Proceedings.

2399430 Alberta Ltd. and 2399449 Alberta Ltd.

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Proceeding
Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3, section 13(2) of the Judicature Act, RSA 2000, c J-2, and section 49 of the Law of Property Act, RSA 2000, c L-7
Court
Court of King's Bench of Alberta
File
2203 19336
Filings held59
Last activity16 Jun 2025
On the record1,378 days
Secured debt$10.7M
OverviewSummary updated

2399430 Alberta Ltd. and 2399449 Alberta Ltd. are the subject of a court-appointed receivership before the Court of King's Bench of Alberta, under court file number 2203 19336. The proceeding is brought under section 243 of the Bankruptcy and Insolvency Act together with provincial Judicature Act authority. It commenced on June 5, 2025, the date on which an interim order was pronounced. The matter remains active. No further steps appear on the record.

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Case updates59 dated entries
#Sale

The court granted an approval and vesting order for the sale to Youth Canada Association (YOUCAN!). Closing terms, as extracted: Vesting effective upon delivery of the Receiver's Closing Certificate.

Source: Approval and Vesting Order (Unfiled)

#Report

The officer filed report no. Sixth Report. The Receiver continues to maintain and market the remaining properties (Harvest and Scona Garage) following the earlier sales of Jasper Ave and Sask Drive, and is seeking court approval of an accepted offer to sell the Harvest property along with an interim distribution to the secured creditor GP.

Source: Receiver's Sixth Report to Court

#Sale

The court granted an approval and vesting order for the sale to Union Bank Holdings Inc. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Closing Certificate confirming payment of the purchase price and satisfaction of closing conditions.

Source: Approval and Vesting Order

#Order

The court appointed MNP Ltd. as Receiver, on the application of Mike Priestner Real Estate Inc. and MPRE GP Dev Inc.. Court file 2203 19336.

Source: Receivership Order

Parties

Debtor

2399430 Alberta Ltd. and 2399449 Alberta Ltd.

Receiver

MNP

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice GillCourt of King's Bench of Alberta4 orders, Feb 2024 – Mar 202437 cases on record
Justice BurnsCourt of King's Bench of Alberta3 orders, Jun 202541 cases on record
Justice DunlopCourt of King's Bench of Alberta2 orders, Feb 2023 – Jan 202444 cases on record
Justice WhitlingCourt of King's Bench of Alberta2 orders, Jul 202312 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverMNPMcLennan Ross LLP13 Feb 2023Service list · 13 Feb 2023
Debtor2399430 Alberta Ltd. and 2399449 Alberta Ltd.MLT Aikins LLP · Stillman LLP13 Feb 2023Service list · 17 Jul 2023
CreditorAddress for ServiceMcLennan Ross LLP21 Feb 2023Application · 21 Feb 2023
CreditorKastel HoldingsBurnet Duckworth & Palmer LLP17 Jul 2023Service list · 17 Jul 2023
CreditorKorr Design IncMcLeod Law LLP17 Jul 2023Service list · 17 Jul 2023
CreditorMandi Deren-DubeMLT Aikins LLP15 Dec 2022Service list · 15 Dec 2022
CreditorMike Priestner Real Estate Inc. and MPRE GP Dev IncDentons Canada LLP13 Feb 2023Service list · 13 Feb 2023
CreditorRttBrownlee LLP24 Apr 2023Affidavit · 24 Apr 2023
Capital structureAs asserted in the filings
stated amounts, drawn to scale
Priority classCreditorAmountSource
SecuredMPRE GP Dev Inc. ("GP")449 Mortgage dated January 27, 2022, registered as instrument no. 222 128 556 against the 109 Street Lands, Saskatchewan Drive Lands, and 81 Avenue Lands, securing principal sum of $10,106,096.00 plus interest at 4.50% above Prime and solicitor-client costs — Outstanding mortgage balance as at Nov 30, 2022; NOI to Enforce Security under s.244 BIA issued Nov 25, 2022. Repayment additionally guaranteed by Turnip Home Inc. (corporate guarantee, related party) and personally guaranteed by Henok Kassaye (director) - guarantors, not themselves shown as holding security over debtor's lands. — debtor: · as of 30 Nov 2022$10.7MAffidavit of Christopher Burrows
SecuredMike Priestner Real Estate Inc. ("Priestner")430 Mortgage dated January 27, 2022, registered as instrument no. 222 105 237 against the Jasper Avenue Lands (Plan F, Lot 6), securing principal sum of $5,218,904.00 plus interest at 4.50% above Prime and solicitor-client costs — Outstanding mortgage balance as at Nov 30, 2022; NOI to Enforce Security under s.244 BIA issued Nov 25, 2022. Repayment additionally guaranteed by Turnip Home Inc. (corporate guarantee, related party - Kassaye also director of borrower) and personally guaranteed by Henok Kassaye (director) - guarantors, not themselves shown as holding security over debtor's lands. — · as of 30 Nov 2022$5.56MAffidavit of Christopher Burrows
SecuredCity of Edmonton (municipal tax authority) · in 27 casesStatutory municipal property tax arrears/penalties against the Saskatchewan Drive Lands (Plan I2, Block 103, Lot 6), per Tax Search — Unpaid taxes and penalties disclosed by City of Edmonton Tax Search — debtor: 2399449 Alberta Ltd. ("449") · as of 29 Nov 2022$49.8KAffidavit of Christopher Burrows
SecuredCity of Edmonton (municipal tax authority) · in 27 casesStatutory municipal property tax arrears/penalties against the Jasper Avenue Lands (Plan F, Lot 6), per Tax Search — Unpaid taxes and penalties disclosed by City of Edmonton Tax Search — debtor: 2399430 Alberta Ltd. ("430") · as of 29 Nov 2022$18.8KAffidavit of Christopher Burrows

