Alberta · Interim receivership
Interim Receiver's Second Report
Court officer report · 23 March 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 filing14 verified
- cash on handnote: Total balance across the RBC chequing account and the RBC Express account. · as at: 2026-03-15 · amount: 293001.5 · currency: CAD
- disbursementsnote: Stated as approximately; includes ~$150,000 to CRA, ~$70,000 on equipment loans, $49,519.16 to American Express, $40,124 to Canacap, plus payroll and subcontractors. · since: 2025-12-12 (banking activity reviewed Dec 12, 2025 to Mar 15, 2026) · amount: 664522.96 · currency: CAD
- insolvency professionalMatt McCulloch
- insolvency professionalMatt McCulloch
- insolvency professionalSerena Daniels
- insolvency professionalSerena Daniels
- lawyerRyan Zahara
- lawyerRyan Zahara
- operational summaryExcalibur has one remaining project (the Wheatland Project) in its final stages, is not bidding on new general contracting work during the interim receivership, and plans to cut from three drilling crews to one and auction the excess equipment in May 2026.
- professional feesnote: Outstanding unpaid invoices, plus unbilled WIP and disbursements of approximately $25,000. Counsel MLT Aikins LLP has outstanding invoices of $14,390.82 plus unbilled WIP and disbursements of approximately $5,000. None paid as of report date. Tax treatment not stated. · party: Ernst & Young Inc. (Interim Receiver) · amount: 29919.61 · currency: CAD
- receipts cumulativenote: Total deposits during the review period; includes a $350,000 bank draft returned by ATB ($325,000 redeposited, $25,000 retained by counsel as retainer), $57,688.68 from the City of Vegreville, a $50,000 deposit from Deseree Spooner, and Wheatland Project receivables. · since: 2025-12-12 (banking activity reviewed Dec 12, 2025 to Mar 15, 2026) · amount: 686363.1 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Excalibur has advised that sale proceeds are expected to be settled within approximately 21 days following the auction, and that secured lienholders will be paid in full on each applicable asset prior to any distribution of proceeds to Excalibur. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: secured lienholders · interim final: unstated · conditional on: prior to any distribution of proceeds to Excalibur · claims qualifier: unstated · table missing:
- report date23 March 2026
- report noSecond Report