Bennette Chase: forty interested parties and no sale

The asset at the centre of this receivership is a two-bay car wash, a four-pump gas bar and a convenience store totalling 2,638 square feet on a 0.35-acre corner lot at 3101 34 Avenue SE in Calgary, per the First Report of the Receiver, Sept. 8, 2026, para. 8. It has not sold. It has also not opened: "The Receiver has never operated the Gas Station since taking possession on April 1, 2026," per the First Report of the Receiver, Sept. 8, 2026, para. 9.

Bennette Chase Inc. was incorporated in Alberta on August 29, 2018 and is owned by two shareholders who are also its directors, Amir Manzoor at 10% and Muhammad Immad Manzoor at 90%, per the First Report of the Receiver, Sept. 8, 2026, para. 3. Servus Credit Union Ltd., formerly Connect First Credit Union Ltd., advanced a $100,000 demand operating loan and a $1,300,000 commercial mortgage loan under a commitment letter of November 5, 2021 and a loan agreement of December 3, 2021, secured by a general security agreement, a collateral mortgage of $1,400,000 over the lands, an assignment of rents and leases and an assignment of insurance, per the Affidavit of W.J. Moore, sworn Mar. 3, 2026, paras. 7–8.

Ten months between the demand and the application

Servus demanded repayment and issued its s. 244(1) notice of intention to enforce security on or about May 29, 2025, per the Affidavit of W.J. Moore, sworn Mar. 3, 2026, para. 15. The application to appoint a receiver was not filed until March 23, 2026. The affidavit explains the gap as forbearance that went nowhere: management kept asking for more time to refinance, "and no concrete deliverables evidencing a firm commitment from a lender has been provided to Servus during this time," per the Affidavit of W.J. Moore, sworn Mar. 3, 2026, para. 18.

The grounds Servus advanced were a mix of default and lost confidence. Alongside the arrears it pointed to "a history of delays, failure to meet reporting requirements and not-sufficient funds transactions," to management's failure to disclose key contracts and supply agreements, and to a specific complaint that management "appear to have opened operating accounts at another financial institution in order to operate the business and have failed to disclose which financing institution they are now banking with," per the Affidavit of W.J. Moore, sworn Mar. 3, 2026, para. 20(c) and the Application (Appoint Receiver), Mar. 23, 2026, para. 14. It also raised the concern that attends every gas station: "material concerns related to the preservation of the Mortgaged Lands due to the potential environmental issues that accompany the operation of a gas station, if not managed properly," per the Bench Brief of Servus Credit Union Ltd., Mar. 23, 2026, para. 17(c).

Justice D.R. Mah appointed MNP Ltd. receiver on April 1, 2026 under s. 243(1) of the BIA and s. 13(2) of Alberta's Judicature Act, with a Receiver's Charge capped at $300,000 and a borrowing charge capped at the same, per the Receivership Order, Apr. 1, 2026, paras. 2, 18, 21. The indebtedness stood at $1,312,914.58 as at February 11, 2026, per the Application (Appoint Receiver), Mar. 23, 2026, para. 11. Book assets were reported at $2,187,841 — plant and equipment $1,508,386, advances and investments $375,000, inventory $281,455 and $23,000 due from related parties — with the caution that realizable values may differ materially, per the Notice and Statement of the Receiver, Apr. 9, 2026, item 4.

A textbook marketing campaign that produced nothing

The receiver did the process properly and the report says so in detail. It sent a request for proposals to ten commercial real estate brokers on April 7, received five proposals by April 24, and engaged NAI Commercial Real Estate Inc., executing a listing agreement on May 14, per the First Report of the Receiver, Sept. 8, 2026, paras. 20–22.