Alberta · Interim receivership
Receiver’s Seventh Report, dated October 15, 2026
Court officer report · 15 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 filing16 verified
- secured creditorsnote: Amount is the Receiver's approximate understanding of the balance secured ('approximately $1.5 million'). Receiver was only provided evidence of $900,000 in advances to Investments and did not investigate further. $500,000 distributed July 30, 2026 Order; approximately $295,000 further proposed final distribution, leaving an expected shortfall of approximately $705,000 and no distribution to unsecured creditors of Investments. · page: 11 · as of: 2026-06-16 · amount: 1500000 · debtor: Mahindra Investments (AB) Ltd. · creditor: Kamaljit Dhillon and Harminder Sidhu (the "Second Mortgagee") · currency: CAD · security: Second-ranking mortgage over Units 47 and 48; counsel confirmed security valid and enforceable subject to customary qualifications
- secured creditorsnote: Amount is the net vehicle sale proceeds held in trust by the Receiver (sale price $153,095 less $11,103 repair and selling costs), not a stated debt balance. $142,999 distributed to Yes Plan (net proceeds plus accrued interest) following July 30, 2026 Order. Yes Plan also applied to bankrupt Jewellers (Dec 17, 2025). · page: 11 · as of: 2025-12-10 · amount: 141992 · creditor: Yes Plan Auto Finance Inc. · currency: CAD · security: Second-ranking security interest in respect of a vehicle; counsel confirmed security valid and enforceable
- secured creditorsnote: Status is PAID IN FULL, not outstanding: amount is the final distribution made after the July 30, 2026 Order, 'representing payment of the RBC debt against the Companies in full'. RBC had advised ~$1.1 million owed in respect of Investments as at May 27, 2026, plus ongoing interest and costs. Earlier distributions: interim $4.9 million (Jan 2026), and July 30, 2026 distributions totalling $6,154,956 including $205,000 repayment of Receiver's borrowings; cumulative RBC payments per statement of R&D $5,961,456. Report is internally inconsistent on the July 2026 total (para 31(r) says $6,154,956 incl. $205,000 borrowings repayment; para 59 says $5,961,456 distributed to RBC in full satisfaction). · page: 11 · as of: 2026-07-30 · amount: 1061456 · debtor: Mahindra Investments (AB) Ltd. and Mahindra Jewellers (AB) Ltd. (cross-collateralized) · creditor: Royal Bank of Canada · currency: CAD · security: First collateral mortgage over all of Investments' real property; registered security interest in all of the Companies' present and after-acquired personal property; legal counsel confirmed security valid and enforceable subject to customary qualifications
- unsecured creditorsnote: As a result of Jewellers' bankruptcy, CRA's GST claim against Jewellers is unsecured (deemed trust no longer applies). CRA's deemed trust claims for payroll source deductions (Jewellers and Investments) and GST (Investments) were paid in full (statement of R&D: $77,339 source deductions, $5,213 GST). · page: 12 · basis: Receiver's report; amount not stated · debtor: Mahindra Jewellers (AB) Ltd. · creditor: Canada Revenue Agency (GST claim against Jewellers) · currency: CAD
- cash on handnote: Held between Jewellers and Investments, following the Court-approved distributions; the statement period runs to October 7, 2026. Jewellers $219,141; Investments $351,271. · as at: 2026-10-07 · amount: 570412 · currency: CAD
- closing confirmedscope: Units 47 and 48 · outcome: completed · effective: 2025-07-31 · date basis: stated · approval order date: 2025-06-30; scope: Units 87 and 88 (original sale agreement) · outcome: not_completed · effective: 2025-10-02 · date basis: stated · approval order date: 2025-08-14; scope: Unit 3 · outcome: completed · effective: 2025-11-27 · date basis: stated · approval order date: 2025-11-05; scope: Units 87 and 88 (sale to a new purchaser) · outcome: completed · effective: 2025-11-28 · date basis: stated · approval order date: 2025-11-05; scope: the High River Property · outcome: completed · effective: 2026-01-15 · date basis: stated · approval order date: 2025-12-17; scope: Units 171, 175, and 179 · outcome: completed · effective: 2026-07-30 · date basis: stated · approval order date: 2026-07-16
- disbursementsnote: Statement presented in $000's: total disbursements 1,615 (Jewellers 471; Investments 1,144); detailed Appendix A shows $1,615,113. Excludes payments to secured creditors of $6,604 thousand. · since: April 3, 2025 (interim receivership order) · amount: 1615000 · currency: CAD
- operational summaryThe Receiver has realized all known assets (jewellery inventory, vehicles and real property), paid CRA deemed trust claims and RBC in full, and made distributions to Yes Plan and the Second Mortgagee. Remaining duties are final administrative matters and seeking discharge; the Second Mortgagee faces a shortfall and there will be no distribution to Investments' unsecured creditors.
- professional feesnote: Fees only; plus disbursements of $522 and GST of $17,379 (total $364,958). Excludes the Interim Receiver's fees of $66,435 plus GST already approved June 30, 2025. Additional Receiver fees, disbursements and taxes sought to a maximum of $40,000. Receiver's legal counsel Dentons: fees $155,321, disbursements $11,845, GST $8,318 (total $175,485), plus up to $30,000 more; excludes interim-period legal fees of $11,537.45 plus taxes. · party: BDO Canada Limited (Receiver) · amount: 347057 · period: April 25, 2025 to July 31, 2026 · currency: CAD
- purchaserprice: sealed: false · scope: Units 47 and 48 · status: closed · name note: purchaser of Units 47 and 48, not named in the visible text · structure: real_property · name source: operative · relationship: unstated; price: sealed: false · scope: Units 87 and 88 (original sale agreement) · status: terminated · name note: original purchaser of Units 87 and 88, not named in the visible text · structure: real_property · name source: operative · relationship: unstated; price: sealed: false · scope: Units 87 and 88 (sale to a new purchaser) · status: closed · name note: new purchaser of Units 87 and 88, not named in the visible text · structure: real_property · name source: operative · relationship: unstated; price: sealed: false · scope: Unit 3 · status: closed · name note: purchaser of Unit 3, not named in the visible text · structure: real_property · name source: operative · relationship: unstated; price: sealed: false · scope: the High River Property · status: closed · name note: purchaser of the High River Property, not named in the visible text · structure: real_property · name source: operative · relationship: unstated; price: sealed: false · scope: Units 171, 175, and 179 · status: closed · name note: purchaser of Units 171, 175, and 179, not named in the visible text · structure: real_property · name source: operative · relationship: unstated; Guardian International Gold Corp
- receipts cumulativenote: Statement presented in $000's: total receipts 8,789 (Jewellers 1,889; Investments 6,900); detailed Appendix A shows $8,789,980. Includes $205,000 advance from secured creditor. · since: April 3, 2025 (interim receivership order) · amount: 8789000 · currency: CAD
- recovery outcomeentries: basis: actual · quote: the Receiver had paid in full CRA's deemed trust claims in respect of payroll source deductions for each of Jewellers and Investments, as well as CRA's deemed trust claim in respect of GST against Investments. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: receiver · class label: CRA's deemed trust claims in respect of payroll source deductions (Jewellers and Investments) and GST against Investments · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: there will be no distribution to unsecured creditors of Investments. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of Investments · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-15 · table missing:
- report date15 October 2026
- report noSeventh Report of the Receiver
- sale advisorBonhams Canada
- sale outcometext: The Receiver has completed the real property sales (Units 47/48, 87/88, 3, High River Property, Units 171/175/179), the Guardian gold refining and the Bonhams auction. · scope: whole_business · status: closed