Alberta · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 5 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 filing13 verified
- secured creditorsnote: Amount stated as 'approximate' ($12,200,000) as of the Receivership Date. FCC is also the holder of Receiver's Certificates (Receiver's Borrowings Charge ranks ahead of FCC's pre-filing security) and supports/will fund the requested increase to $1,000,000. · page: 5 · as of: Receivership Date (April 17, 2026) · amount: 12200000 · debtor: IGY Immune Technologies & Life Sciences Inc., IGY Life Sciences Manufacturing Inc., IGY Life Sciences USA, Inc. (collectively) · creditor: Farm Credit Canada · currency: CAD · security: Senior secured creditor of IGY; main assets are the Airdrie, Alberta Facility (real property) and equipment/machinery therein
- unsecured creditorsnote: Deemed-trust class (GST/source deductions) under examination/audit; no stated amount owing. · page: 7 · basis: Receiver reports communications with CRA regarding GST and source deduction trust examinations and a GST audit; no indebtedness amount stated · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Existence of claims only; no amounts stated. WEPP claims are wage-related (potentially preferred) — class not characterized in the document. · page: 7 · basis: Receiver reports ongoing communications with Service Canada and former employees regarding WEPP and each employee's claim; no amount stated · creditor: Former employees (WEPP claimants, including one U.S.-based employee) · currency: CAD
- secured creditorsnote: Post-filing receivership borrowings, not pre-filing debt. Principal authorized and fully drawn is $500,000 (Third Receiver's Certificate of $100,000 issued July 21, 2026, interest at 5.7% above prime, payable on demand); the Receiver seeks an increase to a maximum of $1,000,000. Interest accrual not stated. · page: 11 · as of: 2026-10-02 · amount: 500000 · debtor: Receiver (charge over the whole of the Property) · creditor: Farm Credit Canada (as Lender under Receiver's Certificates; Receiver's Borrowings Charge) · currency: CAD · security: Receiver's Borrowings Charge — fixed and specific charge over the whole of the Property, in priority to the security interests of any other person (subject to priority of Order charges and the BIA)
- cash on handas at: 2026-10-02 · amount: 46971 · currency: CAD
- disbursementsnote: Reporting Period (May 30 to October 2, 2026) disbursements were $300,822. · since: April 17, 2026 (receivership period to date, to October 2, 2026) · amount: 521412 · currency: CAD
- operational summaryThe SISP was terminated after no Phase 2 qualified bids were received, and the Receiver has begun an alternative realization process (auction, realtor or other means) for the property while securing the facility and collecting rent from an upper-floor tenant. The Receiver seeks to double its borrowing charge from $500,000 to $1,000,000 because rental income is insufficient to cover costs.
- process resultslois: 3 · ndas: 5 · note: Three non-binding LOIs received by Phase 1 Bid Deadline of July 17, 2026; all three advanced to Phase 2; one withdrew July 29, 2026; no Phase 2 Qualified Bids received from the remaining two. · solicited: 65 · qualified bids: 0
- professional feesnote: Exclusive of GST; comprised of $107,443.0 in fees and $1,195.4 in expenses. Receiver's Counsel (McCarthy Tétrault) fees and expenses for May 23, 2026 to September 28, 2026 total $40,956.1 (exclusive of GST), comprised of $40,157.5 in fees and $798.6 in expenses. · party: Receiver (Alvarez & Marsal Canada Inc.) · amount: 108638.4 · period: June 1, 2026 to September 26, 2026 · currency: CAD
- receipts cumulativenote: Table column 'Receivership Period to Date' excludes the Receiver's borrowings of $500,000, which are shown separately. The report's narrative states receipts for the Reporting Period (May 30 to October 2, 2026) of $126,961 (including $100,000 of borrowings), whereas the table shows Total Receipts of 26,961 for that period. · since: April 17, 2026 (receivership period to date, to October 2, 2026) · amount: 68383 · currency: CAD
- report date5 October 2026
- report noSecond Report of the Receiver
- sale outcometext: The SISP was terminated after no Phase 2 Qualified Bids were received; the Receiver has commenced an Alternative Realization Process (auction, realtor or sales agent, or other means) for the Property. · scope: whole_business · status: no_acceptable_bid