Proceedings.

Station Point Developments Ltd.

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Proceeding
Receivership (court-appointed)s. 13(2) of the Judicature Act, RSA 2000 c. J-2 and s. 243 of the Bankruptcy and Insolvency Act, RSC 1985 c B-3
Court
Court of King's Bench of Alberta
File
1903-08169
Industry
Real estate · Residential development
Filings held21
Last activity1 Jun 2022
On the record2,697 days
Secured debtSubscribers
OverviewSummary updated

Station Point Developments Ltd. has been under court-appointed receivership in Alberta since June 18, 2019, when KSV Kofman Inc. was appointed trustee and receiver and manager on the application of KingSett Mortgage Corporation, its construction lender. The order was made by the Court of King's Bench of Alberta under s. 13(2) of the Judicature Act and s. 243 of the Bankruptcy and Insolvency Act, in court file 1903-08169. At commencement, KingSett was owed approximately $12.1 million under a construction loan facility with a maximum amount of $17 million, secured by mortgage on the Real Property and guaranteed by principal Beniamino Raimondi, BCM Developments Ltd. and Fortis LGS Structures Inc. The City of Edmonton held a vendor-take-back mortgage with roughly $2.4 million owing and HMT Holding Ltd. a mortgage of about $1.2 million. Nine builders' liens totalling $3,112,877 were registered against title, the largest being Fortis L.G.S. Structures Inc.'s $2,672,255 lien. The receivership remains active.

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Case updates21 dated entries
#Sale

The court granted an approval and vesting order for the sale to Arris Homes Ltd. Closing terms, as extracted: Vesting effective upon delivery of the Receiver's Closing Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.

Source: Approval and Vesting Order dated December 14, 2021

#Report

The officer filed report no. Fourth Report. The two apartment buildings comprising the Project have been completed (though later and at higher cost than forecast) and are largely leased up, and the Receiver has entered into a conditional agreement to sell the Purchased Assets, including the developed buildings and undeveloped Vacant Lands, to Arris Homes Ltd.

Source: Fourth Report of the Trustee and Receiver and Manager dated December 6, 2021

#Report

The officer filed report no. Second Report. The Receiver continues to oversee construction of the two-building rental apartment Project through construction manager RMS, with completion forecast for November 2020, and is seeking Court approval for additional borrowings of $17.8 million from KingSett to fund remaining construction costs due to cost overruns and delays.

Source: Second Report of the Trustee and Receiver and Manager dated June 19, 2020

Parties

Debtor

Station Point Developments Ltd.

Receiver

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice FagnanCourt of King's Bench of Alberta2 orders, Dec 20218 cases on record

Counsel of record

PartyCounselFirst seenSource
DebtorStation Point Developments Ltd.Ogilvie LLP27 Sep 2019Order · 27 Sep 2019
CreditorFOliis LGS Structures IncOgilvie LLP27 Sep 2019Order · 27 Sep 2019
CreditorFortis LGS Structures IncField Law27 Sep 2019Order · 27 Sep 2019
CreditorKSV Restructuring IncBennett Jones LLP14 Dec 2021Factum · 6 Dec 2021
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
SecuredKingSett Mortgage Corporation · in 28 casesas of commencement of these proceedings — Mortgage registered on title to the Real Property; construction loan facility, maximum amount $17 million — Guaranteed by Beniamino Raimondi (principal of the Company), BCM Developments Ltd. and Fortis LGS Structures Inc.; approximate amount per land title search — debtor: Station Point Developments Ltd.$12.1MFirst Report of the Trustee and Receiver and Manager dated September 11, 2019
Secured
Secured
Secured
Secured
Secured
Secured
Secured
Secured
Secured

11 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount, drawn to scale.

