#Filing
Application (Final Distribution, Approval of Receiver's Fees and Disbursements, Approval of Receiver's Activities, and Discharge of Receiver) — Application / notice of application
Ryfan Inc.
FollowClosed
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act, section 65(7) of the Personal Property Security Act, and section 60(1)(b) of the Ontario Personal Property Security Act
- File
- 2503 18757
Filings held28
Last activity9 Sep 2026
On the record362 days
Secured debt$3.44M
OverviewSummary updated
Ryfan Inc. has been in court-appointed receivership since September 24, 2025, when the Court of King's Bench of Alberta pronounced a receivership order under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The proceeding remains active. Nothing further has been recorded on the file since the order was pronounced: no subsequent applications, reports or orders form part of the record as it now stands.
Proceedings AIAsk this case — answers cite the filings
Case updates28 dated entries
#Sale
The court granted an approval and vesting order for the sale to Custom Electric Ltd. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Closing Certificate confirming payment of Purchase Price, satisfaction/waiver of conditions, and completion of Transaction.
#Sale
The court granted an approval and vesting order for the sale to the purchased assets (the ' Purchased Assets '). Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Closing Certificate to GDAA confirming payment of the purchase price and satisfactory completion of the Auction Sale.
Source: Approval and Vesting Order
#Order
Court of King's Bench of Alberta pronounced the order placing Ryfan Inc. into receivership, commencing the proceeding under BIA s. 243 and provincial Judicature Act authority.
Source: Receivership Order
AnalysisAll insights
Outcome brief
Ryfan: a Yellowknife contractor's receivership reaches its final distribution
Scotiabank, owed $3,440,586.80, put the Yellowknife mechanical and electrical contractor into a consent receivership in September 2025; after an auction, the sale of its building to Custom Electric Ltd. and a $1,100,000 interim payment to the bank, Justice Kuntz on September 9, 2026 directed final payments of $62,496 to Service Canada and $52,000 to Scotiabank and approved MNP Ltd.'s discharge.
Parties
Debtor
Ryfan Inc.
Receiver
MNP
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Kuntz | Court of King's Bench of Alberta | 2 orders, Sep 2026 | 8 cases on record |
| Justice Little | Court of King's Bench of Alberta | 2 orders, Mar 2026 – Apr 2026 | 39 cases on record |
| Justice MacPherson | Supreme Court of the Northwest Territories | 2 orders, Nov 2025 – Mar 2026 | 2 cases on record |
| Justice Marion | Court of King's Bench of Alberta | 2 orders, Oct 2025 – Mar 2026 | 24 cases on record |
| Justice Gill | Court of King's Bench of Alberta | 2 orders, Sep 2025 – Nov 2025 | 37 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverMNP | McLennan Ross LLP | 14 Oct 2025 | Application · 14 Oct 2025 |
| DebtorRyfan Inc. | Dla Piper LLP | 15 Sep 2025 | Service list · 15 Sep 2025 |
| CreditorBank of Nova Scotia 1700 | MLT Aikins LLP | 15 Sep 2025 | Service list · 15 Sep 2025 |
| CreditorWestcal Insulation Ltd | Miller Thomson LLP | 15 Sep 2025 | Service list · 15 Sep 2025 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The Bank of Nova Scotia (Scotiabank) · in 110 casesGeneral Security Agreement over all present and after-acquired personal property, dated April 28, 2023, registered Alberta PPR April 18, 2023 (instrument no. 23041815117); Collateral Mortgage dated April 28, 2023 against Lot 13, Block 540, Plan 3607, Yellowknife, NWT, registered at NWT Land Titles Office October 19, 2023 (instrument no. 217668), securing a stated principal amount of $1,000,000 (registered principal, not a balance) — Indebtedness stated as collective amount owing under four Loan Facilities plus accruing interest, legal fees and disbursements, evidenced by Exhibit C email confir · as of 12 Sep 2025 | $3.44M | Affidavit of Eugene Ngo |
This 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.
Sale processAs stated in the filings
3 transactions · 2 closed · 1 approved — Sale of the Yellowknife Property closed and auction liquidation of Personal Property completedReceiver's Third Report to Court · 27 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| end purchasers at auction, unnamedthe purchased assets (the "Purchased Assets") · auction · nominee/assignee: their nominee | not stated | Approved23 Oct 2025 | Approval and Vesting Order |
| Custom Electric Ltd.the Debtor'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 4 Dec 2025 | not stated | Closed20 Apr 2026 | Receiver's Third Report to Court |
| end purchasers of Personal Property at auction, unnamedPersonal Property · auction | SealedDetails of the GDAA auction proposal (the Superior Proposal) are sealed in Confidential Appendices | Closed28 Nov 2025 | Receiver's Third Report to Court |
AdvisorsG.D. Auctions & Appraisals Inc. (auctioneer); Coldwell Banker Northern Bestsellers (listing broker)Receiver's Second Report to Court
Closing termsVesting effective upon delivery of the Receiver's Closing CertificateEx-Parte Order
RecoveriesAs declared or paid
Canada Revenue Agency: $48.2K.FinalReceiver's Third Report to Court · 31 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | Canada Revenue Agency | — | $48.2K | Finalper the receiver | Receiver's Third Report to Court · 31 Aug 2026 |
| Secured | Scotiabank | — | $1.1Mconditional | Finalper the receiver | Receiver's Third Report to Court · 31 Aug 2026 |
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.
Documents
28 filings
| Date | Document | File |
|---|---|---|
| Application (Final Distribution, Approval of Receiver's Fees and Disbursements, Approval of Receiver's Activities, and Discharge of Receiver) | ||
Order (Final Distribution, Approval of Receiver's Fees and Disbursements, Approval of Receiver's Activities, and Discharge of Receiver)
| ||
| Order (Final Distribution, Approval of Receiver's Fees and Disbursements, Approval of Receiver's Activities, and Discharge of Receiver) - Blackline | ||
Order (Final Distribution, Approval of Receiver's Fees and Disbursements, Approval of Receiver's Activities, and Discharge of Receiver) - Clean Copy
| ||
Receiver's Third Report to Court
| ||
| Fee Affidavit of Kristin Gray | ||
Ex-Parte Order
| ||
Approval and Vesting Order - Clean
| ||
Order
| ||
Receiver's Second Report to Court
| ||
Recognition and Vesting Order
| ||
Supreme Court of the Northwest Territories - Recognition Order - Receivership
| ||
Approval and Vesting Order
| ||
Restricted Court Access Order
| ||
Application for Approval and Vesting Order
| ||
| Approval and Vesting Order - Blackline | ||
| Approval and Vesting Order - Clean Copy | ||
| Bench Brief of MNP Ltd | ||
| Book of Authorities of MNP Ltd | ||
Receiver's First Report to Court
| ||
| Restricted Court Access Order - Proposed | ||
| Receiver's Certificate | ||
| Form 87 - Notice and Statement of the Receiver | ||
Application
| ||
Receivership Order
| ||
| Bench Brief | ||
Service List
| ||
Affidavit of Eugene Ngo
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Ryfan Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/ryfan-inc