On January 14, 2026, four downtown Montreal condominium developments forming part of the Brivia Group's real estate portfolio, including the Mansfield Condos and Phillips Square projects, have been placed under CCAA protection at the request of BMO-led lending syndicates. Rising construction costs, tighter financing conditions, and slower condo absorption strained project-level liquidity across the developments. A Sales and Investment Solicitation Process has also been approved while construction and unit sales continue, positioning the Brivia-affiliated projects for an orderly restructuring or transfer under court supervision. Raymond Chabot is the monitor.

Legal counsel includes McCarthy Tétrault for the monitor, Davies for BMO and the secured lending syndicates, and Fasken for the debtors. The restructuring proceedings provide court-supervised protection as the projects navigate their financial challenges while maintaining construction activities and pursuing unit sales. The SISP will enable exploration of restructuring alternatives or potential transfer of the portfolio projects to new ownership under judicial oversight, ensuring stakeholder interests are managed through the formal insolvency process established under the Companies' Creditors Arrangement Act.