2404875 Alberta Ltd.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act, and section 49 of the Law of Property Act
- File
- 2601-14150
- Industry
- Real estate
2404875 Alberta Ltd. has been the subject of court-appointed receivership proceedings in the Court of King's Bench of Alberta since August 13, 2026, brought under BIA s. 243 and provincial Judicature Act jurisdiction. CMLS Financial Ltd., as agent and custodian for Computershare Trust Company of Canada, ranks first and is owed an approximate $1,886,193.96 as at August 6, 2026, plus further accruing interest, costs and expenses on a solicitor and client basis. CMLS holds a CMHC-Commercial mortgage in the principal amount of $1,858,890 dated March 13, 2023 charging the Lands, together with a general assignment of rents and leases and a general security agreement of the same date. Gurpartap Dhaliwal, the debtor's sole director, gave a personal guarantee and is a co-obligor under the demand. A second mortgage in favour of Domain Mortgage Corp. was registered against the Lands without CMLS's prior written approval, a default under the Credit Agreement; Domain has separately applied to appoint MNP Ltd. as interim receiver of rents.
The court appointed Ernst & Young Inc. as receiver and manager, on the application of CMLS FINANCIAL LTD.. Court file 2601-14150.
Source: Receivership Order
Guide
Power of sale vs foreclosure vs receivership in Canada
When a Canadian borrower stops paying a mortgage, the lender can sell the property itself, ask a court to foreclose, or have a receiver take control. How the routes differ by province, what each means for owners and tenants, and how long a receivership takes, drawn from the court record.
Filing brief
333 6 Avenue NE: ten Calgary suites and two lenders after the same rents
Justice Mah appointed Ernst & Young Inc. receiver of 2404875 Alberta Ltd., owner of ten CMHC-financed rental suites in Calgary, on the application of first mortgagee CMLS Financial, owed about $1.89 million — CMLS says the owner stopped paying in July 2025 and let Domain Mortgage Corp. register a $2.5 million second mortgage without its consent, and Domain had already gone to court for the rents; a September 21 amendment set the receiver's charge at $100,000.
Debtor
2404875 Alberta Ltd.
Receiver
EY
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Domain Mortgage Corp. · in 3 casesSecond mortgage charge registered against the ten (10) land titles (the Lands), registered without CMLS's prior written approval; also Assignments of Rents and Leases registered April 23, 2024 — Amount stated as breakdown in Exhibit V, not including Lawson Lundell LLP's accrued legal fees as at July 10, 2026; subordinate in priority to CMLS/Computershare's first ranking encumbrance — debtor: 2404875 Alberta Ltd. and related Borrowers (joint and several) · as of 7 Jul 2026 | $3.45M | Affidavit of Jeff Burt |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
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The total the debtor stated at filing
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See all plans| Date | Document | File |
|---|---|---|
| Receiver's certificate 001 (Filed) | PDF · Subscribers | |
| Receiver's certificate 002 (Filed) | PDF · Subscribers | |
Amended Receivership Order
| PDF · Subscribers | |
245 Notice and Statement of Receiver
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
| Bench Brief of Law | PDF · Subscribers | |
Affidavit of Jeff Burt
| PDF · Subscribers | |
Consent To Act As Receiver
| PDF · Subscribers | |
Originating-Application
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “2404875 Alberta Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/2404875-alberta-ltd