2435421 Alberta Ltd. and 2622775 Alberta Ltd.
- Proceeding
- Receivership (court-appointed)section 13(2) of the Judicature Act, R.S.A. 2000, c. J-2
- File
- 2503 19519
- Industry
- Real estate · Rental & income property
2435421 Alberta Ltd. and 2622775 Alberta Ltd. are the subjects of bankruptcy proceedings under the Bankruptcy and Insolvency Act in the Court of King's Bench of Alberta, commenced July 3, 2026 under court file number 2503 19519. On that same date the court pronounced an interim order. The two companies are proceeding together under the single file number. The proceedings are active, and no step after the July 3, 2026 order has been recorded on this page.
2435421 Alberta Ltd. - Receivership Certificate 24-116467 — Notice of receiver (s. 245 / Form 87)
2622775 Alberta Ltd. - Receivership Certificate 24-116468 — Notice of receiver (s. 245 / Form 87)
The court appointed Ernst & Young Inc. as Proposed Receiver, on the application of 843838 ALBERTA LTD., GERMAIN BUSINESS INVESTMENTS INC., GLOBAL NETWORK SOLUTIONS INC., KASAM INVESTMENTS LTD., LAUREL ERICKSON, STEBEN INVESTMENTS LTD., and TY WILSON PROFESSIONAL CORPORATION. Court file 2503 19519.
Source: Letter to Service List encl Receivership Order - Nov 10, 2025
The court appointed Ernst & Young Inc. as Receiver, on the application of 1843838 ALBERTA LTD., GERMAIN BUSINESS INVESTMENTS INC., GLOBAL NETWORK SOLUTIONS INC., KASAM INVESTMENTS LTD., LAUREL ERICKSON, STEBEN INVESTMENTS LTD., and TY WILSON PROFESSIONAL CORPORATION. Court file 2503 19519.
Affidavit of Rakeshbhai Patel in response to Orginating Application — Application / notice of application
Application, returnable Oct 31 - Filed October 20, 2025 — Application / notice of application
Debtor
2435421 Alberta Ltd. and 2622775 Alberta Ltd.
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Lema | Court of King's Bench of Alberta | 2 orders, Jul 2026 | 19 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | Miller Thomson LLP | 10 Nov 2025 | Order · 10 Nov 2025 |
| CreditorDP Oil OP Ltd. and Rakeshbhai Patel | Team Law Group LLP | 10 Nov 2025 | Order · 10 Nov 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Syndicate of seven lenders (1843838 Alberta Ltd., Germain Business Investments Inc., Global Network Solutions Inc., Kasam Investments Ltd., Laurel Erickson, Steben Investments Ltd., and Ty Wilson ProfFirst-ranking collateral Mortgage against Lands at 73 Superior Street, Devon, Alberta; General Security Agreement from all members of the Borrower Group; pre-signed Consent Judgment; pre-signed Consent Redemption Order — Original loan principal was $1,650,000.00 under Financing Agreement dated March 7, 2025; full accelerated indebtedness pleaded in Amended Statement of Claim was $1,720,000.68 as of September 23, 2025, with interest continuing to accrue at 18.00% per annum default rate. NOI to Enforce Security served September 12, 2025. — debtor: Sweetpal Singh Chauhan, 2435421 Alberta Ltd., 26 · as of 23 Sep 2025 | $1.72M | Application, returnable Oct 31 - Filed October 20, 2025 |
Sale approved — The Transaction is hereby approved and execution of the Agreement of Purchase and Sale by the Receiver is hereby authorized and approvedApproval and Vesting Order · 8 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Rakesh Patelall of the Debtor's right, title and interest in and to the assets described in the Agreement of Purchase and Sale · real property · nominee/assignee: corporate nominee · agreement 19 May 2026 | Subscribers | Approved8 Jul 2026 | Approval and Vesting Order |
As at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Approval and Vesting Order
| PDF · Subscribers | |
Order Approving Activities, Fees and Sealing
| PDF · Subscribers | |
Letter to Service List with filed Orders
| PDF · Subscribers | |
Letter to Service List encl Receivership Order - Nov 10, 2025
| PDF · Subscribers | |
2435421 Alberta Ltd. - Receivership Certificate 24-116467
| PDF · Subscribers | |
| 2622775 Alberta Ltd. - Receivership Certificate 24-116468 | PDF · Subscribers | |
Notice and Statement of Receiver
| PDF · Subscribers | |
| Affidavit of Rakeshbhai Patel in response to Orginating Application | PDF · Subscribers | |
Receivership Order - Filed October 31, 2025
| PDF · Subscribers | |
Application, returnable Oct 31 - Filed October 20, 2025
| PDF · Subscribers | |
| Brief of Law of the Applicants - Filed October 20, 2025 | 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., “2435421 Alberta Ltd. and 2622775 Alberta Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/2435421-alberta-ltd-and-2622775-alberta-ltd