British Columbia · Receivership (court-appointed)

Notice and Statement of the Receiver dated December 17, 2025

Notice to creditors · 17 December 2025

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applicantRoyal Bank of Canada
appointeeGrant Thornton Limited
appointee rolereceiver and manager
commencement date9 December 2025
courtSupreme Court of British Columbia
court file noVLC-S-S-250710
statutory basisSection 245(1) and 246(1) of the Bankruptcy and Insolvency Act
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Bay, Warren Donald Ayton · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Bentzen, Debora Ann · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Bentzen, Toni David · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Bursma, Theo Rene · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Canacap · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Duarte, Carlos Ernesto · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Duarte, Fidelina D.M. · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Haynes, David Kenneth · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Haynes, Suzanne Rae · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Hocking, Craig Andrew · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Hyde, Aleisha · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Hyde, Patrick Garnet · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Lacey, Clarke Bevin · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Merchant Capital Group LLC · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Moillet, Shelly Anne · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Moillet, Stephen Lind · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Morton, Sharon Margaret · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Morton, William John · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Shafi, John Roy · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Stolz, Linda Mary · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Lawrence, Christopher Brent · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Tchorz, Gordon · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Tchorz, Linda Marie · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Valiant Mortgage Inc. · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Voidey, Daniel Edward · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Wheaton, Leslie Allan · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Wheaton, Lynn Pierette · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Stolz, Lyle Kenneth · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Lawrence, Suzanne Christine · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorsnote: Stated as 'owed approximately $7.2 million' in Receiver's Notice and Statement dated December 17, 2025; approximate figure, not an exact dated balance. · page: 2 · as of: 2025-12-17 · amount: 7200000 · debtor: Aquila Cedar Products Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Primary secured creditor; obtained BIA s.243(1)/LEA s.39 receivership order
secured creditorsnote: Aggregated per PMSI equipment financier class; individual balances not stated in document. · page: 2 · debtor: Aquila Cedar Products Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered PPSA security interests (British Columbia); serialized-equipment/vehicle financing (DE LAGE LANDEN FINANCIAL SERVICES CANADA INC., LEAVITT MACHINERY CANADA INC., MERIDIAN ONECAP CREDIT CORP., NISSAN CANADA INC.)
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: 11302078 Canada Ltd. o/a Sheaves Capital · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Ball, William Peter · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
secured creditorspage: 2 · debtor: Aquila Cedar Products Ltd. · creditor: Bay, Betty Evelyn · currency: CAD · security: Registered PPSA security interest (BC); blanket all-property registrant; amount not stated
unsecured creditorsnote: Provincial regulatory/deemed-trust class claim; document uses a placeholder 'Estimated Claim' of $1.00 pending review of the Company's complete accounting records; actual amount unknown. · page: 4 · basis: Estimated Claim listed in Receiver's Exhibit 'A' – List of Creditors · amount: 1 · debtor: Aquila Cedar Products Ltd. · creditor: Minister of Finance · currency: CAD
unsecured creditorsnote: Deemed-trust class claim; document uses a placeholder 'Estimated Claim' of $1.00 pending review of the Company's complete accounting records; actual amount unknown. · page: 4 · basis: Estimated Claim listed in Receiver's Exhibit 'A' – List of Creditors · amount: 1 · debtor: Aquila Cedar Products Ltd. · creditor: Canada Revenue Agency · currency: CAD