Alberta · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 31 July 2026
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What we verified from this filing14 verified
- cash on handnote: Referred to as the Receiver's Cash Balance · as at: 2026-07-24 · amount: 4200000 · currency: CAD · qualifier: approximately
- disbursementsnote: No single cumulative 'Total Disbursements' figure stated; report shows Total Operating Disbursements of $7,476,000 and Non-Operating Disbursements Sub-Total of $1,650,000 for the period March 17, 2026 to July 24, 2026. · since: March 17, 2026 (Receivership Date) · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: GST · quote: 19,373.67 · amount: 19373.67 · fees: quote: 378,632.50 · amount: 378632.5 · total: quote: 406,846.96 · amount: 406846.96 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 8,840.79 · amount: 8840.79 · period: end: 2026-06-20 · kind: cumulative · label: Invoice Period · quote: Summary of the Receiver's Statements of Account For the period May 2, 2026 to June 20, 2026 · start: 2026-05-02 · approval: quote: the Receiver seeks approval from this Honourable Court of the respective professional fees and disbursements of the Receiver for the period from May 3, 2026 to June 19, 2026 · state: sought · averages: · currency: · invoices: tax: 7166.29 · fees: 138056.5 · quote: May 2, 2026 to May 16, 2026 | 138,056.50 | 5,269.25 | 143,325.75 | 7,166.29 | 150,492.04 · total: 150492.04 · period end: 2026-05-16 · period start: 2026-05-02 · disbursements: 5269.25; tax: 5756 · fees: 114235.5 · quote: May 17, 2026 to May 30, 2026 | 114,235.50 | 884.41 | 115,119.91 | 5,756.00 | 120,875.91 · total: 120875.91 · period end: 2026-05-30 · period start: 2026-05-17 · disbursements: 884.41; tax: 6451.38 · fees: 126340.5 · quote: May 31, 2026 to June 19, 2026 | 126,340.50 | 2,687.13 | 129,027.63 | 6,451.38 | 135,479.01 · total: 135479.01 · period end: 2026-06-19 · period start: 2026-05-31 · disbursements: 2687.13 · firm text: Alvarez & Marsal Canada Inc. · firm quote: ALVAREZ & MARSAL CANADA INC., in its capacity as the Court-appointed Receiver of the Company, and not in its personal or corporate capacity · context quote: the Receiver seeks approval from this Honourable Court of the respective professional fees and disbursements of the Receiver for the period from May 3, 2026 to June 19, 2026 (the ' Receiver's Interim Taxation Period ')
- operational summaryThe Receiver continued operating the Company's business with existing staff while conducting a court-approved sale process; the Stalking Horse Agreement with McDougall Auctioneers was accepted as the Successful Bid to auction/liquidate substantially all assets, with the ND Facility and the Argentina investment being separately marketed and monetized.
- process resultsbids: 6 · ndas: 29 · note: At the Bid Deadline, the Receiver received six partial bids; however, no bid received (or package of bids received) was deemed to be a Superior Offer. · as of: 2026-07-03 · solicited: 197
- professional feesnote: Exclusive of GST; comprised of $378,632.50 in fees and $8,840.79 in expenses. Receiver's Canadian Counsel's fees and expenses totalled $158,098.15 (exclusive of GST) and Receiver's US Counsel's fees and expenses totalled $92,675.60 CAD (converted from USD at 1.37:1.00). · party: Receiver (Alvarez & Marsal Canada Inc.) · amount: 387473.29 · period: May 3, 2026 to June 19, 2026 (Receiver's Interim Taxation Period) · currency: CAD
- purchaserMcDougall Auctioneers Ltd.
- receipts cumulativenote: Cumulative total receipts from March 17, 2026 to July 24, 2026 per Interim Statement of Receipts and Disbursements (figures in $CAD 000's). · since: March 17, 2026 (Receivership Date) · amount: 11973000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The estimated quantum of the Proposed Interim Distribution is $4.0 million, with additional distributions pending the timing and collection of further accounts receivable; however, this is subject to change based on any changes to the Receiver's assumptions regarding future estate disbursements. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 4000000 · cumulative: false · amount high: 4000000 · class label: Lenders · interim final: interim · conditional on: If the Auction Approval and Vesting Order is approved by the Court; subject to change based on any changes to the Receiver's assumptions regarding future estate disbursements · currency quote: $CAD 000's (1) · claims qualifier: unstated · stated on: 2026-07-31 · table missing:
- report date31 July 2026
- report noSecond Report
- sale advisorMcDougall Auctioneers Ltd.; eXp Realty LLC
- sale outcometext: Stalking Horse Agreement accepted as Successful Bid, no Superior Offer received, Receiver seeking Auction Approval and Vesting Order · scope: whole_business · status: approved
- stalking horseMcDougall Auctioneers Ltd. (14185009)