Stephen Avenue Place
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, and sections 13(2) of the Judicature Act, 99(a) of the Business Corporations Act, 65(7) of the Personal Property Security Act, 49(1) of the Law of Property Act
- File
- 2301-12990
- Industry
- Real estate · Rental & income property
SCREO I 700 2nd Inc., 58508 Alberta Ltd. and SCREO I 700 2nd L.P., the entities behind the Stephen Avenue Place property, were placed in court-appointed receivership on October 5, 2023 under s. 243 of the BIA and provincial Judicature Act authority. The receivership follows Timbercreek Mortgage Servicing Inc.'s September 2023 declaration of an event of default after a missed September 1, 2023 payment, and a s. 244 notice of intention to enforce security dated September 15, 2023 citing approximately $134.9 million. Timbercreek's claim was stated at $135,288,424.79 as at September 25, 2023, excluding legal costs and with interest continuing to accrue, secured by two 2018 mortgages each registered at $161,300,000, assignments of rents and leases, a general security agreement and beneficial owner's agreements. The Receiver is obtaining an independent legal opinion on the validity and enforceability of the Timbercreek Security. Books and records indicate approximately $2.4 million owing to unsecured creditors.
Application - Sale Approval, Vesting Order, Discharge, and Sealing Order — Application / notice of application
Application - Approval of activities, marketing process, listing agreement, sealing order, and critical supplier payment — Application / notice of application
The court appointed MNP Ltd., on the application of Timbercreek Mortgage Servicing Inc. and Computershare Trust Company of Canada as bare trustee. Court file 2301-12990.
Source: Filed Receivership Order
Debtor
Stephen Avenue Place
Applicant
Timbercreek Financial
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Simard | Court of King's Bench of Alberta | 2 orders, Dec 2025 | 35 cases on record |
| Justice Lema | Court of King's Bench of Alberta | 2 orders, Oct 2023 | 46 cases on record |
Counsel of record
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Timbercreek Mortgage Servicing Inc. (and Computershare Trust Company of Canada, as bare trustee/nominee) · in 7 casesFirst mortgages (SCREO Mortgage and 585 Mortgage, each registered principal amount $161,300,000) over lands/leasehold at 700 2nd Street SW, Calgary (Stephen Avenue Place); general assignments of rents and leases; general security agreement (first-ranking PPSA registration No. 18112324873); beneficial owner's agreements/security from SCREO LP — Amount excludes legal costs to date, plus interest and costs continuing to accrue. Prose approximation in Demands dated Sept 15, 2023 stated 'not less than $134,916,934.89' as of that date; exact dated balance used here is the later Sept 25, 2023 figure. · as of 25 Sep 2023 | $135M | Statement of Claim |
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.
Secured creditors: no distribution. Canada Revenue Agency a distribution.EstimatedSecond Report of the Receiver · 8 Jan 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | Canada Revenue Agency | — | Estimatedper the receiver | Application - Sale Approval, Vesting Order, Discharge, and Sealing Order · 31 Mar 2026 | |
| Secured | creditors, outside of the Lender | — | no distribution | Estimatedper the receiver | Second Report of the Receiver · 8 Jan 2024 |
| Secured | Timbercreek Mortgage Servicing Inc. | shortfall | Estimatedper the receiver | Application - Sale Approval, Vesting Order, Discharge, and Sealing Order · 31 Mar 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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans2 engagements · 2 firms — latest: Cassels Brock & Blackwell LLP, to 29 Dec 2023, in feesSecond Report of the Receiver · 8 Jan 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Cassels Brock & Blackwell LLPCounsel | to 29 Dec 2023 | — | not stated | Second Report of the Receiver · 8 Jan 2024 | |
| MNP Ltd.Receiver | to 29 Dec 2023 | — | not stated | Second Report of the Receiver · 8 Jan 2024 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Discharge Certificate | PDF · Subscribers | |
| Letter of Receivership & Reporting Duties of Receiver | PDF · Subscribers | |
Application - Sale Approval, Vesting Order, Discharge, and Sealing Order
| PDF · Subscribers | |
Second Report of the Receiver - March
| PDF · Subscribers | |
Service List - Application Materials
| PDF · Subscribers | |
Service List - Secretarial Affidavit and Orders
| PDF · Subscribers | |
Order for Approval of Fees
| PDF · Subscribers | |
Application - Approval of activities, marketing process, listing agreement, sealing order, and critical supplier payment
| PDF · Subscribers | |
| First Report of the Receiver – dated 2025-12-03 | PDF · Subscribers | |
LT Service List re Application Materials
| PDF · Subscribers | |
| Final Notice and Statement of Receiver 2025 | PDF · Subscribers | |
| Frequently Asked Questions 2025 | PDF · Subscribers | |
Receivership Order 2025
| PDF · Subscribers | |
| Bench Brief of the Plaintiffs Applicants | PDF · Subscribers | |
| Application for Receiver 2025 | PDF · Subscribers | |
| Supplemental Affidavit for Appointment of Receiver | PDF · Subscribers | |
| Filed Receivers Certificate | PDF · Subscribers | |
| Final Report of the Receiver | PDF · Subscribers | |
| Final Interim Report of the Receiver and SRD | PDF · Subscribers | |
| Transition Certificate | PDF · Subscribers | |
Discharge Order
| PDF · Subscribers | |
LT Service List re Service of Filed Orders
| PDF · Subscribers | |
| Application re Discharge of Receiver | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
Application - Amend Receivership Order, Etc.
| PDF · Subscribers | |
Filed Order Re Miscellaneous Relief
| PDF · Subscribers | |
Letter to Service List re: October 23, 2023 Application
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Receivership Certificate | PDF · Subscribers | |
| Notice and Statement of Receiver | PDF · Subscribers | |
| Consent to Act | PDF · Subscribers | |
Filed Receivership Order
| PDF · Subscribers | |
Letter to Service List re: October 5, 2023 Application
| PDF · Subscribers | |
Affidavit for Appointment of Receiver - S. Rowland
| PDF · Subscribers | |
Application for Receiver
| PDF · Subscribers | |
Statement of Claim
| 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., “Stephen Avenue Place” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/stephen-avenue-place