Kestrel Industrial Group Inc. is in receivership before the Court of King's Bench of Alberta, filed 12 March 2026; Fairhaven Advisory Inc. was appointed receiver and manager on the application of Corval Capital Corp., the company's senior secured lender, owed approximately $38.4 million. The case is at the sale-approval stage: on 28 July 2026 the court granted an approval and vesting order for the sale of substantially all assets to Foundry Metalworks ULC, selected from two qualified bids in a court-supervised sale process. Closing is expected on or before 21 August 2026.
The claims bar date of 22 May 2026 has passed. Operations continue at reduced capacity at the Calgary fabrication plant pending closing; the Edmonton yard was idled in May. The purchase price is sealed pending closing. The receiver is expected to seek a distribution order following closing.
The claims bar date has passed — claims were due by
Per the Claims procedure order dated 9 April 2026.
The court granted an approval and vesting order for the sale of substantially all assets to Foundry Metalworks ULC. Confidential appendices to the receiver's third report were sealed. Closing is expected on or before 21 August 2026.
Source: Approval and vesting order
The receiver's third report recommended the Foundry Metalworks bid as the highest and best offer from the sale process, which drew 41 contacted parties, 12 executed non-disclosure agreements, and two qualified bids. The report seeks approval of the transaction and sealing of pricing terms.
Source: Third report of the receiver
The bid deadline under the court-approved sale process passed with two qualified bids received. The receiver entered negotiations with the leading bidder.
Source: Third report of the receiver
The court approved a sale and investment solicitation process, setting a Phase 1 deadline of 12 June and a bid deadline of 30 June 2026.
Source: Sale process approval order
The receiver's second report filed an interim statement of receipts and disbursements and reported operations continuing at reduced capacity at the Calgary plant, with the Edmonton yard idled.
Source: Second report of the receiver
A claims procedure order set the claims bar date at 22 May 2026. Known creditors were to be mailed claim packages by 17 April.
Source: Claims procedure order
The receiver's first report addressed cash flow to 30 June, the termination of approximately 140 of 212 employees and the initiation of the WEPPA process, and arrangements with critical suppliers.
Source: First report of the receiver
On the application of Corval Capital Corp., owed approximately $38.4 million under a 2023 credit agreement, the court appointed Fairhaven Advisory Inc. receiver and manager over all assets, undertakings and properties of the company, and imposed a stay of proceedings.
Source: Receivership order
Debtor
Kestrel Industrial Group Inc.
Alberta corporate access number 2019341877
Applicant · Secured creditor
Corval Capital Corp.
Receiver
Fairhaven Advisory Inc.
LIT licence number LIT-4471-AB
Purchaser
Foundry Metalworks ULC
BC incorporation number BC1188402
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFairhaven Advisory Inc. | Boyd Lachance LLP | — | — |
| ApplicantCorval Capital Corp. | Whitcombe Harris LLP | — | — |
| Asset | Details | Disposition | Source |
|---|---|---|---|
| Accounts receivable | Book value $6.1M at appointment | Excluded | First report of the receiver |
| Included in sale | |||
| Included in sale | |||
| Included in sale | |||
| Included in sale | |||
| Excluded |
5 more asset line items
Every asset, what the filings say of it, and where they say it.
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See all plans| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's borrowing charge — court-ordered cap | $2.5M | Receivership order |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 2 | WEPPA superpriority | |||
| 3 | Deemed trusts (CRA and other) | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured | |||
6 more claims in 6 classes The stack holds Court-ordered charges, WEPPA superpriority, Deemed trusts (CRA and other), Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: no distribution. Corval Capital Corp. paid in full.EstimatedThird report of the receiver · 15 Jul 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Securedthe senior secured lender | Corval Capital Corp. | asserted | paid in full | Estimatedper the receiver | Third report of the receiver · 15 Jul 2026 |
| Unsecured | — | — | no distribution | Estimatedper the receiver | Third report of the receiver · 15 Jul 2026 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans1 engagement · 1 firm — Fairhaven Advisory Inc., 12 Mar – 30 Jun 2026, soughtThird report of the receiver · 15 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Fairhaven Advisory Inc.Receiver | 12 Mar – 30 Jun 2026Sought | 3 people | Third report of the receiver · 15 Jul 2026 | ||
15 blurred figures above
What the 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
$9.7M
As at 30 Jun 2026Third report of the receiver
Cash on hand
As at
Professional fees
As at
2 more reported figures, and the 2 totals 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 | |
Third report of the receiver
| PDF · Subscribers | |
| Confidential appendices Sealed by order of the court — not part of the public record. | Sealed | |
| Sale process approval order | PDF · Subscribers | |
| Second report of the receiver | PDF · Subscribers | |
Claims procedure order
| PDF · Subscribers | |
| First report of the receiver | PDF · Subscribers | |
| Affidavit of D. Whelan (application record) | PDF · Subscribers | |
| Receivership order | 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., “Kestrel Industrial Group Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/kestrel-industrial-group-inc
Sources are not crawled for this matter — the record arrives by direct ingest · summary updated 3 August 2026 · Report a correction · Printed from proceedings.ca/case/kestrel-industrial-group-inc
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.