Alberta · Receivership (court-appointed)

First Report of the Receiver

Court officer report · 18 October 2023

AI summary

A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.

What we verified from this filing2 verified

financial positionnote: Based on available books and records, approximately $2.4 million owing to unsecured creditors (per Notice and Statement of Receiver, page 14). Detailed unsecured creditor listing provided at pages 16-19 (individual claims, not summed per instructions). · page: 14 · basis: book/records-based estimate; unaudited · scope: entity - Stephen Avenue Place property (SCREO I 700 2nd Inc., 58508 Alberta Ltd., SCREO I 700 2nd L.P.) · currency: CAD
secured creditorsnote: Amount per Section 244 Notice of Intention to Enforce Security dated September 15, 2023 (approximate figure as stated: '$134.9 million'). Receiver obtaining independent legal opinion on validity/enforceability of the Timbercreek Security (security opinion pending). · page: 14 · as of: 2023-09-15 · amount: 134900000 · debtor: SCREO I 700 2nd Inc., 58508 Alberta Ltd., and SCREO I 700 2nd L.P. · creditor: Timbercreek Mortgage Servicing Inc. and Computershare Trust Company of Canada (solely as bare trustee for Timbercreek Mortgage Servicing Inc.) · currency: CAD · security: First-in-time registered mortgages against the Property (Timbercreek Mortgages), assignment of rents and leases, general security agreement, and beneficial owner's agreement (collectively, Timbercreek Security)