Proceedings.

2597427 Alberta Ltd.

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Closed
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
Court
Court of King's Bench of Alberta
File
2603-04944
Filings held14
Last activity31 Jul 2026
On the record192 days
Secured debt$4.21M
OverviewSummary updated

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.

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Case updates15 dated entries
#Report

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.

Source: First Report of the Receiver dated July 6, 2026

#Order

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.

Source: Receivership Order dated March 13, 2026

Parties

Debtor

2597427 Alberta Ltd.

Applicant

Spire Pacific Capital Corporation

Receiver

KSV

Capital structureAs asserted in the filings
stated amounts, drawn to scale · 9 named without a figure
#Priority classCreditorAmountSource
Court-ordered charges
1Court-ordered chargesReceiver'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$500KReceivership Order dated March 13, 2026
1Court-ordered chargesReceiver's Charge — a first charge on the Property in priority to all security interests, trusts, deemed trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person but subject to section 14.06(7), 81.4(4), 81.6$500KReceivership Order dated March 13, 2026
Pre-filing debt
4SecuredComputershare Trust Company of Canada · in 31 casesRegistration against the Debtor and/or the Lands (PPSA/Land Titles Office search results) — Computershare acts as nominee/custodian for the actual Lender, Spire Pacific Capital Corporation ('Spire'), the Debtor's principal secured creditor, per Custodial Agreement dated April 8, 2024. Receiver makes no acknowledgment as to the amount owing or the security claimed; figure is preliminary, drawn from the Debtor's books/records and PPSA/LTO searches as at March 13, 2026. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026$4.21MNotice and Statement of the Receiver dated March 23, 2026
4SecuredARH Developments Inc.Registration against the Debtor and/or the Lands (PPSA/Land Titles Office search results) — Receiver makes no acknowledgment as to the amount owing or the security claimed; figure is preliminary. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026$1.11MNotice and Statement of the Receiver dated March 23, 2026
4SecuredTallinn Capital Partners Corp.Registration against the Debtor and/or the Lands (PPSA/Land Titles Office search results) — Listed at $1.00; per the schedule's own note, an amount owing of $1 represents an unknown amount, so the actual balance is not stated. Receiver makes no acknowledgment as to amount owing or security claimed. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredCanada Revenue Agency · in 926 casesListed at $1.00, which per the schedule's note represents an unknown amount; actual balance not stated. Possible deemed-trust class claim (CRA). — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredCity of Edmonton · in 27 casesListed at $1.00, representing an unknown amount per schedule note. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredEnbridge Gas Inc. · in 21 casesListed at $1.00, representing an unknown amount per schedule note. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredDirect Energy Regulated Services · in 58 casesListed at $1.00, representing an unknown amount per schedule note. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredENMAX Corporation · in 4 casesListed at $1.00, representing an unknown amount per schedule note. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredWorkers' Compensation Board - Alberta · in 14 casesListed at $1.00, representing an unknown amount per schedule note. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredMinistry of Finance - Alberta · in 2 casesListed at $1.00, representing an unknown amount per schedule note; provincial regulatory/tax claim. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026
8UnsecuredATCO Energy Ltd. · in 2 casesListed at $1.00, representing an unknown amount per schedule note. — debtor: 2597427 Alberta Ltd. · as of 13 Mar 2026—Notice and Statement of the Receiver dated March 23, 2026

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

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 processPer the transactions

Sale approvedApproval and Vesting Order (Sale by Receiver), pronounced July 13, 2026… · 13 Jul 2026

Parties solicited

5000

First Report of the Receiver dated July 6, 2026

PurchaserPriceStatusSource
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 2026not statedApproved13 Jul 2026Approval and Vesting Order (Sale by Receiver),…
AdvisorsColliers (listing broker)First Report of the Receiver dated July 6, 2026
Closing termsVesting occurs upon delivery of the Receiver's Closing CertificateApproval and Vesting Order (Sale by Receiver), pronounced July 13, 2026…
Sealed materialsConfidential Appendix 1 to the Report; Confidential Appendices 2 and 3 to the ReportApproval and Vesting Order (Sale by Receiver), pronounced July 13, 2026…
RecoveriesAs stated in the filings

Closed · the record states no distribution outcome.

