Alberta · Receivership (court-appointed)
Third Report of the Receiver (Filed)
Court officer report · 19 September 2025
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 filing12 verified
- report noThird Report
- operational summaryThe Receiver continues to operate the donut manufacturing business of Special D, but has determined it will be unable to continue operations indefinitely due to funding constraints and other operational challenges.
- professional feesamount: 244043.88 · currency: CAD
- report date18 September 2025
- fee scheduleengagements: form: time_summary · rows: Alexander May; Bryce Romanko; Dan McCulloch; Evan MacKinnon; Jessica Murray; Karen Zahacy; Matt McCulloch; Serena Daniels; Trina Sorbara; fees: 269880 · hours: 629.8 · quote: Total Fees | 629.80 | | 269,880.00 · row kind: subtotal · rate kind: standard · name as stated: Total Fees · money: fees: quote: Total Fees | 629.80 | | 269,880.00 · amount: 269880 · total: quote: Total Interim Accrued Fees & Expenses | | | 244,043.88 · amount: 244043.88 · includes disbursements: true · approximate: false · disbursements: quote: Expenses | | | 1,151.88 · amount: 1151.88 · period: end: 2025-09-05 · kind: interim · label: Update Period · quote: for the period of August 9, 2025, to September 5, 2025 (the ' Update Period ') · start: 2025-08-09 · approval: quote: Receiver is requesting that this Honorable Court approve the second iteration of the Receiver's interim accrued fees and expenses in advance of billing for the period of August 9, 2025, to September 5, 2025 · state: sought · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. · hours total: quote: Total Fees | 629.80 | | 269,880.00 · value: 629.8 · context quote: the Court of King's Bench of Alberta (the 'Court' ) granted an Order (the ' Receivership Order' ) appointing Ernst & Young Inc. (hereinafter referred to as 'EY' or the 'Receiver' ) as receiver · discount note: text: Courtesy Discount · quote: Courtesy Discount | | - | 26,988.00; form: time_summary · rows: Alexander May · money: approximate: false · period: kind: unstated · label: Second Report · quote: As Reported in the Receiver's Second Report · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. · context quote: the Court of King's Bench of Alberta (the 'Court' ) granted an Order (the ' Receivership Order' ) appointing Ernst & Young Inc. (hereinafter referred to as 'EY' or the 'Receiver' ) as receiver; form: invoice_listing · rows: · money: tax: label: GST · quote: GST | $5,407.67 · amount: 5407.67 · fees: quote: Fees | $119,750.00 · amount: 119750 · total: quote: Total Amount Due | $113,796.42 · amount: 113796.42 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Costs (Taxable) | $378.30 · amount: 378.3 · period: kind: invoice · quote: Invoice Date: | August 29, 2025 · approval: state: unstated · averages: · currency: code: CAD · quote: Currency: CAD · invoices: tax: 5407.67 · date: 2025-08-29 · fees: 119750 · quote: Total Amount Due | $113,796.42 · total: 113796.42 · disbursements: 378.3 · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. · context quote: the Court of King's Bench of Alberta (the 'Court' ) granted an Order (the ' Receivership Order' ) appointing Ernst & Young Inc. (hereinafter referred to as 'EY' or the 'Receiver' ) as receiver · discount note: text: Courtesy Discount · quote: Courtesy Discount | ($11,975.00)
- operational summaryThe Receiver continues to operate Special D's donut manufacturing business but cannot do so indefinitely given funding limits (FCC unwilling to fund beyond the $1,250,000 Borrowing Charge) and customer uncertainty. The sale transaction with the Winning Bidder for the Factory and Special D assets collapsed on September 18, 2025, and the Receiver will assess extending the Amended SISP or otherwise remarketing the assets.
- process resultsbids: 10 · note: As of September 2, 2025, a total of 10 bids were submitted under the Amended SISP; none initially met the Qualified Purchase Bidder definition. · as of: 2025-09-02 · solicited: 202 · qualified bids: 0
- professional feesnote: Total interim accrued fees and expenses of the Receiver to date, after courtesy discount, exclusive of GST; $59,489.63 relates to the Update Period (Aug 9 - Sept 5, 2025); includes $1,151.88 of out-of-pocket expenses. Receiver's counsel (McLennan Ross LLP) invoiced $108,338.75 plus GST of $5,407.67 for a total of $113,796.42 for May 23 - Aug 26, 2025. None billed to the estate to date. · party: Ernst & Young Inc. (Receiver) · amount: 244043.88 · period: since onset of receivership to September 5, 2025 · currency: CAD
- purchaserprice: sealed: true · scope: the Special D Assets · status: not_completed · name note: unnamed 'Winning Bidder' under Amended SISP; transaction collapsed · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: the 59 Ave Building · status: proposed · name note: offeror on the 59 Ave Building OTP, unnamed · structure: real_property · name source: recital · relationship: unstated
- report date18 September 2025
- report noThird Report
- sale outcometext: The pending transaction with the Winning Bidder collapsed; the Receiver intends to extend or restart the sale process · scope: whole_business · status: not_completed