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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

Sale approved — The Transaction is hereby approvedApproval and Vesting Order dated December 14, 2021 · 14 Dec 2021

Parties solicited

3000

Fourth Report of the Trustee and Receiver and Manager…

NDAs signed

46

Fourth Report of the Trustee and Receiver and Manager…

Letters of intent

1

Fourth Report of the Trustee and Receiver and Manager…

Qualified bids

2

Fourth Report of the Trustee and Receiver and Manager…

PurchaserPriceStatusSource
Arris Homes Ltd.assets described in the Sale Agreement (the "Purchased Assets") · real property · nominee/assignee: its nominee · agreement 24 Sep 2021SubscribersApproved14 Dec 2021Approval and Vesting Order dated December 14,…
AdvisorsJLL (listing broker)Fourth Report of the Trustee and Receiver and Manager dated December 6,…
Closing termsVesting effective upon delivery of the Receiver's Closing Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.Approval and Vesting Order dated December 14, 2021
RecoveriesAs stated in the filings

KingSett: shortfall.Fourth Report of the Trustee and Receiver and Manager · 6 Dec 2021

ClassCreditorClaimsRecoveryBasisSource
SecuredKingSett—shortfallconditionalper the receiverFourth Report of the Trustee and Receiver and Manager · 6 Dec 2021

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

Cumulative receipts

$2.97M

As at 17 Jun 2020Second Report of the Trustee and Receiver and Manager dated June 19, 2020

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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Documents
21 filings
DateDocumentFile
Court Order dated June 1, 2022
  • Presiding officer Justice G.S. Dunlop
PDF · Subscribers
Affidavit of Shelly Bilinsky sworn May 9, 2022PDF · Subscribers
Application Record dated May 9, 2022PDF · Subscribers
Application Record re Motion returnable December 14, 2021PDF · Subscribers
Approval and Vesting Order dated December 14, 2021
  • Closing terms Vesting effective upon delivery of the Receiver's Closing Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.
  • Order date 14 December 2021
  • Presiding officer Justice J.A. Fagnan
  • Purchaser Arris Homes Ltd. · nominee/assignee its nominee · assets described in the Sale Agreement (the "Purchased Assets") · real property · approved
  • + 2 more extracted facts
PDF · Subscribers
Book of Authorities of the Receiver re Motion returnable December 14, 2021PDF · Subscribers
Court Restricting Access dated December 14, 2021
  • Presiding officer Justice J.A. Fagnan
PDF · Subscribers
Brief of Law and Argument of the Receiver re Motion returnable December 14, 2021
  • Counsel Bennett Jones LLP
PDF · Subscribers
Fourth Report of the Trustee and Receiver and Manager dated December 6, 2021
  • Operational summary The two apartment buildings comprising the Project have been completed (though later and at higher cost than forecast) and are largely leased up, and the Receiver has entered into a conditional agreement to sell the Purchased Assets, including the developed buildings and undeveloped Vacant Lands, to Arris Homes Ltd.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 10 more extracted facts
PDF · Subscribers
Motion Record returnable February 4, 2021PDF · Subscribers
Third Report of the Trustee and Receiver and Manager dated January 25, 2021
  • Operational summary The Receiver is overseeing completion of construction of a two-building rental apartment project (expected February 2021), running a sale process for the property, and has engaged a property manager to operate the buildings once complete.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Court Order dated June 26, 2020
  • Presiding officer Justice J.J. Gill
PDF · Subscribers
Application Record dated June 19, 2020PDF · Subscribers
Second Report of the Trustee and Receiver and Manager dated June 19, 2020
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Court Order dated September 27, 2019
  • Counsel Field Law
  • Presiding officer Justice M.J. Lema
PDF · Subscribers
Motion Record returnable September 19, 2019
  • Court COURT OF QUEEN'S BENCH OF ALBERTA
  • Court file no 1903-08169
PDF · Subscribers
First Report of the Trustee and Receiver and Manager dated September 11, 2019
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Receivership Order dated June 18, 2019
  • Applicant KingSett Mortgage Corporation
  • Appointee KSV Kofman Inc.
  • Appointee role trustee and receiver and manager
  • Commencement date 18 June 2019
  • + 4 more extracted facts
PDF · Subscribers
Application Record dated June 16, 2019
  • Applicant KingSett Mortgage Corporation
  • Appointee KSV Advisory Inc.
  • Appointee role receiver and manager and trustee
  • Court COURT OF QUEEN'S BENCH OF ALBERTA
  • + 2 more extracted facts
PDF · Subscribers
Consent to Act as Receiver dated June 14, 2019PDF · Subscribers
Affidavit of Daniel Pollack sworn June 10, 2019PDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Station Point Developments Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/station-point-developments-ltd

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Sources last checked · summary updated 20 August 2026 · Report a correction · Printed from proceedings.ca/case/station-point-developments-ltd

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.