Ventures North Financial Group Limited Partnership
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- 2303 04003
Ventures North Financial Group Limited Partnership has been in court-appointed receivership since November 2, 2023, brought under s. 243 of the BIA and provincial Judicature Act authority in the Court of King's Bench of Alberta, file no. 2303 04003. The proceeding remains active, and an order was made in it on June 19, 2024. Prairie Centre Credit Union, Servus Credit Union and Cornerstone Credit Union Financial Group Limited are identified as primary economic stakeholders and secured lenders of the partnership, with no amounts stated. Cornerstone is presently understood to be the first ranking secured creditor with respect to 23 Appleton, and distribution to it is subject to confirming the validity and enforceability of its security. Fredrick North, an applicant and related party, holds security for professional fees and is also the largest unsecured creditor, at approximately 90% of estimated unsecured liabilities.
A claims procedure has been established — see the order for deadlines.
Per the Application (Discharge of Interim Receiver and Receiver, Approval of Activities and Fees and Claims Process) dated 10 June 2024.
Application (Approval of Interim Distribution, Activities & Fees) — Application / notice of application
Debtor
Ventures North Financial Group Limited Partnership
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Burns | Court of King's Bench of Alberta | 3 orders, Jun 2024 – Dec 2024 | 41 cases on record |
| Justice Gill | Court of King's Bench of Alberta | 2 orders, Nov 2024 – Jul 2025 | 37 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | MLT Aikins LLP | 13 Dec 2024 | Order · 13 Dec 2024 |
| Applicant | Borden Ladner Gervais LLP | 2 Nov 2023 | Order · 2 Nov 2023 |
| DebtorVentures North Financial Group Limited Partnership | Bryan & Company LLP | 2 Nov 2023 | Order · 2 Nov 2023 |
| CreditorBlake Hassall | Duncan & Craig LLP | 28 Oct 2024 | Application · 28 Oct 2024 |
| CreditorDataVisual Marketing Inc | Brazeau Seller LLP | 28 Oct 2024 | Application · 28 Oct 2024 |
| CreditorServus Credit Union, Ltd | MLT Aikins LLP | 2 Nov 2023 | Order · 2 Nov 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Servus Credit Union · in 13 casesFrom Receiver's amounts-owed table (para 3(d)); unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $5.6M | Notice and Statement of the Receiver (VNFG) |
| 4 | Secured | Cornerstone Credit Union · in 2 casesFrom Receiver's amounts-owed table; unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $3.42M | Notice and Statement of the Receiver (VNFG) |
| 4 | Secured | Prairie Centre Credit Union · in 2 casesFrom Receiver's amounts-owed table; unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $3.07M | Notice and Statement of the Receiver (VNFG) |
| 4 | Secured | Frederick NorthIndividual creditor listed as secured; possible related party (also holds a much larger unsecured claim); unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $543K | Notice and Statement of the Receiver (VNFG) |
| 7 | Preferred (BIA s. 136) | Commercial, residential security and customer depositsPreferred/statutory claim; unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $62.7K | Notice and Statement of the Receiver (VNFG) |
| 7 | Preferred (BIA s. 136) | Canada Revenue Agency · in 926 casesPreferred/statutory deemed-trust class claim (CRA) — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $10K | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Frederick NorthIndividual creditor; possible related party; also holds a secured claim of $542,603; unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $26.1M | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Osoyoos Mountain Estates Inc.Unaudited books and records — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $2.26M | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | May AllenIndividual creditor; unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $1M | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Lilly GoodwinIndividual creditor; unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $1M | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Silent Bear Holdings Ltd.Unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $465K | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Moonlight Systems Inc.Unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $402K | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | 1417691 Alberta Ltd.Unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $263K | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Servus Credit Union · in 13 casesSame creditor also holds a secured claim of $5,599,610; this is a separate unsecured amount; unaudited, illustrative — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $73.9K | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Dennis SniderIndividual creditor; unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $48K | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Majeau Gardens Inc.Unaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $536 | Notice and Statement of the Receiver (VNFG) |
| 8 | Unsecured | Fort Saskatchewan UtilitiesUnaudited, illustrative, not a final determination of claims — debtor: Ventures North Financial Group Limited Partnership / Ventures North Financial Group Inc. | $78 | Notice and Statement of the Receiver (VNFG) |
Cornerstone Credit Union: paid in full.FinalNinth Report of the Receiver · 23 Jun 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Cornerstone Credit Union | — | paid in full | Finalper the receiver | Ninth Report of the Receiver · 23 Jun 2025 |
| Secured | Servus Credit Union Ltd. | — | $1.55Minterim | per the receiver | Application (Approval of Interim Distribution, Activities & Fees) · 28 Oct 2024 |
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 2 Nov 2023 · per Asset figures are net book value based on unaudited books and records of the Company as at November 2, 2023, and 'may not represent fair market value of the Property'; liability figures are 'Reported Amounts' based on unaudited books and records, not reviewed or audited and not a final determination of creditor claims · Consolidated - Ventures North Financial Group Limited Partnership (by its general partner Ventures North Financial Group Inc.) and Ventures North Financial Group Inc. — Total liabilities figure ($44,325,762) is the sum stated in the Receiver's own table of secured, possible statutory/preferred, and unsecured creditors (page 2); no separate as-at date given for liabilities beyond the general basis of unaudited books and records concurrent with the receivership.
| Date | Document | File |
|---|---|---|
Order (Approval of Receiver's Fees and Activities; Discharge of Receiver; and Amending Order) (VNFG)
| ||
| Sale Approval and Vesting Order (TNT Interests) | ||
Ninth Report of the Receiver
| ||
| Interim Report of the Receiver | ||
| TNT Tank & Trailer Teaser | ||
| Template Non-Disclosure Agreement | ||
| Sale Approval and Vesting Order (Fox Creek Property) | ||
| Eighth Report of the Receiver | ||
| Receiver's Closing Certificate - Legends Condo | ||
| Order (Sale Approval and Vesting Order - Legends Condo) | ||
Order (Sale Process and Stalking Horse Credit Bid)
| ||
| Application (Sale Process, Stalking Horse Credit Bid, SAVO) | ||
| Seventh Report of the Receiver | ||
Order (Approval of Interim Distribution, Activities and Fees)
| ||
Application (Approval of Interim Distribution, Activities & Fees)
| ||
| Sixth Report of the Receiver | ||
Order (Approval of Receiver's Activities & Fees)
| ||
Application (Discharge of Interim Receiver and Receiver, Approval of Activities and Fees and Claims Process)
| ||
| Fifth Report of the Receiver | ||
| Application (Sale Approval and Vesting Order and Sealing Order) | ||
| Sale Approval and Vesting Order | ||
| Fourth Report of the Receiver | ||
| Application (Expedited Sale Approval and Vesting Order Protocol) | ||
| Application (Sale Approval and Vesting Order Protocol) | ||
| Expedited SAVO Protocol Order (Condo Units) | ||
| Expedited SAVO Protocol Order (Residential Lots) | ||
| Amended Third Report of the Receiver | ||
| Second Report of the Receiver | ||
| Application (Sale Approval and Vesting Order) | ||
| Order (Sale Approval and Vesting Order) | ||
| Order (Sealing Order) | ||
First Report of the Receiver
| ||
Notice and Statement of the Receiver (VNFG)
| ||
Receivership Order
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Ventures North Financial Group Limited Partnership” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/ventures-north-financial-group-limited-partnership