Alberta · Receivership (court-appointed)
Receiver's Third Report to the Court
Court officer report · 2 April 2020
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
- closing confirmedscope: the Storage Yard · outcome: completed · date basis: unstated; scope: the 76 Avenue Property · outcome: completed · date basis: unstated; scope: the 67 Avenue property · outcome: completed · date basis: unstated; scope: the 105 Street property · outcome: completed · date basis: unstated
- disbursementsnote: Schendel Management Ltd. total disbursements; Mechanical $6,253,892.52; 687772 Alberta Ltd. $74,922.80. · since: July 19, 2019 (to March 25, 2020) · amount: 3362388.78 · currency: CAD
- operational summaryThe receivership is winding down real estate holdings: three Grande Prairie residences and the Edmonton storage yard have sold, while the Fort McMurray Galt residence is under a court-approval sale and the head office and Red Deer condo remain listed with no offers.
- professional feesnote: Receiver's fees and disbursements per Management's R&D; other estates: Mechanical $313,375.34, 687 $1,534.68. Management legal fees and expenses $15,936.26 (Mechanical $363,864.03). Tax treatment not stated. · party: Receiver (PwC) - Schendel Management Ltd. · amount: 30041.2 · period: July 19, 2019 to March 25, 2020 · currency: CAD
- purchaserprice: basis: cash · amount: 426500 · sealed: false · currency: CAD · scope: the Galt Property (162A Galt Place, Fort McMurray), the last remaining residential property owned by Management · status: proposed · name note: buyer of the Galt Property not named in the visible text · structure: real_property · name source: operative · relationship: unstated; price: basis: cash · amount: 2434700 · sealed: false · currency: CAD · scope: Storage Yard (20304 113 Ave NW, Edmonton) · status: closed · name note: purchaser of the Storage Yard not named · structure: real_property · name source: operative · relationship: unstated; price: basis: cash · amount: 304900 · sealed: false · currency: CAD · scope: 76 Avenue residential property (Grande Prairie) · status: closed · name note: purchaser not named · structure: real_property · name source: operative · relationship: unstated; price: basis: cash · amount: 330000 · sealed: false · currency: CAD · scope: 67 Avenue residential property (Grande Prairie) · status: closed · name note: purchaser not named · structure: real_property · name source: operative · relationship: unstated; price: basis: cash · amount: 325000 · sealed: false · currency: CAD · scope: 105 Street residential property (Grande Prairie) · status: closed · name note: purchaser not named · structure: real_property · name source: operative · relationship: unstated
- receipts cumulativenote: Schendel Management Ltd. total receipts; Mechanical $7,192,409.26; 687772 Alberta Ltd. $100,976.17. · since: July 19, 2019 (to March 25, 2020) · amount: 3599157.82 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Receiver proposes to make an interim distribution to ATB up to a maximum of $390,000 representing estimated net realizations on the sale of the Galt Property. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · cumulative: false · amount high: 390000 · class label: ATB Financial (principal secured creditor of Management) · creditor name: ATB Financial · interim final: interim · conditional on: subject to Court approval and closing of the sale of the Galt Property; up to a maximum of $390,000 · claims qualifier: unstated · stated on: 2020-03-31 · table missing:
- report date31 March 2020
- report noThird Report
- sale advisorRe/Max; Colliers
- sale outcometext: Receiver seeks court approval of the offer on the Galt Property, the last remaining residential property; head office and Red Deer properties remain listed with no offers. · scope: parcel · status: pending_approval