Fees and ratesAs stated in the filings

3 engagements · 2 firms — latest: AlixPartners Restructuring, Inc., 27 Feb – 30 Jun 2026, $80,640.72 incl. taxFirst Report of the Receiver · 6 Jul 2026

FirmPeriodHoursFeesRatesSource
AlixPartners Restructuring, Inc.Receiverperiod 2 of 227 Feb – 30 Jun 2026Sought118.77$80,640.72incl. tax$525 – $7503 peopleFirst Report of the Receiver · 6 Jul 2026
3 people — AlixPartners Restructuring, Inc., 27 Feb – 30 Jun 2026
NameTitleHoursRateFees
Jason KnightManaging Director—$750—
Ross GrahamDirector—$650—
Maha ShahManager—$525—
Other & Administrative——$225 – $285—
AlixPartners Restructuring, Inc.Receiverperiod 1 of 2——$13,159.25ex. tax$525 – $7503 peopleFee Affidavit of J. Knight sworn July 6, 2026 · 6 Jul 2026
3 people — AlixPartners Restructuring, Inc., —
NameTitleHoursRateFees
Jason KnightManaging Director6.8$750$5,100.00
Ross GrahamDirector6.02$650$3,913.00
Maha ShahManager6.2$525$3,255.00
Other staff and administrative—3.75—$891.25
Total fees———$13,159.25
KSV Restructuring Inc.capacity not stated——$29,095.00ex. tax$525 – $7503 peopleFee Affidavit of J. Knight sworn July 6, 2026 · 6 Jul 2026
3 people — KSV Restructuring Inc., —
NameTitleHoursRateFees
Jason KnightManaging Director16.4$750$12,300.00
Ross GrahamSenior Manager8.6$650$5,590.00
Maha ShahManager20.2$525$10,605.00
Other staff and administrative—2.3—$600.00
Total fees———$29,095.00