This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.

Sale processAs stated in the filings

4 transactions · 3 closed · 1 approved — The Transaction is hereby approvedApproval and Vesting Order (Unfiled) · 5 Jun 2025

Qualified bids

2

Receiver's Sixth Report to Court

PurchaserPriceStatusSource
Union Bank Holdings Inc.430 Alberta's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · nominee/assignee: its nominee · agreement 31 Mar 2023Sealedpurchase price agreed March 31, 2023; amount not disclosed in unsealed text, contained in Confidential AppendixClosed31 May 2023Receiver's Third Report to Court
Academy of Healthcare Services Inc.Sask Drive · real property · agreement 28 Mar 2024not statedClosed12 Aug 2024Receiver's Sixth Report to Court
unnamedJasper Ave and the Jasper Ave Personal Propertynot statedClosed31 May 2023Receiver's Sixth Report to Court
Youth Canada Association (YOUCAN!)the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · nominee/assignee: its nominee · agreement 26 Mar 2025SealedPrice not disclosed in the report itself; the accepted APA and offer summary are contained in Confidential Appendices.Approved5 Jun 2025Approval and Vesting Order (Unfiled)
AdvisorsNAI Commercial Real Estate Inc. (sale agent); NAI (sale agent)Receiver's Sixth Report to Court
Closing termsVesting effective upon delivery of the Receiver's Closing CertificateApproval and Vesting Order (Unfiled)
RecoveriesAs declared or paid

City of Edmonton: paid in full.FinalReceiver's Third Report to Court · 17 Jul 2023

ClassCreditorClaimsRecoveryBasisSource
SecuredCity of Edmonton—paid in fullFinalper the receiverReceiver's Third Report to Court · 17 Jul 2023
SecuredMPRE GP DEV Inc.—up to $2.5MinterimconditionalFinalper the courtOrder - Interim Distribution (Unfiled) · 5 Jun 2025
SecuredMike Priestner Real Estate Inc.—$4.32MFinalper the receiverReceiver's Fourth Report to Court · 19 Dec 2023

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

Fees and ratesAs stated in the filings

3 engagements · 2 firms — latest: MNP Ltd., 1 Feb – 28 Feb 2023, $29,257.90 in feesFee Affidavit of Kristin Gray · 24 Apr 2023

FirmPeriodHoursFeesRatesSource
(firm not named)capacity not statedfirm not named in the heading—397.6—$643.75stated averageBrief of MNP · 24 Apr 2023
MNP Ltd.Receiverperiod 2 of 21 Feb – 28 Feb 202374$29,257.90ex. tax$139 – $6004 peopleFee Affidavit of Kristin Gray · 24 Apr 2023
4 people — MNP Ltd., 1 Feb – 28 Feb 2023
NameTitleHoursRateFees
Kristin GraySenior Vice President25.9$600$15,540.00
Steven BarlottSenior Consultant33.6$320$10,752.00
Isobel SmithAdministration14.4$205$2,952.00
Megan SchaferAdministration0.1$139$13.90
Time Billed—74—stated average$29,257.90
MNP Ltd.Receiverperiod 1 of 2—Sought408.7—$338.38stated averageBrief of MNP · 24 Apr 2023

Top rate $600 · 19th percentile of receiver rates, 2023 · of 32

Estate financialsReported figures — never derived

Professional fees to date

$61.3K

As at 23 May 2025Receiver's Sixth Report to Court

Documents
59 filings
DateDocumentFile
Order for Interim Distribution
  • Presiding officer Justice Burns
PDF
Approval and Vesting Order (Unfiled)
  • Closing terms Vesting effective upon delivery of the Receiver's Closing Certificate
  • Order date 5 June 2025
  • Purchaser Youth Canada Association (YOUCAN!) · nominee/assignee its nominee · the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · approved
  • Sale outcome Sale approved — The Transaction is hereby approved
PDF
Order - Interim Distribution (Unfiled)
  • Presiding officer Justice Burns
  • Recovery outcome Entries: per actual · Stated on: 2025-06-05 · Table missing:
PDF
Restricted Court Access Order (Unfiled)
  • Commencement date 5 June 2025
  • Court COURT OF KING'S BENCH OF ALBERTA
  • Court file no 2203 19336
  • Presiding officer Justice Burns
PDF
Bench Brief
  • Counsel McLennan Ross LLP
PDF
Receiver's Sixth Report to Court
  • Cash on hand Note: Two separate trust balances stated: $2,269 held for 430 Alberta and $399,578 held for 449 Alberta; not summed. · As at: 2025-05-09 · Currency: CAD
  • Closing confirmed Closed · 12 Aug 2024 · Academy of Healthcare Services Inc.; Closed · 31 May 2023
  • Disbursements Note: Stated separately by entity: 430 Alberta disbursements $488,652 (including distributions to Priestner of $4,346,728... actually distributions included within receipts/disbursements totals); 449 Alberta disbursements $1,568,227. · Since: December 13, 2022 · Currency: CAD
  • Operational summary The Receiver continues to maintain and market the remaining properties (Harvest and Scona Garage) following the earlier sales of Jasper Ave and Sask Drive, and is seeking court approval of an accepted offer to sell the Harvest property along with an interim distribution to the secured creditor GP.
  • + 9 more extracted facts
PDF
Application
  • Recovery outcome Entries: per unstated; per actual · Table missing:
PDF
Blackline to Sale and Vesting OrderPDF
Book of AuthoritiesPDF
Draft Restricted Court Access OrderPDF
Draft Sale and Vesting OrderPDF
Order - Interim Distribution
  • Presiding officer Justice M.J. Lema
  • Recovery outcome Entries: per actual · Stated on: 2024-06-11 · Table missing:
PDF
Service Letter to Commercial CoordinatorPDF
Brief of MNP Ltd.
  • Counsel McLennan Ross LLP
PDF
Receiver's Fifth Report to CourtPDF
Judgement Order - 2399430 Alberta Ltd.
  • Presiding officer Justice John J. Gill
PDF
Judgement Order - 2399449 Alberta Ltd.
  • Presiding officer Justice John J. Gill
PDF
Adjournment Order - 2399430 Alberta Ltd.
  • Presiding officer Justice John J. Gill
PDF
Adjournment Order - 2399449 Alberta Ltd.
  • Presiding officer Justice John J. Gill
PDF
Application - Extend Restricted Court Access
