#Order
Two condominium units forming part of Lions Village Castledowns — Receivership filed, Alberta.
Lions Village Of Greater Edmonton Society et al.
FollowActive
- Proceeding
- Receivership (court-appointed)section 16 of the Trustee Act, SA 2022, c.T-8.1
- File
- 2603-14812
Filings held9
Last activity16 Jul 2026
On the record69 days
Secured debt$34.7M
OverviewSummary updated
Lions Village Of Greater Edmonton Society et al. are in a court-appointed receivership commenced on 14 July 2026 in the Court of King's Bench of Alberta, under section 243(1) of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act and section 99(a) of the Business Corporations Act. BDO Canada Limited acts as receiver and manager. Liabilities have exceeded assets for the previous five fiscal years, leaving negative equity of approximately -$10.6 million at 30 June 2025, while the land and buildings are reported at a net book value of approximately $22.1 million against the City of Edmonton's 2026 assessment of approximately $33.3 million. UMC Financial Management Inc. is stated as a secured creditor for $30,000,000. The proceeding is carried on court file 2603-14812.
Proceedings AIAsk this case — answers cite the filings
Case updates10 dated entries
#Order
The receivership order pronounced on 14 July 2026 appointed BDO Canada Limited as receiver and manager.
#Order
Opened the proceeding: an interim order was pronounced on July 14, 2026, fixing the commencement date of the receivership under court file 2603-14812.
Source: Order Appointing Judicial Trustee – Filed July 16, 2026
AnalysisAll insights
Filing brief
Lions Village: the entrance fee that did not come back
Seniors paid entrance fees to a registered charity for life leases in three Edmonton retirement communities. When they died or moved out, the applicants say, the money was not returned — and since 2024 Alberta law has required 9% interest on it, paid monthly. On July 6 they asked the Court of King's Bench to hand the society to BDO.
Parties
Debtor
Two condominium units forming part of Lions Village Castledowns
Debtor
Lions Village Of Greater Edmonton Society
Applicant
current and former life lease residents and the estate of a deceased resident
Receiver
BDO
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Life Lease Tenants/Lenders under Loan Agreements (aggregate tenant loan pool)Second mortgages registered against Castledowns, Railtown and Riverside lands, held by UMC Financial Management Inc. (successor Trustee) in trust for all tenants; registration ceilings: Castledowns $30,000,000; Railtown $13,000,000 (instrument 012 115 846, amended 2008 from original 2001 principal of $6,000,000); Riverside $28,000,000 — Per audited financial statements Note 12 (FYE June 30, 2023, Exhibit D); tenant deposits/loans are non-interest-bearing entrance loans repayable to tenants on termination. Affiant characterizes this as 'in excess of $34,665,010' being the most recent figure ava · as of 30 Jun 2023 | $34.7M | Affidavit of Carla Tremblay – Filed July 6, 2026 |
| Secured | UMC Financial Management Inc. (as trustee/mortgagee for Life Lease holders/tenants) · in 3 casesSecond-in-time mortgage registered against Castledowns securing Life Lease deposits — Amount is the registered mortgage amount per land title search, shown in the Proposed Receiver's table as 'Secured Debt'; not confirmed as an audited outstanding balance. Per Note 12 of the Audited Statements, tenant Life Lease deposits are secured by these mortgages, making the underlying Life Lease tenants the true secured creditors, with UMC as trustee/mortgagee (terminated as trustee January 2026). — debtor: Lions Village of Greater Edmonton Society | $30M | First Report of Proposed Receiver – Filed July 6, 2026 |
| Secured | Addenda CapitalMortgages over Castledowns Phase I and Phase II — Two loans: $985,320 (7.14% interest, matures Nov 1, 2025, secured by Castledowns Phase II) and $628,574 (6.65% interest, matures May 1, 2028, secured by Castledowns Phase I); current portion $215,234 due within one year, long-term portion $1,398,660. A director (Linda Stainton) stated at a March 30, 2026 meeting that 'Castle Downs has two mortgages totaling about $1.9 million due this year' (approximate, undated prose figure). — debtor: Lions Village of Greater Edmonton Society · as of 30 Jun 2023 | $1.61M | Affidavit of Carla Tremblay – Filed July 6, 2026 |
| Secured | Addenda Capital Inc. · in 4 casesas of Note 13, Audited Financial Statements FYE June 30, 2023 — First-in-time mortgages registered against Castledowns Phase I and Castledowns Phase II — Outstanding balance is an estimate per Note 13 of the Audited Statements; original principal of the two Castledowns mortgages was approximately $1.9 million per the March 30, 2026 Railtown tenant/Board meeting (approximation, not an exact balance). — debtor: Lions Village of Greater Edmonton Society | $1.1M | First Report of Proposed Receiver – Filed July 6, 2026 |
| Secured | Carla Tremblay, in her capacity as Executrix of the Estate of Edith GreeneSecond mortgage held by Trustee (formerly Mortgage Security Services Inc., succeeded by UMC Financial Management Inc.) on behalf of Railtown tenants, per Life Lease/Loan Agreement dated March 29, 2005 — Principal $164,500 (life lease entrance loan, prose figure); interest of $6,205.93 accrued Jan 29, 2026 to June 30, 2026 at 9% p.a., plus per diem accrual thereafter; amount per Notice of Intention to Enforce Security (BIA s.244) dated June 30, 2026. This claim forms part of the larger aggregate tenant loan pool (see separate entry). UMC's engagement as Trustee was terminated effective Jan 31, · as of 30 Jun 2026 | $171K | Affidavit of Carla Tremblay – Filed July 6, 2026 |
Estate financialsReported figures — never derived
Total assets at filing$22M
Total liabilities at filing$32.7M
As at 30 Jun 2025 · per Unaudited CRA T3010 charity filing data (via CharityData.ca) for FYE June 30, 2025; underlying comparative figures partly drawn from audited financial statements for FYE June 30, 2023 (last audited year available) · Lions Village of Greater Edmonton Society (entity-level, not consolidated) — Liabilities have exceeded assets for the previous five fiscal years, resulting in a negative equity position (approx. -$10.6M at June 30, 2025). Land and buildings are reported at netbook value (~$22.1M); the City of Edmonton's 2026 property tax assessment values the same properties at approximately $33.3M. No independent appraisal was made available to the Proposed Receiver. Annual returns including audited financial statements have not been filed for FYE June 30, 2024 and June 30, 2025 as required under s.26 of the Societies Act.
Documents
9 filings
| Date | Document | File |
|---|---|---|
Order Appointing Judicial Trustee – Filed July 16, 2026
| ||
| Receivership Order – Filed July 16, 2026 The receivership order pronounced on 14 July 2026 appointed BDO Canada Limited as receiver and manager. | ||
| Affidavit of Carla Tremblay – Filed July 6, 2026 | ||
Affidavit of Gisele Leblanc – Filed July 6, 2026
| ||
| Affidavit of Jaimie Martin – Filed July 6, 2026 | ||
| Affidavit of Teunis Van Essen – Filed July 6, 2026 | ||
| Brief with Authorities – Filed July 6, 2026 | ||
First Report of Proposed Receiver – Filed July 6, 2026
| ||
Originating Application – Filed July 6, 2026
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Lions Village Of Greater Edmonton Society et al.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/lions-village-of-greater-edmonton-society