Anthem Submits Bid In Addy Bankruptcy Proceeding

May 6, 2026 - 02:38

Vancouver-based fractional real estate investment platform Addy has filed a Notice of Intention to Make a Proposal in a bankruptcy proceeding, according to documents filed in the Supreme Court of British Columbia. Addy Technology Corp. started the process under the Bankruptcy and Insolvency Act on April 16, then applied for a court-ordered sales process on April 27. The court granted that request on April 29.

The company was founded in 2018 to build a software platform that would let people invest in real estate with smaller amounts than traditional private market offerings usually allow. Addy said its early model used special purpose vehicles, or SPVs, for each project. These SPVs were set up as subsidiaries of Addy. The company chose this structure because many real estate operators did not want to handle large numbers of individual investors directly on their capitalization tables.

That structure meant retail investors who put money into Addy were not secured creditors. They cannot make claims on the property or demand repayment the way secured creditors can in insolvency cases. Addy used this SPV approach on dozens of projects before shifting to a model where issuers sold shares or units directly to investors through the platform. Over time, the company evolved from a proof-of-concept platform into a broader real estate investment and software business that included platform development, investor onboarding, investment administration, and support for alternative investments.

Financial Troubles

As Addy grew, the regulatory environment became more complicated, especially with the British Columbia Securities Commission. The business first used third-party registered dealers but later brought dealer registration in-house through a subsidiary called Addy Dealer Corp. Those changes increased legal, compliance, operational, and financial demands on the company.

To deal with its difficulties, Addy tried to generate liquidity throughout 2025 by seeking interest in strategic investments, assets, or share transactions. In May 2025, it sold preferred shares and raised $900,000. But the company said it could no longer keep operating in its existing form beyond the end of 2025. Contributing factors included the rising cost and complexity of running the platform under heavier regulation, declining investment activity, and poor conditions in the real estate market.

Addy told its stakeholders in early 2026 that it had stopped operating and had hired insolvency counsel.

Sale Efforts

Addy says its assets with possible value include the 35 SPVs, which may have exit paths, plus the company's software and intellectual property. But steps are needed to unwind the SPVs and deal with assets and liabilities that are no longer viable.