Alberta · Receivership (court-appointed)
Receivership Application
Application / notice of application · 22 April 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 filing10 verified
- applicantFARM CREDIT CANADA
- appointeeErnst & Young Inc.
- appointee roleReceiver and Manager, or in the alternative, as Receiver
- commencement date22 April 2026
- courtCOURT OF KING’S BENCH OF ALBERTA
- court file no2603 08746
- secured creditorsnote: Figure is the registered mortgage ceiling, not a stated outstanding balance; document alleges default/arrears but gives no exact balance. Personal guarantees of these obligations provided by three individuals (directors/shareholders) - see note on guarantors. · page: 3 · debtor: New Century Greenhouses Ltd., King Greenhouse Ltd., Sunlight Greenhouse Ltd., Universal Greenhouse Ltd., Smart Greenhouse Ltd., Sky Green House Ltd. (jointly and severally) · creditor: Farm Credit Canada · currency: CAD · security: Mortgage ("Initial Mortgage") registered against multiple described parcels, securing payment of loans up to $2,750,000.00 (registration ceiling) plus interest up to 18.00% per annum; also secures Loan Agreement 828846 (line of credit)
- secured creditorsnote: No stated outstanding balance for this security agreement; secures Loan Agreement 828846. · page: 3 · debtor: New Century Greenhouses Ltd. · creditor: Farm Credit Canada · currency: CAD · security: General Security Agreement dated January 18, 2024 over all present and after-acquired personal property (goods, crops, chattel paper, securities, investment property, documents of title, instruments, money and intangibles including accounts)
- secured creditorsnote: Figure is the registered mortgage ceiling, not a stated outstanding balance; document alleges default/arrears but gives no exact balance. · page: 4 · debtor: New Century Greenhouses Ltd. and Sky Greenhouse Ltd. · creditor: Farm Credit Canada · currency: CAD · security: Mortgage ("Second Mortgage"), Instrument No. 241 295 547, over described lands, securing payment of loans up to $255,000.00 (registration ceiling) plus interest up to 18.00% per annum
- statutory basisBankruptcy and Insolvency Act, generally and section 243 thereof specifically