  • Recovery outcome Entries: per actual; per unstated · Stated on: 2023-12-19 · Table missing:
PDF
Draft Restricted Court Access Order - RedlinePDF
Order - Unfiled
  • Presiding officer Justice G.S. Dunlop
PDF
Receiver's Fourth Report to Court
  • Recovery outcome Entries: per estimated; per actual · Table missing:
PDF
Amended Restricted Court Access Order
  • Presiding officer Justice N.J. Whitling
PDF
Application by the Receiver (Interim Distribution)PDF
Order (Interim Distribution and Approval of Receiver's Fees and Activities)
  • Presiding officer Justice N.J. Whitling
PDF
Webex DetailsPDF
Letter to Commercial CoordinatorPDF
Letter to Service List
  • Counsel Stillman LLP
PDF
Receiver's Third Report to Court
  • Closing confirmed Closed · 31 May 2023 · Union Bank Holdings Inc.
  • Purchaser Union Bank Holdings Inc. · 430 Alberta's right, title and interest in and to the assets described in the Sale Agreement (Jasper Ave and the Jasper Ave Personal Property) · real property · price sealed · closed
  • Recovery outcome Entries: per actual · Table missing:
  • Sale advisor NAI Commercial Real Estate Inc. (sale agent)
  • + 1 more extracted fact
PDF
Application for an Approval and Vesting OrderPDF
Approval and Vesting Order
  • Closing terms Vesting occurs upon delivery of the Receiver's Closing Certificate confirming payment of the purchase price and satisfaction of closing conditions.
  • Order date 1 May 2023
  • Purchaser Union Bank Holdings Inc. · nominee/assignee its nominee · 430 Alberta's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · approved
PDF
Blackline template of Proposed Approval and Vesting OrderPDF
Restricted Court Access OrderPDF
Webex ConfirmationPDF
Brief of MNP
  • Fee schedule Engagements: Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: Quote: an Order approving, inter alia, the Receiver's fees and disbursements, including the fees and disbursements of its legal counsel · State: sought · Averages: Receiver's representatives · Currency: · Invoices: · Firm text: MNP Ltd. · Firm quote: MNP Ltd. in its capacity as courtappointed receiver (the ' Receiver ') · Hours total: Quote: The fees reflected 408.7 hours spent by the Receiver's representatives at an average hourly rate of $338.38. · Value: 408.7 · Context quote: This Bench Brief is submitted on behalf of MNP Ltd. in its capacity as courtappointed receiver (the ' Receiver '); Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Hours total: Quote: The fees reflected 397.60 hours spent with an average hourly rate of $643.75. · Value: 397.6 · Context quote: The fees reflected 397.60 hours spent with an average hourly rate of $643.75. · Firm unverified: true
PDF
Fee Affidavit of Kristin Gray
  • Counsel Call Brownlee LLP
  • Fee schedule Engagements: Form: time_summary · Rows: Kristin Gray; Steven Barlott; Isobel Smith; Megan Schafer; Fees: 29257.9 · Hours: 74 · Quote: Time Billed | | 74.00 | 395.38 | * | 29,257.90 · Row kind: subtotal · Rate kind: average · Name as stated: Time Billed · Money: Tax: $1.48K · Label: GST · Quote: GST on Professional Fees | 1,462.90 | · Fees: $29.3K · Quote: INVOICE SUMMARY PROFESSIONAL FEES | | $29,257.90 · Total: $31.1K · Quote: TOTAL THIS INVOICE | | $31,099.41 · includes tax · includes disbursements · Approximate: false · Disbursements: $361 · Quote: Office Costs and Marketing | 360.58 | 360.58 · Period: End: 2023-02-28 · Kind: invoice · Quote: The time incurred by members of the staff of MNP Ltd. on this assignment regarding the Companies for the period February 1, 2023, to February 28, 2023, was as follows: · Start: 2023-02-01 · Approval: State: unstated · Averages: Time Billed · Currency: · Invoices: · Firm text: MNP Ltd. · Firm quote: PROFESSIONAL SERVICES RENDERED by members of the staff of MNP Ltd., as Receiver of the Companies · Hours total: Quote: Time Billed | | 74.00 | 395.38 | * | 29,257.90 · Value: 74 · Context quote: With respect to Receiver's accounts covering fees and disbursements incurred by the Receiver for the period December 12, 2022, to February 28, 2023, which accounts are contained herein as Exhibit "A" (the "Accounts")
PDF
Receiver's Second Report to the Court
  • Process results 4 bids
  • Purchaser Union Bank Holdings Inc. · nominee/assignee its Nominee · the Jasper Ave property · real property · price sealed · proposed
  • Sale advisor NAI Commercial Real Estate Inc. (sale agent)
  • Sale outcome Approval pending — Receiver accepted an offer on the Jasper Ave property, pending Court approval
PDF
Trustee's Report to Creditors - 2399430 Alberta Ltd.PDF
Trustee's Report to Creditors - 2399499 Alberta Ltd.PDF
Certificate of Appointment - 2399430 Alberta Ltd.PDF
Certificate of Appointment - 2399449 Alberta Ltd.PDF
Creditors Package - 2399430 Alberta Ltd.PDF
Creditors Package - 2399449 Alberta Ltd.PDF
Application by the Receiver
  • Counsel McLENNAN ROSS LLP
PDF
Bench Brief of the ReceiverPDF
Order
  • Presiding officer Justice G.S. Dunlop
PDF
Receiver's First Report to Court
  • Secured creditors Note: Priestner and GP (MPRE GP Dev Inc.) applied for and obtained the Receivership Order Dec 13, 2022 after default; Companies had made no payments toward indebtedness since July 20, 2022; certificate of lis pendens registered Sept 27, 2022 against the same title · Page: 4 · Debtor: 2399430 Alberta Ltd. ("430 Alberta") · Creditor: Mike Priestner Real Estate Inc. · Currency: CAD · Security: Mortgage securing principal sum of $5,218,904, plus interest and costs, registered against Jasper Ave (Plan F, Lot 6), registration #222 105 237, dated May 10, 2022 — figure is the mortgage's registered/original principal amount, not a stated outstanding balance
PDF
Webex InformationPDF
Service List
  • Counsel MLT Aikins LLP
PDF
Form 87 2399430 Alberta LtdPDF
Form 87 2399449 Alberta LtdPDF
Receivers Certificate 430PDF
Receivers Certificate 449PDF
Service Letter and List
  • Counsel MLT Aikins LLP
PDF
Application and Order
  • Applicant Mike Priestner Real Estate Inc. and MPRE GP Dev Inc.
  • Appointee MNP Ltd.
  • Appointee role receiver and manager
  • Commencement date 9 December 2022
  • + 4 more extracted facts
PDF
Bench Brief of Mike Priestner Real Estate Inc. & MPRE GP Dev Inc.PDF
Receivership Order
  • Applicant Mike Priestner Real Estate Inc. and MPRE GP Dev Inc.
  • Appointee MNP Ltd.
  • Appointee role Receiver
  • Commencement date 13 December 2022
  • + 3 more extracted facts
PDF
Affidavit of Christopher Burrows
  • Secured creditors $49.8K · Note: Unpaid taxes and penalties disclosed by City of Edmonton Tax Search · Page: 5 · As of: 2022-11-29 · Debtor: 2399449 Alberta Ltd. ("449") · Creditor: City of Edmonton (municipal tax authority) · Security: Statutory municipal property tax arrears/penalties against the Saskatchewan Drive Lands (Plan I2, Block 103, Lot 6), per Tax Search
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “2399430 Alberta Ltd. and 2399449 Alberta Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/2399430-alberta-ltd-and-2399449-alberta-ltd

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/2399430-alberta-ltd-and-2399449-alberta-ltd

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.