Alberta · Receivership (court-appointed)
Application
Application / notice of application · 12 February 2026
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- applicantBusiness Development Bank of Canada
- commencement date2 February 2026
- courtCOURT OF KING'S BENCH OF ALBERTA
- court file no2603-01520
- appointeeMNP Ltd.
- appointee roleReceiver and Manager
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act; section 65(1) of the Alberta Personal Property Security Act; section 49(2) of the Law of Property Act; section 13(2) of the Judicature Act
- secured creditorsnote: Outstanding amount stated as $3,395,570.36 as at Jan 15, 2026, exclusive of BDC's costs, interest accruing at 7.25% p.a.; application separately describes the balance in prose as 'approximately $3,400,000' (para 27(e)) - approximation only, exact dated figure used as amount. Secured also by corporate guarantees of A2Z and AIW (Jan 8, 2019) and a personal guarantee of directors Harkirat Singh Brar and Harpreet Kaur Brar capped at 15% of the outstanding balance as of BDC's demand date (related-party/director guarantors - individuals, not separate corporate creditors). Borrower also in default under a Nov 19, 2025 Forbearance Agreement for interest arrears of $59,115.06 (component of the same Loan, not a separate debt). NOI (s.244 BIA) delivered Oct 17, 2025. · page: 4 · as of: 2026-01-15 · amount: 3395570.36 · debtor: Brar Brothers Ltd. ("Borrower"), with A2Z Liquor Ltd. and Alberta Inn Wetaskiwin Ltd. as co-obligors/guarantors granting collateral security for the same Loan · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Letter of Offer dated Dec 19, 2018 for original principal of $3,556,000.00 (original advance, not balance); Borrower GSA, A2Z GSA and AIW GSA (all dated Jan 8, 2019; PPSA financing statements registered Jan 2, 2019) over all present/after-acquired personal property of each entity; Mortgage dated Jan 8, 2019 registered against Mortgaged Lands Jan 18, 2019 (1st ranking encumbrance); General Assignment of Leases and Rents dated Jan 8, 2019 registered Jan 18, 2019 (2nd ranking encumbrance)
- unsecured creditorsnote: Document does not label this claim as secured or preferred; municipal tax arrears typically carry statutory priority but classification is not addressed in this document. No specific date given for the figure ('presently'). · page: 4 · basis: Stated in the Application as municipal tax arrears and penalties 'presently' due and owing in respect of the Mortgaged Lands · amount: 98818.44 · debtor: Brar Brothers Ltd. ("Borrower") · creditor: Municipality (City of Wetaskiwin) - municipal tax arrears · currency: CAD