Penhold Crossing Plaza Ltd
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act
- File
- 1901-12274
- Industry
- Real estate · Rental & income property
Penhold Crossing Plaza Ltd. remains in a court-appointed receivership under s. 243 of the BIA and provincial Judicature Act authority, with Ernst & Young Inc. acting as Receiver of the company and 1963843 Alberta Ltd. ATB Financial is the primary secured lender to the debtors, holding a first charge security interest over the Penhold Crossing property confirmed by Alberta Personal Property Registry and Land Titles Office searches and supported by a security opinion confirming valid and enforceable security; $2,199,374 was owing as at February 23, 2022, before accrued interest and fees. Receiver's certificate borrowings of $325,000 by 1963843 Alberta Ltd., secured by the Receiver's Borrowings Charge, were fully utilized to fund operating losses at the gas station. A purchase price allocation analysis estimated fees and costs secured by the Administrative Charge at $181,500 for the Receiver and $32,000 for its counsel, Dentons Canada LLP, as at April 20, 2022.
The officer filed report no. Fifth Report. Penhold Crossing's strip mall bays remain vacant, with only the 196 convenience store, Esso gas station, car wash and Tim Hortons operating onsite; the Receiver has deferred part of 196's rent owed to Penhold Crossing to keep the operations running pending a court-approved sale to 167 AB Ltd.
Source: Receiver's Fifth Report
The officer filed report no. Fourth Report. The Receiver continues to operate the convenience store, gas station, car wash, and Tim Hortons at the Property, while the remaining strip mall bays stay vacant, and is negotiating a sale of the Debtors' assets pursuant to an unsolicited offer after prior successful bidders failed to close.
The officer filed report no. Third Report. The Receiver is marketing the business and property through the court-approved Sales Process (bid deadline extended to January 29, 2021) while Penhold Crossing's only income is rent from 196; the Receiver seeks to increase the Receiver's Borrowings Charge from $175,000 to $250,000.
Source: Receiver's Third Report
The officer filed report no. Supplemental Report on the Second Report. The Receiver is extending the listing agreement expiry and the Final Bid Deadline in the sales process for the Penhold Crossing and 196 properties because the sales approval hearing was adjourned; the guarantee dispute between Nain/Abhoy and ATB has been resolved.
The officer filed report no. Second Report. The Receiver has operated the Debtors' businesses as a going concern for about ten months, with Penhold Crossing's expenses funded by 196's lease payments; it now proposes a formal sales process through a selling agent to liquidate the Property.
Source: Receiver's Second Report
The officer filed report no. First Report. The Receiver has operated Penhold Crossing as a going concern, funding its costs (taxes, utilities, insurance) from rent paid by the related gas station tenant 196, while the daycare tenant abandoned its space and four strip-mall units remain vacant. The Receiver recommends keeping the 196 lease in place and intends to seek approval of a formal sales process.
The court appointed Ernst & Young Inc. LIT as receiver and manager, on the application of ATB FINANCIAL (FORMERLY ALBERTA TREASURY BRANCHES). Court file 1901-12274.
Source: Receivership Order (Filed )
Debtor
Penhold Crossing Plaza Ltd
Receiver
EY
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | ATB Financial · in 59 casesFirst charge security interest over the property of Penhold Crossing (per Alberta Personal Property Registry and Land Titles Office searches); balance stated before accrued interest and fees — Primary secured lender to the Debtors; security opinion obtained confirming valid and enforceable security — debtor: Penhold Crossing Plaza Ltd. · as of 23 Feb 2022 | $2.2M | Penhold - Sixth Report of the Receiver, dated May 9 2022.pdf |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis 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.
Unsecured creditors: no distribution. ATB short.EstimatedPenhold - Sixth Report of the Receiver, dated May 9 2022.pdf · 9 May 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | ATB | — | shortfall | Estimatedper the receiver | Penhold - Sixth Report of the Receiver, dated May 9 2022.pdf · 9 May 2022 |
| Unsecured | other creditors of Penhold Crossing | — | no distribution | Estimatedper the receiver | Penhold - Sixth Report of the Receiver, dated May 9 2022.pdf · 9 May 2022 |
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.
Cumulative receipts
$287K
As at 25 Nov 2021Receiver's Fifth Report
Cumulative disbursements
As at
Cash on hand
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Receiver's Fourth Report - 7 Jun 2021
| PDF · Subscribers | |
| Application - Justice Campbell | Trustee site | |
Penhold - Sixth Report of the Receiver, dated May 9 2022.pdf
| PDF · Subscribers | |
| Receiver's Sixth Report | Trustee site | |
| Approval and Vesting Order (Sale by Receiver) - Certified Copy | Trustee site | |
| Restricted Court Access - Sealing Order | Trustee site | |
| Written Submissions of the Receiver | PDF · Subscribers | |
| Webex Instructions For Attending Court on Dec 10, 2021 @ 2pm | PDF · Subscribers | |
Receiver's Fifth Report
| PDF · Subscribers | |
Sales Approval & Vesting Order
| PDF · Subscribers | |
Filed Order - Increased Receiver's Borrowings
| PDF · Subscribers | |
Receiver's Third Report
| PDF · Subscribers | |
Receiver's Supplement to the Second Report
| PDF · Subscribers | |
Receiver's Second Report
| PDF · Subscribers | |
Receiver's First Report. Dated July 17, 2020
| PDF · Subscribers | |
| Affidavit of Sukhbir Nain | PDF · Subscribers | |
Notice and Statement of Receiver
| PDF · Subscribers | |
Receivership Order (Filed )
| 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., “Penhold Crossing Plaza Ltd” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/penhold-crossing-plaza-ltd