WAM RED-L Limited Partnership
Follow- 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 49 of the Law of Property Act
- File
- 2503-20973
WAM RED-L Limited Partnership is the subject of a court-appointed receivership proceeding in the Court of King's Bench of Alberta, commenced on April 30, 2026 under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The matter carries court file number 2503-20973 and remains active. The record to date consists of the application filed on the commencement date; no further steps have been entered on the file.
Application (Final Distribution, Approval Of Activities, Approval of Fees and Disbursements, and Discharge of Receiver) — Application / notice of application
18 earlier updates, back to 12 November 2025 — subscribers.
Outcome brief
WAM Red-L: half a Nisku property, sold to its partner with no discount
A receiver appointed over nothing but 4,999 limited partnership units sold them, without a public process and with no minority discount, to the other limited partner in a Nisku industrial property; Ernst & Young now proposes $1,621,945.18 to 2740805 Alberta Ltd., assignee of ATB's senior security, and $3,140,899.60 to an ATB-led syndicate owed $65,220,434.62; the discharge application is set for September 16.
Debtor
WAM RED-L Limited Partnership
Receiver
EY
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | MLT Aikins LLP | 8 Sep 2026 | Service list · 8 Sep 2026 |
| DebtorWAM RED-L Limited Partnership | Swainson Miki Peskett LLP | 8 Sep 2026 | Service list · 8 Sep 2026 |
| Creditor2740805 Alberta Ltd | Dla Piper LLP | 8 Sep 2026 | Service list · 8 Sep 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | ATB Financial (as agent for lending syndicate, formerly for ICE District Block BG Limited Partnership facility) · in 56 casesGuarantee and security over the Units granted pursuant to syndicated credit agreement dated July 17, 2020; WAM LP executed unlimited joint and several guarantee — Second/subordinated position - security expressly subordinated to and ranks behind 274's senior security per Intercreditor and Subordination Agreement dated April 28, 2025 (section 2.3(a)) — debtor: WAM Red-L Limited Partnership · as of 24 Apr 2026 | $65.2M | First Report of the Receiver - Filed April 30, 2026 |
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.
3 transactions · 2 closed · 1 approved — closing of the sale of the Units pursuant to the Approval and Vesting OrderReceiver's Second Report · 3 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1680922 Alberta Ltd.the Debtor's 4,999 limited partnership units in WAM RED-L Property Holdings Limited Partnership · asset sale · nominee/assignee: its nominee · agreement 29 Apr 2026 | Sealed | Approved5 May 2026 | Approval and Vesting Order |
| purchaser of the Units not named in this reportthe sale the Units · share sale | Subscribers | Closed | Receiver's Second Report |
| unnamedthe Units | not stated | Closed18 Jun 2026 | Receiver's Second Report |
Unsecured creditors: no distribution. 2740805 Alberta Ltd. a distribution · ATB Financial a distribution.Application (Final Distribution, Approval Of Activities, Approval of… · 4 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | 2740805 Alberta Ltd. | — | a distribution | Finalper the receiver | Redline Order (Final Distribution, Approval of Activities, Approval of… · 16 Sep 2026 |
| Secured | ATB Financial | — | a distribution | Finalper the receiver | Redline Order (Final Distribution, Approval of Activities, Approval of… · 16 Sep 2026 |
| Unsecured | any other creditors | — | no distribution | per the receiver | Application (Final Distribution, Approval Of Activities, Approval of… · 4 Sep 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.
1 engagement · 1 firm — MLT Aikins LLP, 12 Nov 2025 – 21 Jun 2026Receiver's Second Report · 4 Sep 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| MLT Aikins LLPCounsel to the receiver | 12 Nov 2025 – 21 Jun 2026 | — | ••• | not stated | Receiver's Second Report · 4 Sep 2026 |
Cumulative receipts
$4.9M
As at 4 Sep 2026Receiver's Second Report
| Date | Document | File |
|---|---|---|
Letter to Service List
| PDF · Subscribers | |
Redline Order (Final Distribution, Approval of Activities, Approval of Fees and Disbursements, and Discharge of Receiver)
| PDF · Subscribers | |
Application (Final Distribution, Approval Of Activities, Approval of Fees and Disbursements, and Discharge of Receiver)
| PDF · Subscribers | |
| Brief of The Receiver (Final Distribution, Approval of Activities, Approval of Fees and Disbursements, and Discharge of Receiver) | PDF · Subscribers | |
Receiver's Second Report
| PDF · Subscribers | |
| Letter to Service List - 22 May 2026 | PDF · Subscribers | |
| Sealing Order - Filed May 21, 2026 | PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
| Application (Sale by Receiver) | PDF · Subscribers | |
| Brief of Law - April 30 2026 | PDF · Subscribers | |
| Letter to Service List serving Application Materials | PDF · Subscribers | |
Receiver's First Report
| PDF · Subscribers | |
Application - Filed April 30, 2026
| PDF · Subscribers | |
| Bench Brief - Filed April 30, 2026 | PDF · Subscribers | |
First Report of the Receiver - Filed April 30, 2026
| PDF · Subscribers | |
| Certificate of Filing | PDF · Subscribers | |
Notice and Statement of Receiver
| PDF · Subscribers | |
Receivership Order (Signed)
| PDF · Subscribers | |
Affidavit of Alexandra Durstling (Sworn Oct 31, 2025)
| PDF · Subscribers | |
Application (Appointment of Receiver) - Filed
| PDF · Subscribers | |
| Brief of Law of the Applicant - Filed | 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., “WAM RED-L Limited Partnership” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/wam-red-l-limited-partnership