Alberta · Receivership (court-appointed)
First Report of the Monitor
Court officer report · 3 December 2025
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What we verified from this filing7 verified
- secured creditorsnote: Referred to as the 'NBC Indebtedness'; amount stated as 'approximately $18.3 million' plus accruing interest as at March 15, 2024. Receiver's counsel opined the security is valid and enforceable. · page: 6 · as of: 2024-03-15 · amount: 18300000 · debtor: 2004639 Alberta Ltd. · creditor: National Bank of Canada (NBC), as successor to Canadian Western Bank · currency: CAD · security: General security agreement (April 6, 2017); Mortgage of Lease dated April 6, 2017 in principal amount of $19.95 million (Land Titles Instrument No. 171 095 397) - registered principal, not balance; leasehold mortgage tri-party agreement (effective April 3, 2017) among CAA, Company and NBC; general assignment of rents and leases (April 6, 2017), registered by Caveat as Instrument No. 171 095 398
- secured creditorsnote: Unremitted GST/HST for periods prior to the Receivership Date; described as deemed trust/priority claim pre-bankruptcy. Receiver notes that assigning the Company into bankruptcy will cause the CRA Claim to become an unsecured claim, as there is no deemed trust for GST claims in a bankruptcy. · page: 22 · amount: 62000 · debtor: 2004639 Alberta Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- process resultsbids: 2 · ndas: 27 · note: The Property was publicly listed for 14 months; 27 parties executed NDAs; 8 toured the Building; two Final Offers were received.
- purchaserCAA
- recovery outcomeentries: basis: estimated · quote: NBC is expected to suffer a loss and there will not be sufficient recoveries within these Receivership proceedings to fully repay the NBC Indebtedness and no funds will be available for any subordinated creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: subordinated creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-12-02 · table missing:
- sale advisorCMN Calgary Inc. (Colliers)
- sale outcometext: The Receiver determined the CAA's offer was the best and highest available and entered into the Purchase Agreement, now seeking Court approval. · scope: parcel · status: pending_approval