multiple phases of a large-scale condominium development in Montréal’s central business district. Construction on the projects is at varying stages of completion, with certain phases substantially advanced and others still requiring significant work and funding.

According to the application materials and the proposed monitor’s report, the projects experienced sustained financial stress arising from a combination of pandemic-era construction disruptions, rising construction and financing costs, tightening credit conditions, and weakening condominium market absorption. These pressures impaired liquidity at the project level and limited the developers’ ability to complete construction and service secured debt as originally contemplated. Discussions with the secured lenders began months prior to the filing to assess restructuring alternatives, ultimately leading to the decision to seek CCAA protection focused on the affected projects rather than the broader Brivia platform.

Raymond Chabot as monitor has been directed to oversee continued construction activity and unit sales, while concurrently implementing a sale and investment solicitation process. Counsel is McCarthy Tétrault for the monitor, Davies Ward Phillips & Vineberg for the Bank of Montreal and the secured lending syndicates, and Fasken Martineau DuMoulin for the debtors.