December 13, 2022

Filing Type:

Company Counsel: MLT Aikins

Trustee: MNP

Trustee Counsel: McLennan Ross

Applicant: Mike Priestner Real Estate Inc. and MPRE GP Dev Inc.

Applicant Counsel: Dentons



2399430 Alberta Ltd. and 2399449 Alberta Ltd., which collectively own four properties in Edmonton, Alberta, were placed in receivership on December 13, on application by Mike Priestner Real Estate Inc. and MPRE GP Dev Inc., owed approximately $16.3 million by the companies collectively. In addition to defaulting on the mortgages granted by the applicants, the companies have allowed significant tax arrears to become due and owing on the properties. Since the granting of the mortgages, the companies have only made one global payment of $140,000 towards the indebtedness owing to the applicants, and have made no payments since July 20, 2022. MNP was appointed receiver. Dentons is counsel for the applicants, MLT Aikins is counsel for the companies, McLennan Ross is counsel for the receiver and Blakely & Dushenski is counsel for three individual subsequent encumbrances.

By Dina Milivojevic