Alberta · Receivership (court-appointed)
Receiver's Sixth Report to Court
Court officer report · 23 May 2025
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What we verified from this filing13 verified
- cash on handnote: Two separate trust balances stated: $2,269 held for 430 Alberta and $399,578 held for 449 Alberta; not summed. · as at: 2025-05-09 · currency: CAD
- closing confirmedscope: Sask Drive · outcome: completed · effective: 2024-08-12 · purchaser: Academy of Healthcare Services Inc. · date basis: stated · approval order date: 2024-06-11; scope: Jasper Ave and the Jasper Ave Personal Property · outcome: completed · effective: 2023-05-31 · date basis: stated · approval order date: 2023-05-01
- disbursementsnote: Stated separately by entity: 430 Alberta disbursements $488,652 (including distributions to Priestner of $4,346,728... actually distributions included within receipts/disbursements totals); 449 Alberta disbursements $1,568,227. · since: December 13, 2022 · currency: CAD
- operational summaryThe Receiver continues to maintain and market the remaining properties (Harvest and Scona Garage) following the earlier sales of Jasper Ave and Sask Drive, and is seeking court approval of an accepted offer to sell the Harvest property along with an interim distribution to the secured creditor GP.
- process resultsbids: 2 · note: 38 inquiries from qualified purchasers, two formal offers generated for Harvest · qualified bids: 2
- professional feesnote: Excludes GST; with GST and nil disbursements total is $64,329. Separately, legal fees of McLennan Ross for April 3, 2024 to November 29, 2024 were $23,680 plus $1,093 disbursements ($25,979 total with GST). · party: Receiver (MNP Ltd.) · amount: 61266 · period: May 1, 2024 to March 31, 2025 · currency: CAD
- purchaserYouth Canada Association (YOUCAN!); Academy of Healthcare Services Inc.
- receipts cumulativenote: Stated separately by entity: 430 Alberta receipts $4,837,648; 449 Alberta receipts $4,067,804. Not summed per instructions. · since: December 13, 2022 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Following the closing of the transaction approved in the Approval and Vesting Order granted in these proceedings on June 11, 2024, the Receiver is authorized and directed to make an interim distribution of the subject sale proceeds by paying to MPRE, as the first priority secured creditor of 2399449 Alberta Ltd. the amount of $2,100,000.00. · pct of: unstated · outcome: distribution · class key: secured · stated by: court · amount low: 2100000 · cumulative: false · amount high: 2100000 · class label: MPRE, as the first priority secured creditor of 2399449 Alberta Ltd. · creditor name: Mike Priestner Real Estate Inc. · interim final: interim · conditional on: Following the closing of the transaction approved in the Approval and Vesting Order granted in these proceedings on June 11, 2024 · claims qualifier: unstated · stated on: 2024-06-11 · table missing:
- report date23 May 2025
- report noSixth Report
- sale advisorNAI
- sale outcometext: Approval sought for sale of Harvest to YOUCAN!/its Nominee; Sask Drive and Jasper Ave sales already closed; Scona Garage unsold with no pending offers · scope: parcel · status: pending_approval