Economy Landscape Contractors Ltd. and Economy Landscape Group Ltd
FollowActive
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, and sections 13(2) of the Judicature Act, R.S.A. 2000, c.J-2, and 65(7) of the Personal Property Security Act, R.S.A. 2000, c.P-7
- File
- 1803 21213
Filings held18
Last activity23 Oct 2020
On the record2,887 days
Secured debt$751K
OverviewSummary updated
Economy Landscape Contractors Ltd. and Economy Landscape Group Ltd. have been under court-appointed receivership in Alberta since October 26, 2018, with PricewaterhouseCoopers appointed receiver pursuant to security granted to the Toronto Dominion Bank, which obtained the receivership order under that security. The proceeding is before the Court of King's Bench of Alberta on the basis of section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act relief. TD's claim against Economy Landscape Group Ltd. is recorded at CAD 751,000. John Deere Financial Inc., the Canada Revenue Agency, Gregg Distributors and Summit Acceptance Corp. are each listed separately as secured parties against Economy Landscape Group Ltd. The receivership remains active.
Proceedings AIAsk this case — answers cite the filings
Case updates18 dated entries
#Report
The officer filed report no. Third and Final Report. The receivership is essentially complete: all assets of both Contractors and Group have been realized, priority and secured creditor claims paid, and a shareholder litigation settlement reached; the Receiver is now seeking court approval of distributions, fee approval, and its own discharge subject to completion of remaining administrative duties.
Source: Receiver's Third and Final Report dated October 9, 2020
#Sale
The court granted an approval and vesting order for the sale to the Debtors right, title and interest in and to the property described in the Sale Agreement (the "Purchased Assets"). Closing terms, as extracted: Vesting occurs upon delivery of a Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction. Sealed: Sale Agreement filed as Confidential Appendix J to the Second Report.
#Order
The court appointed PricewaterhouseCoopers Inc. as Receiver, on the application of THE TORONTO DOMINION BANK.
Parties
Debtor
Economy Landscape Contractors Ltd. and Economy Landscape Group Ltd
Receiver
PwC
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesAmount to be determined; listed as secured party — debtor: Economy Landscape Group Ltd. | — | 245, 246 Notice - Economy Landscape Group Ltd |
| 4 | Secured | Toronto Dominion Bank · in 35 casesSecurity granted by the Company to TD; receivership order obtained pursuant to this security — Applicant creditor pursuant to whose security PwC was appointed receiver — debtor: Economy Landscape Group Ltd. | $751K | 245, 246 Notice - Economy Landscape Group Ltd |
| 4 | Secured | Summit Acceptance Corp. · in 6 casesAmount to be determined; listed as secured party — debtor: Economy Landscape Group Ltd. | — | 245, 246 Notice - Economy Landscape Group Ltd |
| 4 | Secured | Gregg Distributors · in 20 casesAmount to be determined; listed as secured party — debtor: Economy Landscape Group Ltd. | — | 245, 246 Notice - Economy Landscape Group Ltd |
| 4 | Secured | John Deere Financial Inc. · in 14 casesAmount to be determined; likely PPSA equipment financier but listed individually as document lists each separately — debtor: Economy Landscape Group Ltd. | — | 245, 246 Notice - Economy Landscape Group Ltd |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesExhibit A referenced but not provided in the pages extracted; document names no individual creditors on these pages — debtor: Economy Landscape Group Ltd. | — | 245, 246 Notice - Economy Landscape Group Ltd |
“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 processAs stated in the filings
3 transactions · 2 closed · 1 approved — the sale of the Company's real estate and equipment/fixed assets have both closedReceiver's Third and Final Report dated October 9, 2020 · 9 Oct 2020
| Purchaser | Price | Status | Source |
|---|---|---|---|
| referred to only as "the Potential Purchaser" (the "Purchaser"); name not stated in the textthe Debtors right, title and interest in and to the property described in the Sale Agreement (the "Purchased Assets") · asset sale · nominee/assignee: its nominee · agreement 30 May 2019 | SealedSale Agreement is filed as a Confidential Appendix, indicating the terms/price are sealed | Approved26 Aug 2019 | Approval and Vesting Order granted August 26,… |
| Century Services Corp.the Company's equipment and fixed assets · auction | not stated | Closed | Receiver's Third and Final Report dated October… |
| Kenroc Holdings Ltd.the real estate owned by Group · real property | not stated | Closed27 Aug 2019 | Receiver's Third and Final Report dated October… |
AdvisorsCentury Services Corp. (auctioneer); Omada Commercial (listing broker)Receiver's Third and Final Report dated October 9, 2020
Closing termsVesting occurs upon delivery of a Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction.Approval and Vesting Order granted August 26, 2019
Sealed materialsSale Agreement filed as Confidential Appendix J to the Second ReportApproval and Vesting Order granted August 26, 2019
RecoveriesAs declared or paid
Unsecured creditors: no distribution. CRA paid in full · Economy Landscape Group Ltd. short by $3.1M · TD Bank paid in full.Receiver's Third and Final Report · 9 Oct 2020
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| WEPPA | Employee Claims/Section 81.4 Limited Super Priority/WEPPA | — | paid in full | Finalper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Deemed trust | CRA | $596K | paid in full | Finalper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| SecuredGroup Secured Claim (as against Contractors) | Economy Landscape Group Ltd. | $3.86M | short by $3.1M | Estimatedper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Secured | TD Bank | — | paid in full$29.1K | Finalper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Unsecured | Unsecured Creditors of Contractors | $1.6Mlisted | no distribution | per the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Unsecured | Unsecured Creditors of Group (Stavropoulos PC, Field, Promissory Notes, Shareholder Loans, Joco Cash Settlement) | — | $4.14M | Estimatedper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Unsecured | CRA | $144K | paid in full | Finalper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Unsecured | Joco | — | paid in full$345K | per the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
| Equity | Shareholders of Group | — | $4.46M | Estimatedper the receiver | Receiver's Third and Final Report · 9 Oct 2020 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
Fees and ratesAs stated in the filings
5 engagements · 3 firms — latest: PricewaterhouseCoopers Inc., 24 Oct 2018 – 15 Sep 2020, $509,645.12 incl. taxReceiver's Third and Final Report · 9 Oct 2020
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Fieldcapacity not statedperiod 2 of 2 | 30 Nov 2018 – 31 Dec 2019 | — | $20,921.51incl. tax | not stated | Receiver's Third and Final Report · 9 Oct 2020 |
| Fieldcapacity not statedperiod 1 of 2 | 31 Dec 2018 – 30 Apr 2019 | — | $3,356.27incl. tax | not stated | Receiver's Third and Final Report · 9 Oct 2020 |
| PricewaterhouseCoopers Inc.Receiver | 24 Oct 2018 – 15 Sep 2020 | — | $509,645.12incl. tax | not stated | Receiver's Third and Final Report · 9 Oct 2020 |
| Reynolds Mirth Richards & Farmer LLPCounsel to the receiverperiod 2 of 2 | 27 Jun 2019 – 27 Aug 2020 | — | $26,707.36incl. tax | not stated | Receiver's Third and Final Report · 9 Oct 2020 |
| Reynolds Mirth Richards & Farmer LLPCounsel to the receiverperiod 1 of 2 | 31 Oct 2018 – 31 Jul 2019 | — | $46,435.10incl. tax | not stated | Receiver's Third and Final Report · 9 Oct 2020 |
Documents
18 filings
| Date | Document | File |
|---|---|---|
| Court Order granted October 23, 2020 | ||
Receiver's Third and Final Report dated October 9, 2020
| ||
| Affidavit of Fees Sworn October 8, 2020 | ||
Approval and Vesting Order granted August 26, 2019
| ||
| Miscellaneous Orders granted August 26, 2019 | ||
| Sealing Order granted August 26, 2019 | ||
Application Filed August 19, 2019
| ||
| Brief of the Receiver Filed August 19, 2019 | ||
| Receiver's Second Report dated August 14, 2019 | ||
| Confidential Appendix J to the First Report | ||
| Filed Order March 20, 2019 | ||
| Filed Sealing Order March 20, 2019 | ||
| 245, 246 Notice - Economy Landscape Contractors Ltd | ||
245, 246 Notice - Economy Landscape Group Ltd
| ||
| Exhibit A | ||
| Filed Receiver's First Report | ||
Receivership Order filed 26-Oct-2018
| ||
Application - Filed March 20, 2018
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Economy Landscape Contractors Ltd. and Economy Landscape Group Ltd” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/economy-landscape-contractors-ltd-and-economy-landscape-group-ltd