Alberta · Receivership (court-appointed)
Fourth Report of the Receiver - 2218923 Alberta Ltd.
Court officer report · 2 November 2026
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 filing15 verified
- secured creditorsnote: Report states BMO was owed 'approximately $1.5 million' as at the Date of Receivership (May 15, 2023); no exact dated balance stated. First-ranking secured creditor per Dentons' legal opinion ('likely the first priority creditor'). Report states BMO's indebtedness exceeds funds available to the estate, including Net Sale Proceeds, so no distribution to subordinate creditors is anticipated. Anderson Parties are described as certain guarantors of the Debtor (guarantee amounts not stated). BMO supports the Amended APA. · page: 4 · as of: 2023-05-15 · amount: 1500000 · debtor: 2218923 Alberta Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security over all present and after-acquired personal property (BMO Security) plus registered mortgage (reg. no. 201 002 240, original principal amount $2,000,000 - a registered principal, not the balance) and caveat re assignment of rents and leases (reg. no. 201 002 241) against the 221 Property, 1516 Brier Park Crescent NW, Medicine Hat
- unsecured creditorsnote: Statutory priority claim, not ordinary unsecured; amount not stated. Receiver states anticipated sale proceeds remain sufficient to satisfy these known potential priority claims. · page: 8 · basis: Receiver's report: 'known potential priority claims against the 221 Property, including unpaid property taxes' · debtor: 2218923 Alberta Ltd. · creditor: Municipal property taxes (unpaid, 221 Property) · currency: CAD
- secured creditorsnote: Appears in Schedule B (Encumbrances to be vested off) to the Original Vesting Order; outstanding balance not stated in the document. Ranking behind BMO's first-ranking mortgage per the Receiver's statements on subordinate creditors; not otherwise discussed in the Report body. · page: 22 · debtor: 2218923 Alberta Ltd. · creditor: Olympia Trust Company · currency: CAD · security: Mortgage registered 18/01/2023 (reg. no. 231 017 087) against title to the 221 Property; original principal amount $397,000 (registered principal, not an outstanding balance)
- cash on handnote: Stated as the estate balance per the Receiver's Amended R&D (all amounts in $CAD); the summary table lists "Estate balances as at October 28, 2026". Separately, the receipts table includes a line item "Cash on hand" of 6,480, which is a receipt item, not the estate balance. · as at: 2026-10-28 · amount: 116748 · currency: CAD
- closing confirmedscope: the 221 Property under the 278 APA · outcome: not_completed · purchaser: Papelen Consumer Products Inc. · date basis: unstated · approval order date: 2026-06-17
- disbursementsnote: Total disbursements per the Receiver's Amended R&D, stated for the period to October 28, 2026. Includes Receiver's fees 74,913, legal fees 41,731, property tax 49,145, insurance 23,379, utilities 13,691, and other items. · since: May 15, 2023 (Date of Receivership) · amount: 224215 · currency: CAD
- operational summaryThe receivership administration is largely complete; the 221 Property sale to the original purchaser failed to close, and the Receiver is seeking approval of a revived, reduced-price sale to 278 with distribution of net proceeds to BMO, then discharge.
- professional feesnote: Fees only, excluding disbursements of 509 and GST (total with disbursements and GST: 132,276). The Receiver estimates $15,000 of Additional Completion Costs, excluding GST. Receiver's fees paid per the R&D to date: 74,913. Legal counsel Dentons Canada LLP: fees of 121,020, total 128,684 including disbursements and GST, with estimated additional completion costs of $66,000 excluding GST (Appendix F shows 'WIP and Additional Completion Costs' of 64,625 fees). · party: Deloitte Restructuring Inc. (Receiver) · amount: 125468 · period: May 15, 2023 to completion of administration (invoiced fees of 110,468 plus Additional Completion Costs of 15,000) · currency: CAD
- purchaserPapelen Consumer Products Inc.; price: note: Purchase price is reduced from the 278 APA price; amount sealed in Confidential Supplement. · sealed: true · scope: all right, title and interest in and to the 221 Property · status: proposed · name note: Revived transaction under the Revival and Amending Agreement; the report states 278 (the numbered company) is now the sole purchaser after Papelen reassigned its rights, but the full corporate name is not given in the visible text. · structure: assets · name source: recital · relationship: unstated
- receipts cumulativenote: Total receipts per the Receiver's Amended R&D, stated for the period to October 28, 2026 (the report text also refers to the period ending October 15, 2026). Components: rental income 191,806; sale of assets 126,500; cash on hand 6,480; GST collected 6,241; interest 9,938. · since: May 15, 2023 (Date of Receivership) · amount: 340964 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As the indebtedness owing to BMO exceeds the funds available to the estate, including the Net Sale Proceeds, the Receiver does not anticipate that any distribution will be available to subordinate creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: subordinate creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-11-02 · table missing:
- report date2 November 2026
- report noFourth Report
- sale advisorAvison Young Commercial Real Estate Services, LP
- sale outcometext: The original sale of the 221 Property failed to close; the Receiver seeks approval of the Amended APA with a reduced price, vesting the property in 278. · scope: whole_business · status: pending_approval