Alberta · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 18 September 2025
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 filing8 verified
- report date18 September 2025
- report noThird Report
- operational summaryThe Receiver continued to operate Special D's donut manufacturing business, financed operations through collection of accounts receivable after exhausting the $700,000 borrowing certificate, conducted the Amended SISP process (including negotiations with Finalist Bidders and the collapse of a transaction with the Winning Bidder), negotiated a sale of the 59 Ave Building, and addressed creditor matters including a CRA GST re-assessment proposal and property claims.
- professional feesamount: 244043.88 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Alexander May; Bryce Romanko; Dan McCulloch; Evan MacKinnon; Jessica Murray; Karen Zahacy; Matt McCulloch; Serena Daniels; Trina Sorbara; fees: 269880 · hours: 629.8 · quote: Total Fees | 629.80 | | 269,880.00 · row kind: subtotal · rate kind: standard · name as stated: Total Fees · money: fees: quote: Total Fees | 629.80 | | 269,880.00 · amount: 269880 · total: quote: Total Interim Accrued Fees & Expenses | | | 244,043.88 · amount: 244043.88 · includes disbursements: true · approximate: false · disbursements: quote: Expenses | | | 1,151.88 · amount: 1151.88 · period: end: 2025-09-05 · kind: interim · label: Update Period · quote: for the period of August 9, 2025, to September 5, 2025 (the ' Update Period ') · start: 2025-08-09 · approval: quote: Receiver is requesting that this Honorable Court approve the second iteration of the Receiver's interim accrued fees and expenses in advance of billing for the period of August 9, 2025, to September 5, 2025 · state: sought · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. · hours total: quote: Total Fees | 629.80 | | 269,880.00 · value: 629.8 · context quote: the Court of King's Bench of Alberta (the 'Court' ) granted an Order (the ' Receivership Order' ) appointing Ernst & Young Inc. (hereinafter referred to as 'EY' or the 'Receiver' ) as receiver · discount note: text: Courtesy Discount · quote: Courtesy Discount | | - | 26,988.00; form: invoice_listing · rows: · money: tax: label: GST · quote: GST | $5,407.67 · amount: 5407.67 · fees: quote: Fees | $119,750.00 · amount: 119750 · total: quote: Total Amount Due | $113,796.42 · amount: 113796.42 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Costs (Taxable) | $378.30 · amount: 378.3 · period: kind: invoice · quote: RE: RECEIVERSHIP ON SPECIAL D BAKING · approval: state: unstated · averages: · currency: code: CAD · quote: Currency: CAD · invoices: tax: 5407.67 · date: 2025-08-29 · fees: 119750 · quote: Invoice Date: August 29, 2025 · total: 113796.42 · disbursements: 378.3 · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. · context quote: the Court of King's Bench of Alberta (the 'Court' ) granted an Order (the ' Receivership Order' ) appointing Ernst & Young Inc. (hereinafter referred to as 'EY' or the 'Receiver' ) as receiver · discount note: text: Courtesy Discount · quote: Courtesy Discount | ($11,975.00)
- process resultsbids: 10 · note: As of September 2, 2025, a total of 10 bids were submitted to the Receiver by participants in the Amended SISP; none initially met the definition of a Qualified Purchase Bidder. · as of: 2025-09-02 · solicited: 202
- purchaserprice: sealed: false · scope: the 59 Ave Building · status: proposed · name note: offeror under the 59 Ave OTP for the 59 Ave Building, unnamed · structure: real_property · name source: recital · relationship: unstated; price: sealed: true · scope: the Special D Assets, comprised of the Factory, any LAC personal property associated with the Factory, and the Special D Assets · status: not_completed · name note: the Winning Bidder under the Amended SISP; transaction collapsed · structure: assets · name source: recital · relationship: unstated
- sale outcometext: The Amended SISP transaction with the Winning Bidder collapsed after the Receiver lost confidence in the bidder's ability to close. · scope: whole_business · status: not_completed