Alberta · Receivership (court-appointed)
Receiver's Second Report (Unfiled)
Court officer report · 19 October 2026
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 filing13 verified
- secured creditorsnote: Deemed trust class; ranks ahead of 5 Star Products' secured creditors on personal property sale proceeds and is subordinate only to the Receiver's Charge and Receiver's Borrowings Charge. No funds remain in the 5 Star Products estate to pay it. No corresponding claim against 5 Star Holding (no employees). Amount as filed per First Report. · page: 9 · amount: 816486.44 · debtor: 5 Star Services and Products Inc. · creditor: Canada Revenue Agency (CRA) — Deemed Trust Claim (source deductions) · currency: CAD · security: Deemed trust on unremitted source deductions
- secured creditorsnote: Regulatory/statutory priority portion of Service Canada's total claim of $98,420.33. No remaining funds in 5 Star Products estate to pay it. · page: 9 · amount: 29657.36 · debtor: 5 Star Services and Products Inc. · creditor: Service Canada (WEPPA) — BIA s.81.4 priority claim · currency: CAD · security: BIA section 81.4 priority claim in respect of WEPPA
- unsecured creditorspage: 9 · basis: CRA claim as filed, per First Report · amount: 6115.76 · debtor: 5 Star Operations Holding Ltd. · creditor: Canada Revenue Agency — corporate income tax · currency: CAD
- unsecured creditorspage: 9 · basis: CRA claim as filed, per First Report · amount: 8883.8 · debtor: 5 Star Services and Products Inc. · creditor: Canada Revenue Agency — corporate income tax · currency: CAD
- unsecured creditorsnote: Unsecured portion of source deductions, distinct from the $816,486.44 Deemed Trust Claim. · page: 9 · basis: CRA claim as filed, per First Report · amount: 547711.16 · debtor: 5 Star Services and Products Inc. · creditor: Canada Revenue Agency — non-deemed trust portion of unremitted source deductions · currency: CAD
- unsecured creditorsnote: GST claim ranks as unsecured in the bankruptcies. · page: 9 · basis: CRA claim as filed, per First Report · amount: 24891.19 · debtor: 5 Star Operations Holding Ltd. · creditor: Canada Revenue Agency — GST · currency: CAD
- unsecured creditorsnote: Total claim $98,420.33, of which $29,657.36 is the BIA s.81.4 WEPPA priority claim; the remainder is not separately described in this report (not computed here). · page: 9 · basis: Service Canada claim as filed, per First Report · debtor: 5 Star Services and Products Inc. · creditor: Service Canada — unsecured/non-priority balance of claim · currency: CAD
- unsecured creditorsnote: GST claim ranks as unsecured in the bankruptcies. · page: 9 · basis: CRA claim as filed, per First Report · amount: 47431.83 · debtor: 5 Star Services and Products Inc. · creditor: Canada Revenue Agency — GST · currency: CAD
- secured creditorsnote: Repaid first in the Receiver's Proposed Distribution. Receiver's Borrowings Charge and Receiver's Charge rank ahead of the Deemed Trust Claim. · page: 10 · as of: 2026-10-26 · amount: 41287.69 · debtor: 5 Star Operations Holding Ltd. and 5 Star Services and Products Inc. (Receiver's Borrowings) · creditor: Bank of Montreal (BMO) — Receiver's Borrowings · currency: CAD · security: Receiver's Borrowings Charge; principal $40,000.00 plus interest $1,287.69.
- secured creditorsnote: Legal and enforcement costs inclusive of costs to close, per payout statement. · page: 10 · as of: 2026-10-26 · amount: 6500 · debtor: 5 Star Operations Holding Ltd. and 5 Star Services and Products Inc. · creditor: Bank of Montreal (BMO) — legal and enforcement costs · currency: CAD · security: BMO Security
- secured creditorsnote: Cross-collateralized with 5 Star Holding. After proposed distribution and holdbacks, BMO Indebtedness expected to have a shortfall of approximately $198,293.52. BMO is the sole secured creditor identified by Land Titles and PPR searches. · page: 10 · as of: 2026-10-26 · amount: 774156.1 · debtor: 5 Star Services and Products Inc. · creditor: Bank of Montreal (BMO) — 5 Star Products loans (two BMO loans) · currency: CAD · security: General security interest over all personal property of 5 Star Products and 5 Star Holding; opined valid and enforceable, subject to priority claims (CRA Deemed Trust Claim ranks ahead on personal property proceeds). Outstanding balance $727,628.60 plus interest $46,527.50; per diem $124.61.
- secured creditorsnote: Part of total BMO Indebtedness of $3,002,117.71 per payout statement (stated total includes legal/enforcement costs of $6,500.00, which are not separately an entry here). BMO security is cross-collateralized between 5 Star Holding and 5 Star Products; any shortfall in one estate may be recovered from the other. Proposed distribution text states $2,227.961.61 for this item (likely includes the $6,500 costs). · page: 10 · as of: 2026-10-26 · amount: 2221461.61 · debtor: 5 Star Operations Holding Ltd. · creditor: Bank of Montreal (BMO) — 5 Star Holding mortgage over the Lands · currency: CAD · security: Mortgage registered against the Lands (123 Cree Road, Sherwood Park, AB); first-ranking per proposed distribution. Outstanding balance $2,116,058.18 plus interest $105,403.43; per diem $267.98. Payout statement dated October 12, 2026 states balance as of October 26, 2026. Counsel opined mortgage valid and enforceable.
- recovery outcomeentries: basis: estimated · quote: a) a distribution to BMO in the amount of $41,287.69 related to the repayment of the Receiver's Borrowings ; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 41287.69 · cumulative: false · amount high: 41287.69 · class label: BMO (Receiver's Borrowings) · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: b) a distribution to BMO in the amount of $2,227.961.61 in respect of the 5 Star Holding first ranking BMO Mortgage; and · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 2227961.61 · cumulative: false · amount high: 2227961.61 · class label: BMO (5 Star Holding first ranking BMO Mortgage) · creditor name: BMO · interim final: interim · claims qualifier: unstated; basis: estimated · quote: c) a distribution to BMO in the amount of $575,862.58 which represents the remaining funds available to distribute and relates to the indebtedness of 5 Star Products pursuant to the cross-collateralization of the BMO Security. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 575862.58 · cumulative: false · amount high: 575862.58 · class label: BMO (indebtedness of 5 Star Products, cross-collateralization) · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: After the Receiver's Proposed Distribution and establishment of the Receiver's Holdback and Bankruptcy Holdback, the BMO Indebtedness is expected to have a shortfall of approximately $198,293.52. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BMO Indebtedness · creditor name: BMO · interim final: unstated · conditional on: after the Receiver's Proposed Distribution and establishment of the Receiver's Holdback and Bankruptcy Holdback · claims qualifier: unstated · shortfall amount: 198293.52 · stated on: 2026-10-19 · table missing: