Osoyoos Mountain Estates Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act
- File
- 2303 04003
- Industry
- Real estate
Osoyoos Mountain Estates Inc. has been under court-appointed receivership since August 31, 2023, in the Court of King's Bench of Alberta under court file 2303-04003, on an application by Fredrick North. A claims bar date of July 31, 2024 was set, and the court made orders on June 19, 2024 and August 20, 2024. North holds security for advances made to fund the professional fees of the Receiver and its counsel, and is separately the company's largest unsecured creditor, holding nearly 100% of total estimated unsecured liabilities. Cornerstone Credit Union holds registered security over two of the OMEI Properties and Prairie Centre Credit Union over seven, both as described in Schedule 'C' of the receivership order; the Receiver has not reviewed the validity of either, as no distribution to those creditors is contemplated from real property sale proceeds. The proceeding remains active.
The claims bar date has passed — claims were due by
Per the Order (Approval of Receiver's Fees and Activities, Claims Procedure Distribution, and Conditional Discharge of Receiver) dated 20 August 2024.
The officer filed report no. Fourth Report. OMEI's remaining operations consist of winding down its property holdings, including completing the sale of the 665 Parcel and 90 Parcel to the Osoyoos Indian Band, finalizing a court-approved claims procedure, and preparing for distribution and discharge of the Receiver.
Source: Fourth Report of the Receiver
A claims procedure was approved, setting a claims bar date of 2024-07-31.
Source: Claims Process Order
The officer filed report no. Third Report. The Receiver has sold the Lot 14 Claim and the 118 Peregrine land parcel, and is marketing the remaining vacant lots and the 665 and 90 acre parcels through listing agents. It is seeking approval of a claims procedure and an interim distribution of the sale proceeds to the secured lender.
Source: Third Report of the Receiver
The court granted an approval and vesting order. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Closing Certificate confirming payment and satisfaction of conditions to closing. Sealed: Second Confidential Appendix to the Second Report.
The officer filed report no. Second Report. The Receiver is realizing OMEI's real property: it seeks court approval of the sale of 118 Peregrine, the first-ranking secured creditor (North) is expected to receive net sale proceeds, and the credit unions are proceeding with their own judicial sale or foreclosure of the vacant lots and sales centre.
Source: Second Report of the Receiver
The court approved a sale and investment solicitation process. A bid deadline of 2024-04-30.
Source: Order Approving Sale Process
Debtor
Osoyoos Mountain Estates Inc.
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dunlop | Court of King's Bench of Alberta | 3 orders, Aug 2024 | 56 cases on record |
| Justice Nielsen | Court of King's Bench of Alberta | 3 orders, Aug 2023 – Aug 2024 | 31 cases on record |
| Justice Burns | Court of King's Bench of Alberta | 3 orders, Jun 2024 | 59 cases on record |
| Justice Neilson | Court of King's Bench of Alberta | 3 orders, Apr 2024 – May 2024 | 63 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | MLT Aikins LLP | 17 Jun 2024 | Order · 17 Jun 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Cornerstone Credit Union · in 2 casesRegistered security over two of the OMEI Properties ("Cornerstone Property"), described in Schedule 'C' of the OMEI Receivership Order — No amount stated; Receiver has not reviewed validity of security as no distribution to Cornerstone is contemplated from real property sale proceeds — debtor: Osoyoos Mountain Estates Inc. | — | First Report of the Receiver |
| 4 | Secured | |||
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
7 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
6 transactions · 4 closed · 1 proposed · 1 approved — The Transaction is hereby approvedSale Approval and Vesting Order · 20 Aug 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Fredrick North, Temor Holdings Limited Partnership by its general partner Temor Holdings Ltd. and Temor Holdings Ltd.all right, title and interest of OMEI in the Lot 14 Claim · asset sale | Subscribers | Closedoutside 8 May 2024 | Order Approving Sale Process |
| Fred North, Temor Holdings Limited Partnership by its general partner Temor Holdings Ltd. and Temor Holdings Ltd.the Lot 14 Claim | not stated | Closeddate not stated | Third Report of the Receiver |
| OIBthe 665 Parcel and the 90 Parcel · real property | Sealed | Proposed | Fourth Report of the Receiver |
| Rocky Mountain Investment Management Ltd.118 Peregrine · real property · agreement 25 Apr 2024 | Sealed | Closeddate not stated | Third Report of the Receiver |
| Osoyoos Indian Band Holdings LLPall of the Vendor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · nominee/assignee: its nominee · agreement 29 May 2024 | Sealed | Approved20 Aug 2024 | Sale Approval and Vesting Order |
| unnamedthe Lands | not stated | Closeddate not stated | Receiver's Completion Certificate |
As at ·
Cumulative receipts
$3.38M
As at 12 Aug 2024Fourth Report of the Receiver
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 |
|---|---|---|
Receiver's Completion Certificate
| PDF · Subscribers | |
Order (Approval of Receiver's Fees and Activities, Claims Procedure Distribution, and Conditional Discharge of Receiver)
| PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
Fourth Report of the Receiver
| PDF · Subscribers | |
Claims Process - Notice to Creditors
| PDF · Subscribers | |
| Proof of Claim Form | PDF · Subscribers | |
Claims Process Order
| PDF · Subscribers | |
Order (Approval of Receiver's Activities & Fees)
| PDF · Subscribers | |
Consent Order (PCCU Properties)
| PDF · Subscribers | |
Application (Discharge of Interim Receiver and Receiver, Approval of Activities and Fees and Claims Process)
| PDF · Subscribers | |
Third Report of the Receiver
| PDF · Subscribers | |
Sale Approval and Vesting Order (118 Peregrine)
| PDF · Subscribers | |
Sealing Order (118 Peregrine)
| PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
Order Approving Sale Process
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Notice and Statement of the Receiver
| 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., “Osoyoos Mountain Estates Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/osoyoos-mountain-estates-inc