Alberta · Receivership (court-appointed)
Receiver Second Report, dated October 28, 2025
Court officer report · 28 October 2025
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What we verified from this filing12 verified
- cash on handnote: Exclusive of deposits held by the Auctioneer and Purchaser, disclosed only in the Confidential Supplement. · as at: 2025-09-30 · amount: 489610 · currency: CAD · qualifier: approximately
- disbursementsnote: Prepared on a cash basis; does not include accruals for unpaid receipts/disbursements. Also notes $308,535 in outstanding professional fees deferred but not yet paid. · since: October 15, 2024 (Receivership Date) · amount: 2152191 · currency: CAD
- operational summaryThe Receiver continued operating the Shavings Business during the receivership to support a turn-key sale but terminated its operations on October 10, 2025 following completion of the Sales Process; the Mulch and Fabrication businesses had already ceased or were discontinued.
- process resultsnote: 12 auctioneers and 59 potential purchasers were solicited; offers/proposals were due by the Bid Deadline of September 19, 2025. · as of: 2025-09-19 · solicited: 71
- professional feesnote: Plus disbursements and GST; Receiver's legal counsel incurred additional fees of approximately $55,448 (plus disbursements and GST) from May 1, 2025 to August 31, 2025. · party: Receiver (BDO Canada Limited) · amount: 186988 · period: July 1, 2025 to September 30, 2025 · currency: CAD
- purchaser2211824 Alberta Ltd. and 1578646 Alberta Ltd.; McDougall Auctioneers Ltd.
- receipts cumulativenote: Includes cash on hand opening balance of $90,932. · since: October 15, 2024 (Receivership Date) · amount: 2641801 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: As a result, the Receiver is seeking the Court's approval of a distribution of the BDC Payout as described above, however given the uncertainty surrounding the amount of post-receivership obligations, the Receiver proposes to issue an interim distribution to BDC in the amount of $1,150,000 following the conclusion of the Proposed Transactions, with the balance to be withheld and remitted to BDC pending the completion of the Post-Receivership Claims Process (defined below) (the ' Proposed Distribution '). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1150000 · cumulative: false · amount high: 1150000 · class label: BDC · creditor name: BDC · interim final: interim · conditional on: with the balance to be withheld and remitted to BDC pending the completion of the Post-Receivership Claims Process · claims qualifier: unstated; basis: estimated · quote: In the event that the Court grants the requested relief herein and the Proposed Transactions are concluded by the Receiver, the Receiver anticipates having sufficient available net proceeds to fully satisfy the claims of secured creditors outlined above, although as discussed below, there is a minimal amount of uncertainty given current pending claims for post-receivership obligations. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: secured creditors · interim final: unstated · conditional on: in the event that the Court grants the requested relief herein and the Proposed Transactions are concluded · claims qualifier: unstated; basis: unstated · quote: However, the Receiver requires confirmation with certainty of the value of amounts owing by the Companies (if any) for post-receivership obligations incurred by the Receiver to enable it to determine the extent of distributable proceeds and recoveries to unsecured creditors (if any), the Receiver is seeking court approval of a process (the ' PostReceivership Claims Process ') with the following material steps and timelines: · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-10-28 · table missing: Additional confidential details of the Sales Process including, but not limited to, summary details of offers and auction proposals received are included in the Confidential Supplement to the Second Report.
- report date28 October 2025
- report noSecond Report
- sale advisorMcDougall Auctioneers Ltd.
- sale outcometext: Receiver negotiated and entered into the Sale Agreement and Auction Agreement, subject to Court approval; the Receiver recommends the Court approve both. · scope: whole_business · status: pending_approval