Top rate $750 · 57th percentile of receiver rates, 2026 · of 55

Estate financialsReported figures — never derived

Professional fees to date

Receiver (AlixPartners): $80,640.72; Receiver's counsel (DLA Piper): $34,849.55

As at 6 Jul 2026First Report of the Receiver dated July 6, 2026

Documents
14 filings
DateDocumentFile
Receiver's Closing Certificate dated July 31 2026PDF
Application of the Receiver returnable July 13, 2026PDF
Approval and Vesting Order (Sale by Receiver), pronounced July 13, 2026 and filed July 17, 2026
  • Closing terms Vesting occurs upon delivery of the Receiver's Closing Certificate
  • Order date 13 July 2026
  • Purchaser ARH Homes Inc. · the Debtor's right, title and interest in and to the assets described in the Sale Agreement · real property · approved
  • Sealed items Confidential Appendix 1 to the Report; Confidential Appendices 2 and 3 to the Report
PDF
Order (Fee and Activity Approval and Distribution), pronounced July 13, 2026 and filed July 17, 2026
  • Court Court of King's Bench of Alberta
  • Debtor names 2597427 ALBERTA LTD.
  • Order date 13 July 2026
  • Presiding officer Justice J. Gill
PDF
Fee Affidavit of A. Mersich sworn July 6, 2026PDF
Fee Affidavit of J. Knight sworn July 6, 2026
  • Fee schedule Engagements: Form: rate_chart · Rows: Jason Knight; Ross Graham; Maha Shah; Quote: Other & Administrative | $225 to $285 · Rate max: 285 · Rate min: 225 · Row kind: bucket · Rate kind: range · Name as stated: Other & Administrative · Money: Total: $80.6K · Quote: the Receiver incurred fees and disbursements in the amount of $80,640.72, including GST · includes tax · includes disbursements · Approximate: false · Period: End: 2026-06-30 · Kind: cumulative · Label: Fee Period · Quote: during the period from February 27 to June 30, 2026 (the ' Fee Period ') · Start: 2026-02-27 · Approval: Quote: I swear this affidavit in support of an application for, inter alia, approval of the fees and disbursements of the Receiver and its counsel and for no other or improper purpose. · State: sought · Averages: across all AlixPartners Invoices · Currency: · Invoices: Tax: 1471.41 · Date: 2026-04-27 · Fees: 29095 · Quote: 5334 | 27-Apr-26 | 612.53 | 47.50 | 29,095.00 | 333.25 | 1,471.41 | 30,899.66 · Total: 30899.66 · Average rate: 612.53 · Disbursements: 333.25; Tax: 947.01 · Date: 2026-05-13 · Fees: 16544.5 · Quote: 5405 | 13-May-26 | 638.78 | 25.90 | 16,544.50 | 2,395.77 | 947.01 | 19,887.28 · Total: 19887.28 · Average rate: 638.78 · Disbursements: 2395.77; Tax: 666.99 · Date: 2026-06-11 · Fees: 13159.25 · Quote: 5511 | 11-Jun-26 | 577.92 | 22.77 | 13,159.25 | 180.46 | 666.99 | 14,006.70 · Total: 14006.7 · Average rate: 577.92 · Disbursements: 180.46; Tax: 754.62 · Date: 2026-07-02 · Fees: 15090 · Quote: 5548 | 2-Jul-26 | 667.70 | 22.60 | 15,090.00 | 2.46 | 754.62 | 15,847.08 · Total: 15847.08 · Average rate: 667.7 · Disbursements: 2.46 · Firm text: AlixPartners Restructuring, Inc. · Firm quote: I am a Managing Director with AlixPartners Restructuring, Inc. (' AlixPartners ') in its capacity as Court-appointed receiver and manager (in such capacity, the ' Receiver ') · Hours total: Quote: The Receiver has provided a total of 118.77 hours of services in relation to these receivership proceedings during the Fee Period. · Value: 118.77 · Context quote: As described in more detail in the First Report, during the period from February 27 to June 30, 2026 (the ' Fee Period '), the Receiver incurred fees and disbursements in the amount of $80,640.72, including GST. · Comparability quote: the rates charged by the Receiver through the course of these proceedings are comparable to the rates charged by other firms in the Alberta market for the provision of similar services, and the rates charges by the Receiver for services rendered in similar proceedings.; Form: invoice_listing · Rows: Jason Knight; Ross Graham; Maha Shah; Fees: 600 · Hours: 2.3 · Quote: Other staff and administrative | Other staff and administrative | | 2.30 | 600.00 · Row kind: bucket · Rate kind: standard · Name as stated: Other staff and administrative; Fees: 29095 · Quote: Total fees | Total fees | | | 29,095.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total fees · Money: Tax: $1.47K · Label: GST · Quote: GST | 1,471.41 · Fees: $29.1K · Quote: Total fees per attached time summary | $ 29,095.00 · Total: $30.9K · Quote: Total Due | $ 30,899.66 · includes tax · includes disbursements · Approximate: false · Disbursements: $333 · Quote: Disbursements (postage and Ascend license fee) | 333.25 · Period: Kind: invoice · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: For professional services rendered during March 2026 by KSV Restructuring Inc., in it its capacity as receiver and manager · Context quote: 2597427 Alberta Ltd. KSV Restructuring Inc.; Form: invoice_listing · Rows: Jason Knight; Ross Graham; Maha Shah; Fees: 422 · Hours: 1.7 · Quote: Other staff and administrative | | | 1.70 | 422.00 · Row kind: bucket · Rate kind: standard · Name as stated: Other staff and administrative; Fees: 16544.5 · Quote: Total fees | | | | 16,544.50 · Row kind: subtotal · Rate kind: standard · Name as stated: Total fees · Money: Tax: $947 · Label: GST · Quote: GST | 947.01 · Fees: $16.5K · Quote: Total fees per attached time summary | $ 16,544.50 · Total: $19.9K · Quote: Total Due | $ 19,887.28 · includes tax · includes disbursements · Approximate: false · Disbursements: $2.4K · Quote: Disbursements (Locksmith, travel, and postage) | 2,395.77 · Period: Kind: invoice · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: For professional services rendered during April 2026 by KSV Restructuring Inc., in it its capacity as receiver and manager · Context quote: 2597427 Alberta Ltd. Time Detail April 2026 KSV Restructuring Inc.; Form: invoice_listing · Rows: Jason Knight; Ross Graham; Maha Shah; Fees: 891.25 · Hours: 3.75 · Quote: Other staff and administrative | Other staff and administrative | | 3.75 | 891.25 · Row kind: bucket · Rate kind: standard · Name as stated: Other staff and administrative; Fees: 13159.25 · Quote: Total fees | Total fees | | | 13,159.25 · Row kind: subtotal · Rate kind: standard · Name as stated: Total fees · Money: Tax: $667 · Label: GST · Quote: GST | 666.99 · Fees: $13.2K · Quote: Total fees per attached time summary | $ 13,159.25 · Total: $14K · Quote: Total due | $ 14,006.70 · includes tax · includes disbursements · Approximate: false · Disbursements: $180 · Quote: Disbursements (postage and locksmith) | 180.46 · Period: Kind: invoice · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: AlixPartners Restructuring, Inc. · Firm quote: For professional services rendered during May 2026 by AlixPartners Restructuring, Inc. · Context quote: Time Summary May 2026 2597427 Alberta Ltd. AlixPartners Restructuring, Inc.; Form: invoice_listing · Rows: Jason Knight; Ross Graham; Maha Shah; Fees: 212.5 · Hours: 0.9 · Quote: Other staff and administrative | Other staff and administrative | | 0.90 | 212.50 · Row kind: bucket · Rate kind: standard · Name as stated: Other staff and administrative; Fees: 15090 · Quote: Total fees | Total fees | | | 15,090.