Proceedings.

Riverside Quays

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Active
Proceeding
Receivership (court-appointed)section 243 of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act, and section 54 of the Builders' Lien Act
Court
Court of King's Bench of Alberta
File
1001-18532
Filings held27
Last activity16 Dec 2011
On the record5,759 days
OverviewSummary updated

Statesman Riverside Quays Ltd. and Riverside Quays Limited Partnership have been under court-appointed receivership since December 15, 2010, when the Court of Queen's Bench of Alberta, on the application of Bank of Montreal, appointed Ernst & Young Inc. receiver under section 243 of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act and section 54 of the Builders' Lien Act, in file 1001-18532. On the receiver's statement, the two entities combined showed assets of $41,415,808 and liabilities of $27,582,427 at net book value as at that date, the fair market value of the Project not then known. Secured claims include bank debt of $15,476,940 owing to Bank of Montreal and Alberta Treasury Branch, customer deposits held in trust of $1,408,197, reservation deposits of $135,000 from 27 depositors at $5,000 each, and $23,050 of GST owing to the Canada Revenue Agency. The receivership remains active.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the 6. Claims Procedure Order dated 16 December 2011.

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Case updates27 dated entries

24 earlier updates, back to 15 December 2010 — subscribers.

Parties

Debtor

Riverside Quays

Receiver

EY

Capital structureAs asserted in the filings
Priority classCreditorAmountSource
Deemed trusts (CRA and other)Canada Revenue Agency · in 926 casesGST Payable — Secured Creditor - GST — debtor: Statesman Riverside Quays Ltd. and Riverside Quays Limited Partnership · as of 15 Dec 2010$23.1KReceivership Notice

47 more claims across lower-ranking classes

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Sale processAs stated in the filings

5 transactions · 3 not completed · 1 proposed · 1 approved — Receiver completed sale of four residential suites in Phase 1 and is in process of closing two additional approved sales5. Fifth Report of the Receiver · 18 Aug 2011

PurchaserPriceStatusSource
purchaser of Suite 109, unnamedthree units of the Phase 1 Inventory... The purchase and sale agreements for the Relevant Units · real property · agreement 13 Jul 2011SubscribersProposed4. Fourth Report of the Receiver
Randall Neu and Elizabeth Neua residential condominium unit municipally described as Suite #109, 35 Inglewood Park S.E., Calgary AB, and legally described as Condominium Plan 0914935 Unit 22 together with and Condominium Plan 0914935 Unit 329 · real property · agreement 7 Jul 2011not statedApproved11 Aug 20114. Approval and Vesting Order
unnamedSuite 220not statedNot completeddate not stated5. Fifth Report of the Receiver
unnamedSuite 403not statedNot completeddate not stated5. Fifth Report of the Receiver
unnamedSuite 406not statedNot completeddate not stated5. Fifth Report of the Receiver
Closing termsclosing effected in accordance with the Purchase Agreement and amendments, delivery of Receiver's Certificate vests title4. Approval and Vesting Order
RecoveriesAs stated in the filings

Landlords: shortfall.5. Fifth Report of the Receiver · 18 Aug 2011

ClassCreditorClaimsRecoveryBasisSource
LandlordUnfunded Liens—shortfallper the receiver5. Fifth Report of the Receiver · 18 Aug 2011

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.

