Alberta · Interim receivership
Receiver First Report, dated June 23, 2025
Court officer report · 23 June 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 filing11 verified
- cash on handnote: Stated as 'Cash on hand' receipt in the Interim Receiver's Statement of Receipts and Disbursements for April 3 to April 24, 2025; also shows excess of receipts over disbursements of $12,929. · amount: 7750 · currency: CAD
- disbursementsnote: Total disbursements for the interim receivership period (secured transport and storage, bailiffs, locksmith, insurance, alarm, etc.); incurred for Interim Receiver work but paid from the Receiver's account after the Receivership Order. · since: April 3, 2025 (to April 24, 2025) · amount: 15949 · currency: CAD
- financial positionnote: No total assets or total liabilities stated. Asset components: jewellery inventory estimated cost value approx. $1,451,236 (affidavit listing; completeness unconfirmed); nine real estate properties owned by Investments in Calgary, High River and Edmonton (no values stated); undamaged furniture/fixtures at the Edmonton Property expected to realize under $5,000. Report states: 'The Receiver has not identified any assets associated with Bluewater or Surrey Gold as of the date of this Report.' Liabilities: Companies collectively indebted to RBC approx. $5,400,000 as at April 25, 2025 (joint and several, cross-collateralized); other claims noted include CRA deemed trust claims of $30,266 (Jewellers) and $30,059 (Bluewater) as at December 31, 2024, condominium fee arrears, and a second mortgage of $1,073,100 on Units 47 and 48. Receiver is aware of only a handful of unsecured creditors and no books and records were provided, so total liabilities cannot be stated. · as at: 2025-04-25 · basis: Receiver's summary based on discussions with industry experts, creditors and (where available) the Companies' books and records; not audited or verified; no books and records provided by management. Jewellery inventory cost value of approximately $1,451,236 comes from a listing appended to an affidavit and could not be reconciled by the Interim Receiver. · scope: Four related Alberta entities (Mahindra Jewellers (AB) Ltd., Mahindra Investments (AB) Ltd., Bluewater (786) Contractors Ltd., Surrey Gold Jewellers (AB) Ltd.), reported collectively; liabilities reported only as the collective RBC indebtedness · currency: CAD
- operational summaryThe Companies have no active operations under the Receiver; Jewellers' retail location was cleared of inventory (now in secure storage) and is under fire remediation, while the Receiver markets Investments' real estate and plans to melt or auction the jewellery inventory.
- professional feesnote: Plus GST. The Interim Receiver's legal counsel (Dentons) incurred a further $11,537.45 plus GST in fees and disbursements. No professional fees had been paid as at the date of the report. · party: Interim Receiver (BDO Canada Limited) · amount: 66435 · period: Interim receivership (April 3, 2025 onward) · currency: CAD
- purchaserprice: note: price not stated in the visible text; a deposit of $100,000 is stated · sealed: false · scope: Units 47 and 48, two adjoining condominium bays totalling 2,685 square feet · status: proposed · name note: purchaser of Units 47 and 48 not named in the visible portion of the report; sale agreement dated June 18, 2025 · structure: real_property · name source: recital · relationship: unstated · agreement date: 2025-06-18
- receipts cumulativenote: Total receipts for the interim receivership period: receiver's borrowings $20,000, cash on hand $7,750, accounts receivable $1,100, interest $28. · since: April 3, 2025 (to April 24, 2025) · amount: 28878 · currency: CAD
- report date23 June 2025
- report noFirst Report of the Receiver
- sale advisorRoyal LePage
- sale outcometext: Receiver has entered into the Sale Agreement for Units 47 and 48, subject solely to Court approval, and seeks approval of the Proposed Transaction · scope: parcel · status: pending_approval