Riverside Quays
- 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
- File
- 1001-18532
- Industry
- Real estate · Residential development
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.
A claims procedure has been established — see the order for deadlines.
Per the 6. Claims Procedure Order dated 16 December 2011.
The officer filed report no. Seventh Report. 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.
The officer filed report no. Sixth Report. The report addresses amounts Due to Related Parties (previously called Partner Cash Calls) owed by Riverside Quays Limited Partnership, correcting and detailing the composition of this liability, and recommends that any substitution of the general partner not affect RQ's continuing rights and obligations.
Source: 6. Sixth Report of the Receiver
The officer filed report no. Fifth Report. The Receiver is completing construction and sale of the remaining Phase 1 condominium inventory, managing property/condo corporation matters and various site issues (waterproofing, garbage disposal, deficiencies), while deferring a sale of the broader Riverside Quays Project pending resolution of the Matco application seeking to replace the general partner and discharge the Receiver.
Source: 5. Fifth Report of the Receiver
The court granted an approval and vesting order for the sale to Randall Neu and Elizabeth Neu. Closing terms, as extracted: closing effected in accordance with the Purchase Agreement and amendments, delivery of Receiver's Certificate vests title.
Source: 4. Approval and Vesting Order
The officer filed report no. Fourth Report. The Receiver is selling remaining Phase 1 condominium inventory units, has resolved a purchaser's civil claim, and is facing an application to be discharged as receiver, while Phase 2 construction remains enjoined and limited to possession and preservation.
Source: 4. Fourth Report of the Receiver
The officer filed report no. Third Report. The Receiver is managing Phase 1 property operations via a third-party manager, completing construction of remaining Shell Units, and pursuing sale of remaining Phase 1 inventory units, while Phase 2 construction remains enjoined.
Source: 3. Third Report of the Receiver
The officer filed report no. Second Report. The Receiver is completing the sale of three units (7 suites) of Phase 1 Inventory in the Riverside Quays condominium project, coordinating construction completion, warranty coverage, and vesting orders, while Phase 2 construction remains only partially built and unfinished.
Source: 2. Second Report of the Reciever
The officer filed report no. First Report. The receiver has taken control of the partially completed Riverside Quays condominium project, continuing property management and warranty work through Statesman while Phase 2 construction remains halted under a court injunction amid a dispute between the two owner groups, and is working toward selling remaining Phase 1 units and returning customer/reservation deposits.
Source: 1. First Report of the Receiver
On Bank of Montreal's application, the Alberta court placed the Statesman Riverside Quays and Riverside Quays Limited Partnership estates in receivership, naming Ernst & Young Inc. receiver.
Source: 1. Receivership Order
Debtor
Riverside Quays
Receiver
EY
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 casesGST Payable — Secured Creditor - GST — debtor: Statesman Riverside Quays Ltd. and Riverside Quays Limited Partnership · as of 15 Dec 2010 | $23.1K | Receivership Notice |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
47 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans5 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
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 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 2011 | Subscribers | Proposed | 4. 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 2011 | not stated | Approved11 Aug 2011 | 4. Approval and Vesting Order |
| unnamedSuite 220 | not stated | Not completeddate not stated | 5. Fifth Report of the Receiver |
| unnamedSuite 403 | not stated | Not completeddate not stated | 5. Fifth Report of the Receiver |
| unnamedSuite 406 | not stated | Not completeddate not stated | 5. Fifth Report of the Receiver |
Landlords: shortfall.5. Fifth Report of the Receiver · 18 Aug 2011
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Landlord | Unfunded Liens | — | shortfall | per the receiver | 5. 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.
As at ·
Cumulative receipts
$4.51M
As at 8 Dec 20117. Seventh Report of the Receiver
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
| 6. Claims Procedure Order | PDF · Subscribers | |
| INSTRUCTIONS FOR COMPLETING NOTICE OF CLAIM | PDF · Subscribers | |
| NOTICE OF CLAIM | PDF · Subscribers | |
NOTICE TO THE CREDITORS
| PDF · Subscribers | |
| Notice, Application of Ernst & Young Inc | PDF · Subscribers | |
7. Seventh Report of the Receiver
| PDF · Subscribers | |
| Affidavit of Neil Narfason, filed | PDF · Subscribers | |
5. Order
| PDF · Subscribers | |
6. Sixth Report of the Receiver
| PDF · Subscribers | |
| Notice, Application | PDF · Subscribers | |
5. Fifth Report of the Receiver
| PDF · Subscribers | |
4. Approval and Vesting Order
| PDF · Subscribers | |
4. Fourth Report of the Receiver
| PDF · Subscribers | |
3. Third Report of the Receiver
| PDF · Subscribers | |
| 3. Phase 1 Inventory Sale Approval and Vesting Order | PDF · Subscribers | |
2. Second Report of the Reciever
| PDF · Subscribers | |
2. Order - Approving return of deposits and Phase 1 construction
| PDF · Subscribers | |
| Affidavit of Ronald Mathison | PDF · Subscribers | |
1. First Report of the Receiver
| PDF · Subscribers | |
Receivership Notice
| PDF · Subscribers | |
| fedoryk dec 13_10 affidavit | PDF · Subscribers | |
| filed front page dec 13_10 fedoryn affidavit | PDF · Subscribers | |
filed front page dec 15_10 application
| PDF · Subscribers | |
| filed front page dec 15_10 statement claim | PDF · Subscribers | |
notice dec 15_10 application
| PDF · Subscribers | |
| statement claim | PDF · Subscribers | |
1. 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., “Riverside Quays” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/riverside-quays