2597427 Alberta Ltd.
- Proceeding
- Receivership (court-appointed)Subsection 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, and section 13(2) of the Judicature Act, RSA 2000, c. J-2
- File
- 2603-04944
- Industry
- Real estate
2597427 Alberta Ltd. has been under court-appointed receivership since March 13, 2026, when the Court of King's Bench of Alberta appointed KSV Restructuring Inc. receiver over its property on the application of Spire Pacific Capital Corporation, under section 243(1) of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act. The order stayed proceedings and granted a Receiver's Charge of up to $500,000 ranking first against the property, together with a Receiver's Borrowings Charge of $500,000 subordinate to it. The Receiver secured the property, engaged Colliers and ran a sale process, reporting on that work in its First Report of July 6, 2026. On July 13, 2026 the Court approved a sale to ARH Homes Inc. The proceeding, court file 2603-04944, remains active.
Approved the Receiver's and its counsel's fees and disbursements and the Receiver's activities, and authorized distributions to Spire under its first mortgage.
Source: Order (Fee and Activity Approval and Distribution), pronounced July 13, 2026 and filed July 17, 2026
Approved the sale of the purchased assets to ARH Homes Inc., with completion to be confirmed by a Receiver's Closing Certificate attesting to payment of the purchase price and satisfaction or waiver of the section 7.1 closing conditions.
Source: Approval and Vesting Order (Sale by Receiver), pronounced July 13, 2026 and filed July 17, 2026
First Report set out the Receiver's safeguarding of the property through insurance, utilities, security patrols and inspections, its engagement of Colliers and conduct of the sale process, dealings with the Guarantors, Spire, occupants and CRA, BIA notices, and fees of $80,640.72 for February 27 to June 30, 2026 and DLA Piper (Canada) LLP's $34,849.55 for March 3 to June 30, 2026.
Appointed KSV Restructuring Inc. receiver on Spire Pacific Capital Corporation's application, stayed proceedings, and granted first-ranking $500,000 Receiver's Charge plus a subordinate $500,000 Receiver's Borrowings Charge.
Outcome brief
Spanish Monarch: four bids for 34 unfinished suites on Whyte Avenue
The renovation of the former Spanish Monarch, a 34-unit apartment building on Edmonton's Whyte Avenue, stopped with no unit completely renovated, Spire Pacific's affidavit says. The receiver, AlixPartners (formerly KSV), drew 35 NDAs and four bids and sold it to ARH Homes at a price filed under seal; the sale closed July 31, 2026.
Debtor
2597427 Alberta Ltd.
Applicant
Spire Pacific Capital Corporation
Receiver
KSV
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's Borrowings Charge — in priority to all security interests, trusts, deemed trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subordinate in priority to the Receiver's Charge and the charges set out | $500K | Receivership Order dated March 13, 2026 |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
12 more claims in 3 classes The stack holds Court-ordered charges, Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis 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 approvedApproval and Vesting Order (Sale by Receiver), pronounced July 13, 2026… · 13 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| ARH Homes Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement · real property · agreement 2 Jul 2026 | not stated | Approved13 Jul 2026 | Approval and Vesting Order (Sale by Receiver),… |
Closed · the record states no distribution outcome.
5 engagements · 2 firms — latest: AlixPartners Restructuring, Inc., 27 Feb – 30 Jun 2026, incl. taxFirst Report of the Receiver · 6 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AlixPartners Restructuring, Inc.Receiverperiod 3 of 3 | 27 Feb – 30 Jun 2026Sought | 3 people | First Report of the Receiver · 6 Jul 2026 | ||||||||||||||||||||||||||||||||
3 people — AlixPartners Restructuring, Inc., 27 Feb – 30 Jun 2026 · 4 blurred figures
| |||||||||||||||||||||||||||||||||||
| AlixPartners Restructuring, Inc.Receiverperiod 2 of 3 | — | — | 3 people | Fee Affidavit of J. Knight sworn July 6, 2026 · 6 Jul 2026 | |||||||||||||||||||||||||||||||
3 people — AlixPartners Restructuring, Inc. · 12 blurred figures
| |||||||||||||||||||||||||||||||||||
| AlixPartners Restructuring, Inc.Receiverperiod 2 of 3 | — | — | 3 people | Fee Affidavit of J. Knight sworn July 6, 2026 · 6 Jul 2026 | |||||||||||||||||||||||||||||||
3 people — AlixPartners Restructuring, Inc. · 12 blurred figures
| |||||||||||||||||||||||||||||||||||
| KSV Restructuring Inc.capacity not statedperiod 2 of 2 | — | — | 3 people | Fee Affidavit of J. Knight sworn July 6, 2026 · 6 Jul 2026 | |||||||||||||||||||||||||||||||
3 people — KSV Restructuring Inc. · 12 blurred figures
| |||||||||||||||||||||||||||||||||||
| KSV Restructuring Inc.capacity not statedperiod 2 of 2 | — | — | 3 people | Fee Affidavit of J. Knight sworn July 6, 2026 · 6 Jul 2026 | |||||||||||||||||||||||||||||||
3 people — KSV Restructuring Inc. · 12 blurred figures
| |||||||||||||||||||||||||||||||||||
63 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansProfessional fees
$73.9K
As at 30 Jun 2026First Report of the Receiver dated July 6, 2026
| Date | Document | File |
|---|---|---|
| Receiver's Closing Certificate dated July 31 2026 | PDF · Subscribers | |
Approval and Vesting Order (Sale by Receiver), pronounced July 13, 2026 and filed July 17, 2026
| PDF · Subscribers | |
Order (Fee and Activity Approval and Distribution), pronounced July 13, 2026 and filed July 17, 2026
| PDF · Subscribers | |
| Application of the Receiver returnable July 13, 2026 | PDF · Subscribers | |
| Fee Affidavit of A. Mersich sworn July 6, 2026 | PDF · Subscribers | |
Fee Affidavit of J. Knight sworn July 6, 2026
| PDF · Subscribers | |
First Report of the Receiver dated July 6, 2026
| PDF · Subscribers | |
Notice and Statement of the Receiver dated March 23, 2026
| PDF · Subscribers | |
Receivership Order dated March 13, 2026
| PDF · Subscribers | |
| Bench Brief of Spire Pacific Capital Corporation dated March 12, 2026 | PDF · Subscribers | |
| Book of Authorities to Bench Brief of Spire Pacific Capital Corporation dated March 12, 2026 | PDF · Subscribers | |
| Supplemental Affidavit of Chris Enns sworn on March 12, 2026 | PDF · Subscribers | |
Receivership Application returnable March 6, 2026
| PDF · Subscribers | |
Affidavit of Chris Enns sworn March 4, 2026
| 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., “2597427 Alberta Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/2597427-alberta-ltd