Sakevu Investments and Property Ltd
- Proceeding
- Receivership (court-appointed)Section 99 of the Alberta Business Corporations Act
- File
- 1003 18373
- Industry
- Real estate · Residential development
Sakevu Investments and Property Ltd remains in court-appointed receivership in Alberta, with Ernst & Young Inc. acting as receiver and manager over Sakevu, 1251082 Alberta Ltd. and Vegreville Gardens Ltd. Royal Bank of Canada obtained the appointment on 29 October 2010 in the Court of King's Bench of Alberta, file 1003 18373, under section 13(2) of the Judicature Act and section 49 of the Law of Property Act. RBC's claim was estimated at $2,544,650 as at 29 October 2010, derived from the affidavit of Gordon Fry and personal property registry searches after the Receiver was unable to locate the companies' books and records. Cash, receivables and property are all carried at unknown value, with the property pending appraisal. Eleven further parties, among them 604323 o/a Garmax Home Construction, 676126 Alberta Ltd., Mirock Management Co. Ltd. and Vegerville Plumbing & Heating Ltd., hold PPR registrations against the companies.
The officer filed report no. Second Report. The Receiver has continued to preserve and maintain the partially completed Vegreville Gardens townhouse project (fencing, roof/soffit repairs, water monitoring) while running two sales processes; due to significant structural, environmental and construction defects uncovered, it recommends accepting a reduced $285,000 offer from Willowglen and distributing net proceeds to RBC.
The officer filed report no. First Report. The receiver found the Vegreville Gardens condo project abandoned and partially constructed, with no ongoing operations or employees, and has focused on securing and preserving the site while preparing a sales process to sell the property 'as is'.
Source: 01. First Report of the Receiver
On Royal Bank of Canada's application, the Court appointed Ernst & Young Inc. receiver and manager of Sakevu, 1251082 Alberta Ltd. and Vegreville Gardens Ltd.
Source: 01. Receivership Order
Debtor
Sakevu Investments and Property Ltd
Receiver
EY
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada · in 584 casesEstimated by Receiver via review of Affidavit of Gordon Fry and PPR searches; no books/records located — debtor: Sakevu Investments and Property Ltd., 1251082 Alberta Ltd. and Vegreville Gardens Ltd. · as of 29 Oct 2010 | $2.54M | 245 246 Notice |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
12 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount.
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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.
3 transactions · 2 proposed · 1 approved — Court approved the Revised Sale Agreement for the sale of the Lands to the Purchaser03. Order Approving Sale · 27 Jul 2011
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Willowglen Condo Corp.the lands of Vegreville Gardens Ltd. · real property | Subscribers | Proposed | 02. Second Report of the Reciever |
| Willowglen Condo Corp.Vegreville Gardens · real property | not stated | Proposed | 02. Second Report of the Reciever |
| Georgios Alevizos and Athanasios Alevizosthe Lands · real property · nominee/assignee: such Purchaser's nominee corporation described in a nominee appointment duly executed by each purchaser | Subscribers | Approved27 Jul 2011 | 03. Order Approving Sale |
Unsecured creditors: no recovery. Royal Bank of Canada short.Estimated02. Second Report of the Reciever · 12 Jul 2011
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Royal Bank of Canada | — | shortfall | per the receiver | 02. Sale Approval Application · 25 Jul 2011 |
| Unsecured | other creditors of Vegreville Gardens | — | no recovery | Estimatedper the receiver | 02. Second Report of the Reciever · 12 Jul 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.
Cumulative receipts
$175K
As at 5 Jul 201102. Second Report of the Reciever
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| 03. Final Purchase and Sale Agreement | PDF · Subscribers | |
03. Order Approving Sale
| PDF · Subscribers | |
02. Sale Approval Application
| PDF · Subscribers | |
02. Second Report of the Reciever
| PDF · Subscribers | |
02. Sale Process Approval Order
| PDF · Subscribers | |
01. Application sale process & Receiver borrowing
| PDF · Subscribers | |
01. First Report of the Receiver
| PDF · Subscribers | |
245 246 Notice
| PDF · Subscribers | |
01. Receivership Order
| PDF · Subscribers | |
| Affidavit of Mr. Fry, - Part 1 | PDF · Subscribers | |
| Affidavit of Mr. Fry, - Part 2 | 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., “Sakevu Investments and Property Ltd” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/sakevu-investments-and-property-ltd