Alberta · Receivership (court-appointed)
Trustee's Report to Creditors
Court officer report · 25 March 2025
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What we verified from this filing8 verified
- courtIN THE COURT OF KING'S BENCH OF ALBERTA
- court file no24-3194609
- commencement date18 February 2025
- secured creditorsnote: Paid in full and discharged from proceeds of sale of the Jasper Land (sale closed May 3, 2024); no longer an outstanding secured claim. · page: 2 · as of: 2024-03-22 (Order date)/paid from May 3, 2024 sale closing proceeds · amount: 9762741 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: KV Capital Inc. · currency: CAD · security: Senior secured lender
- financial positionnote: Table 2 also shows comparative Dec 31, 2022 balances (assets $16,882,237; liabilities $13,862,606); the Aug 18, 2023 stub-period column is used here as the most current pre-filing figures. · page: 4 · as at: 2023-08-18 · basis: Financial statements prepared by an external accountant; described as the most current financial statements available to the Receiver as at the date of the Receivership (unaudited). · scope: Entity - Jasper Summerlea Shopping Center Ltd. · currency: CAD · total assets: 16939691 · total liabilities: 14566357
- secured creditorsnote: Estimated claim per Table 3 shown as $1,272 (000's). Holds mortgage together with West Edmonton Truckland Ltd. securing combined principal sum of $5,700,000 plus interest and costs. Expected shortfall on secured debt to be proven as an unsecured claim. · page: 5 · as of: as at the date of bankruptcy · amount: 1271747 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: 1756282 Alberta Ltd. · currency: CAD · security: Mortgage - real property
- secured creditorsnote: Estimated claim per Table 3 shown as $2,766 (000's). WET and 175282 Alberta Ltd. together hold mortgages securing a combined principal sum of $5,700,000 plus interest and costs. A prior $4,350,000 distribution was made to WET pursuant to various mortgages under Consent Order dated 2025-02-18 (see page 2); remaining filed claim shown here. Expected shortfall on secured debt to be proven as an unsecured claim. · page: 5 · as of: as at the date of bankruptcy · amount: 2765544 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: West Edmonton Truckland Ltd. · currency: CAD · security: Mortgage - real property
- recovery outcomeentries: basis: estimated · quote: It is expected that WET and 175 AB will have a shortfall on their secured debt and will prove an unsecured claim in the bankrupt estate for this balance. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: West Edmonton Truckland Ltd. · claims amount: 2765544 · creditor name: West Edmonton Truckland Ltd. · interim final: unstated · claims qualifier: asserted; basis: estimated · quote: It is expected that WET and 175 AB will have a shortfall on their secured debt and will prove an unsecured claim in the bankrupt estate for this balance. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: 1756282 Alberta Ltd. · claims amount: 1271747 · creditor name: 1756282 Alberta Ltd. · interim final: unstated · claims qualifier: asserted; basis: unstated · quote: Until the allocations have been approved by the Court, the Trustee is unable to estimate the recovery to unsecured creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 2494195 · interim final: unstated · conditional on: Until the allocations have been approved by the Court · claims qualifier: estimated · stated on: 2025-03-25 · table missing: