Alberta · Receivership (court-appointed)
Receiver First Report, dated July 15, 2025
Court officer report · 15 July 2025
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What we verified from this filing5 verified
- secured creditorsnote: Stated as priority secured creditor (BDC took no position on Receivership Application but maintains rights as priority secured creditor). Amount excludes legal fees incurred after March 31, 2025, plus continuing interest and costs; identical figure reported for both debtors, suggesting a single combined/cross-collateralized claim. BDC also registered a seizure (dated Sept 13, 2033 in the document, likely a typo for 2023) over specific 182 AB assets, but this registration was removed as a result of the Receivership Order (discharged/superseded). · page: 7 · as of: 2025-07-11 · amount: 1263645 · debtor: 182 AB and 187 AB · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: PPSA registration over all present and after-acquired personal property (registered June 5, 2015) against both 182 AB and 187 AB; mortgage in the principal amount of $1,560,000 registered September 9, 2015 against the Sundre Property (187 AB)
- secured creditorsnote: Deemed trust class (pre-receivership GST); arbitrarily assessed by CRA; Receiver is reviewing and filing outstanding GST returns and amount is likely subject to change. · page: 7 · amount: 11857 · debtor: 187 AB · creditor: Canada Revenue Agency (CRA) · currency: CAD
- financial positionnote: 182 AB liabilities are itemized rather than totaled: BDC secured debt (~$1,263,645, shared with 187 AB), CRA GST (~$24,229, deemed trust), WCB (~$3,456), and unsecured creditors (~$926,000, including ~$748,172 to related party Kwiksilver and ~$103,500 to director/shareholder Mr. Haldane). Separately, 187 AB's most recent unaudited balance sheet (dated April 30, 2022) shows Sundre Property net book value of ~$1,596,900, other assets of ~$45,700, cash of ~$6,972 (as at the Oct 15, 2024 Receivership Date), and unsecured intercompany/related-party claims of $492,000; no total assets/liabilities figure is stated for 187 AB. · page: 8 · basis: Unaudited consolidated balance sheet prepared by the Receiver together with 182 AB's bookkeeper from the Companies' books and records; the Receiver did not complete an audit, review, or other verification and expresses no assurance or opinion as to its accuracy or completeness. Document states the analysis 'was completed on October 18, 2025 balances' — an apparent drafting inconsistency given the report is dated July 15, 2025 (possibly intended as October 2024, shortly after the Oct 15, 2024 Receivership Date). · scope: 182 AB entity-level, consolidated across its Shavings, Mulch, and Fabrication Business segments; does not include 187 AB, a separate debtor in the same receivership with its own unaudited balance sheet. · currency: CAD · total assets: 3172897
- secured creditorsnote: Deemed trust class (pre-receivership GST). CRA completed a deemed trust audit in December 2024 and confirmed no source deductions outstanding pre-receivership. · page: 11 · amount: 24229 · debtor: 182 AB · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Regulatory pre-receivership premium claim, per WCB's own statement; listed by the Receiver under 'Secured and Priority Creditors'. · page: 11 · amount: 3456 · debtor: 182 AB · creditor: Worker's Compensation Board of Alberta (WCB) · currency: CAD