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total fees · Money: Tax: $755 · Label: GST · Quote: GST | 754.62 · Fees: $15.1K · Quote: Total fees per attached time summary | $ 15,090.00 · Total: $15.8K · Quote: Total due | $ 15,847.08 · includes tax · includes disbursements · Approximate: false · Disbursements: $2 · Quote: Disbursements (postage) | 2.46 · Period: Kind: invoice · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: AlixPartners Restructuring, Inc. · Firm quote: For professional services rendered during June 2026 by AlixPartners Restructuring, Inc. · Context quote: Time Summary June 2026 2597427 Alberta Ltd. AlixPartners Restructuring, Inc.
PDF
First Report of the Receiver dated July 6, 2026
  • Commencement date 13 March 2026
  • Court Court of King's Bench of Alberta
  • Court file no 2603-04944
  • Fee schedule Engagements: Form: prose · Rows: · Money: Total: $80.6K · Quote: the Receiver incurred fees and disbursements in the amount of $80,640.72, including GST · includes tax · includes disbursements · Approximate: false · Period: End: 2026-06-30 · Kind: interim · Label: Fee Period · Quote: during the period from February 27 to June 30, 2026 (the ' Fee Period '), the Receiver incurred fees and disbursements in the amount of $80,640.72, including GST · Start: 2026-02-27 · Approval: State: unstated · Averages: across all AlixPartners Invoices · Currency: · Invoices: · Firm text: AlixPartners Restructuring, Inc. · Firm quote: AlixPartners Restructuring, Inc. Suite 1165, 324 - 8 th Avenue SW Calgary, Alberta T2P 2Z2 · Context quote: I am a Managing Director with AlixPartners Restructuring, Inc. (' AlixPartners ') in its capacity as Court-appointed receiver and manager (in such capacity, the ' Receiver ')
  • + 11 more extracted facts
PDF
Notice and Statement of the Receiver dated March 23, 2026
  • Financial position per Estimated book value, based on the most current financial information available to the Receiver (unaudited) · Debtor's assets in connection with the Property only (not the Debtor's other real properties in Alberta) — Only Lands is quantified at CAD $4,998,000; Cash, Accounts Receivable, and Construction-in-progress are each listed as 'Unknown' — no total is stated and components are not summed.
  • Secured creditors $1.11M · Note: Receiver makes no acknowledgment as to the amount owing or the security claimed; figure is preliminary. · Page: 3 · As of: 2026-03-13 · Debtor: 2597427 Alberta Ltd. · Creditor: ARH Developments Inc. · Security: Registration against the Debtor and/or the Lands (PPSA/Land Titles Office search results)
  • Unsecured creditors per Preliminary list of creditors as reported (unaudited), prepared from the Company's books and records as at March 13, 2026 — Listed at $1.00, which per the schedule's note represents an unknown amount; actual balance not stated. Possible deemed-trust class claim (CRA).
PDF
Receivership Order dated March 13, 2026
  • Applicant Spire Pacific Capital Corporation
  • Appointee KSV Restructuring Inc.
  • Appointee role receiver and manager
  • Charges Receiver's Charge $500K; Receiver's Borrowings Charge $500K
  • + 9 more extracted facts
PDF
Bench Brief of Spire Pacific Capital Corporation dated March 12, 2026PDF
Book of Authorities to Bench Brief of Spire Pacific Capital Corporation dated March 12, 2026PDF
Supplemental Affidavit of Chris Enns sworn on March 12, 2026PDF
Receivership Application returnable March 6, 2026
  • Applicant Spire Pacific Capital Corporation
  • Appointee KSV Restructuring Inc.
  • Appointee role receiver and manager
  • Commencement date 5 March 2026
  • + 4 more extracted facts
PDF
Affidavit of Chris Enns sworn March 4, 2026
  • Secured creditors $4.21M · Note: Amount is per Lender's payout statement (Exhibit A) as at March 4, 2026, being outstanding balance (principal $4,125,000 plus accrued interest and fees), exclusive of accruing interest, legal fees and expenses. Mortgage principal sum of $5,156,250 is registered ceiling, not outstanding balance. Personal guarantees given by Syed and Hassan (individuals) - not separate secured creditor entries. · Page: 3 · As of: 2026-03-04 · Debtor: 2597427 Alberta Ltd. (Borrower); guaranteed by Mujtaba Syed and Ali Hassan · Creditor: Computershare Trust Company of Canada, as nominee for Spire Pacific Capital Corporation ("the Lender") · Security: First mortgage (Land Titles Act Mortgage, principal sum up to $5,156,250.00) and Assignment of Rents and Leases over the Lands; Specific Security Agreement (general security interest in present and after-acquired goods, chattel paper, money, securities, documents of title, instruments, intangibles related to the Lands, incl. PMSI); General Assignment of Material Contracts; Assignment of Interest Reserve; Assignment of Insurance; Hypothecation of Shares (by Syed); Indemnity Agreement; perfected by PPR registrations and registration of Mortgage/GARL against Certificates of Title
PDF

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

CiteProceedings., “2597427 Alberta Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/2597427-alberta-ltd

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Sources last checked · summary updated 5 August 2026 · Report a correction · Printed from proceedings.ca/case/2597427-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.