Alberta · Receivership (court-appointed)
Brief re Appointment of Receiver
Application / notice of application · 17 May 2021
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 filing7 verified
- applicantBusiness Development Bank of Canada
- commencement date17 May 2021
- courtCOURT OF QUEEN’S BENCH OF ALBERTA
- court file no2103 02132
- appointeeBDO Canada Limited
- appointee rolereceiver and manager
- secured creditorsnote: Stated as 'approximately $7 million, exclusive of unbilled legal costs and other preservation costs' as at May 13, 2021 (prose approximation is the only figure given — no separately dated exact balance provided). 1619904 Alberta Ltd. is a subsidiary of the Borrower and guaranteed the Loan (guarantee dated March 17, 2015) and pledged a GSA as collateral security for its guarantee obligations — related-party guarantor/secured party, not an independent third-party creditor. · page: 4 · as of: 2021-05-13 · amount: 7000000 · debtor: P7 Construction Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Mortgage over the Hotel (original principal $5,900,000 dated December 15, 2011, amended to $7,600,000 by Mortgage Amending Agreement dated March 17, 2015 — registered principal, not a balance); General Security Agreement dated December 15, 2011 (Borrower); collateral General Security Agreement dated December 15, 2011 from 1619904 Alberta Ltd. (subsidiary guarantor)