5409676 Manitoba Ltd and Polar Bear Properties Ltd
- Proceeding
- Receivership (court-appointed)Section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and Section 55 of The Court of King's Bench Act, C.C.S.M. c. C280
- File
- CI 19-01-22281
- Industry
- Real estate · Rental & income property
5409676 Manitoba Ltd. and Polar Bear Properties Ltd. remain in a court-appointed receivership under s. 243 of the BIA and provincial Judicature Act authority, with a Receivership Order dated July 31, 2019 and a sale that closed September 22, 2022. Royal Bank of Canada is owed $22,906,125, secured by a first charge collateral mortgage with a principal amount of $23,500,000 registered January 13, 2017, site specific security agreements over personal property, an assignment of rents, and PPR registration 201617683003 against both debtors. A TDS legal opinion of September 22, 2022 confirms that security as validly registered and perfected, ranking ahead of all creditors except the City of Thompson, whose $4,573,784 claim for property tax and water utility arrears against 5409676 Manitoba Ltd. carries a statutory lien under s. 347 of The Municipal Act over real property forming part of the Forest View Suites Property.
The officer filed report no. First Report. The Receiver continues to operate the Forest View Suites apartment complex through a property manager while pursuing sale of the property; the North Tower remains closed to leasing following a September 2019 fire, no property insurance coverage was in place, and the Receiver has accepted a conditional offer to purchase from 1299570 B.C. Ltd. Court file CI 19-01-22281.
Debtor
5409676 Manitoba Ltd and Polar Bear Properties Ltd
Receiver
EY
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | Thompson Dorfman Sweatman LLP | 30 Jan 2020 | Service list · 30 Jan 2020 |
| CreditorBernard Lofchick | Tapper Cuddy LLP | 30 Jan 2020 | Service list · 30 Jan 2020 |
| CreditorCity of Thompson | MLT Aikins LLP | 30 Jan 2020 | Service list · 30 Jan 2020 |
| CreditorRoyal Bank of Canada | Fillmore Riley LLP | 30 Jan 2020 | Service list · 30 Jan 2020 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada · in 584 casesRBC-540 Mortgage (first charge collateral mortgage, principal $23,500,000.00, registered Jan 13, 2017); Site Specific Security Agreements (RBC-540 SSSA and RBC-Polar SSSA) over personal property; Assignment of Rents; PPR Registration No. 201617683003 registered jointly against 540 and Polar — Amount as advised by RBC to the Receiver; TDS legal opinion (Sept 22, 2022) confirms RBC security validly registered and perfected, ranking in priority to all creditors except the claim of the City of Thompson for property tax arrears — debtor: 5409676 Manitoba Ltd. and Polar Bear Properties Ltd. | $22.9M | Second Report of the Receiver dated October 20, 2022 |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
3 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans4 engagements · 2 firms — latest: Ernst & Young Inc., to 20 Oct 2022, in feesSecond Report of the Receiver · 20 Oct 2022
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ernst & Young Inc.Receiverperiod 2 of 2 | to 20 Oct 2022 | 6 people | Second Report of the Receiver · 20 Oct 2022 | |||||||||||||||||||||||||||||||||||||
6 people — Ernst & Young Inc., to 20 Oct 2022 · 18 blurred figures
| ||||||||||||||||||||||||||||||||||||||||
| Ernst & Young Inc.Receiverperiod 1 of 2 | — | — | not stated | First Report of the Receiver · 7 Jul 2022 | ||||||||||||||||||||||||||||||||||||
| Thompson Dorfman Sweatman LLPCounselperiod 2 of 2 | — | — | not stated | Second Report of the Receiver · 20 Oct 2022 | ||||||||||||||||||||||||||||||||||||
| Thompson Dorfman Sweatman LLPCounselperiod 1 of 2 | — | — | not stated | First Report of the Receiver · 7 Jul 2022 | ||||||||||||||||||||||||||||||||||||
24 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 plansAs at ·
Cumulative receipts
$1.64M
As at 7 Jul 2022First Report of the Receiver dated 7 July 2022
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and 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 |
|---|---|---|
Second Report of the Receiver dated October 20, 2022
| PDF · Subscribers | |
First Report of the Receiver dated 7 July 2022
| PDF · Subscribers | |
Notice of Motion of the Receiver dated June 30, 2022
| PDF · Subscribers | |
| Template form to be completed and returned to the Receiver to be added to the Service List | PDF · Subscribers | |
Current Service List
| PDF · Subscribers | |
Initial creditor notice
| PDF · Subscribers | |
| FAQ - Receivership | PDF · Subscribers | |
| THIS MOTION made by the Royal Bank of Canada for an Order pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”) and s. 55 of The Court of Queen’s Bench Act, C.C.S.M. c. C280 (the “QBA”) appointing Ernst & Young Inc. as receiver and manager (in such capacity the “Receiver”) without security, of all the assets, undertakings and properties of the Defendants, 5409676 Manitoba Ltd and Polar Bear Properties Ltd. (collectively, the “Debtors”), was heard this day at the Law Courts Building, 408 York Avenue, Winnipeg, Manitoba on 31 Jul 2019 | 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., “5409676 Manitoba Ltd and Polar Bear Properties Ltd” (Receivership (court-appointed)), Court of King's Bench of Manitoba. Retrieved 4 November 2026, https://proceedings.ca/case/5409676-manitoba-ltd-and-polar-bear-properties-ltd