Estate financialsReported figures — never derived

The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers

Cumulative receipts

$4.51M

As at 8 Dec 20117. Seventh Report of the Receiver

3 more reported figures, as at 8 Dec 2011

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Documents
27 filings
DateDocumentFile
6. Claims Procedure OrderPDF · Subscribers
INSTRUCTIONS FOR COMPLETING NOTICE OF CLAIMPDF · Subscribers
NOTICE OF CLAIMPDF · Subscribers
NOTICE TO THE CREDITORS
PDF · Subscribers
Notice, Application of Ernst & Young IncPDF · Subscribers
7. Seventh Report of the Receiver
  • Operational summary The receivership over the Riverside Quays condominium project is winding down: Phase 1 construction and sales are complete, and the Receiver's administration is essentially finished except for oversight of the proposed claims process, resolution of the TDL Drywall lien, and minor remaining administrative duties, with the Receiver now seeking its discharge.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit of Neil Narfason, filedPDF · Subscribers
5. Order
  • Presiding officer Justice B.E.C. Romaine
PDF · Subscribers
6. Sixth Report of the ReceiverPDF · Subscribers
Notice, ApplicationPDF · Subscribers
5. Fifth Report of the Receiver
  • Closing confirmed Did not complete · date not stated; Did not complete · date not stated; Did not complete · date not stated
  • Recovery outcome Entries: per unstated · Stated on: 2011-08-18 · Table missing:
  • Sale outcome Liquidation in progress — Receiver completed sale of four residential suites in Phase 1 and is in process of closing two additional approved sales
  • Stalking horse Subscribers
PDF · Subscribers
4. Approval and Vesting Order
  • Closing terms closing effected in accordance with the Purchase Agreement and amendments, delivery of Receiver's Certificate vests title
  • Order date 11 August 2011
  • Purchaser Randall Neu and Elizabeth Neu · a residential condominium unit municipally described as Suite #109, 35 Inglewood Park S.E., Calgary AB, and legally described as Condominium Plan 0914935 Unit 22 together with and Condominium Plan 0914935 Unit 329 · real property · approved
  • Sale outcome Sale approved — Sale Transaction approved by the Court
  • + 1 more extracted fact
PDF · Subscribers
4. Fourth Report of the Receiver
  • Purchaser purchaser of Suite 109, unnamed · Suite 109, 35 Inglewood Park S.E. · real property · proposed
  • Sale outcome Approval pending — the Receiver's sale of one unit of the Phase 1 Inventory
  • Stalking horse Subscribers
PDF · Subscribers
3. Third Report of the Receiver
  • Purchaser purchaser of Suite 109, unnamed · Relevant Units · real property · proposed
  • Sale outcome Approval pending — seek approval from this Honourable Court with respect to the Receiver's sale of two units of the Phase 1 Inventory
  • Stalking horse Subscribers
PDF · Subscribers
3. Phase 1 Inventory Sale Approval and Vesting OrderPDF · Subscribers
2. Second Report of the Reciever
  • Purchaser purchasers of suites 220, 403, 405, 406, 513, 601 and 603 (Relevant Units), unnamed · three units of the Phase 1 Inventory... The purchase and sale agreements for the Relevant Units · real property · proposed
  • Sale outcome Approval pending — Receiver seeking approval of sale of three units of Phase 1 Inventory
  • Stalking horse Subscribers
PDF · Subscribers
2. Order - Approving return of deposits and Phase 1 constructionPDF · Subscribers
Affidavit of Ronald MathisonPDF · Subscribers
1. First Report of the ReceiverPDF · Subscribers
Receivership Notice
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
fedoryk dec 13_10 affidavitPDF · Subscribers
filed front page dec 13_10 fedoryn affidavitPDF · Subscribers
filed front page dec 15_10 application
  • Applicant BANK OF MONTREAL
  • Commencement date 14 December 2010
  • Court COURT OF QUEEN'S BENCH OF ALBERTA
  • Court file no 1001-18532
PDF · Subscribers
filed front page dec 15_10 statement claimPDF · Subscribers
notice dec 15_10 application
  • Applicant BANK OF MONTREAL
  • Appointee Ernst and Young Inc.
  • Appointee role receiver and manager
  • Court COURT OF QUEEN'S BENCH OF ALBERTA
  • + 1 more extracted fact
PDF · Subscribers
statement claimPDF · Subscribers
1. Receivership Order
  • Applicant BANK OF MONTREAL
  • Appointee Ernst & Young Inc.
  • Appointee role Receiver
  • Commencement date 15 December 2010
  • + 3 more extracted facts
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., “Riverside Quays” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/riverside-quays

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Sources last checked · summary updated 31 August 2026 · Report a correction · Printed from proceedings.ca/case/riverside-quays

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.

Riverside Quays — Receivership | Proceedings.