2358573 Alberta Ltd., Receivership

2358573 Alberta Ltd., which owns certain tenanted commercial real estate in Edmonton, Alberta, was placed into receivership on August 26 on application by BDC, owed approximately $4.3 million.

BDC had provided the company with financing for the purchase of the commercial lands and to pay for the tenant improvements. However, the company became unable to meet its obligations as they came due as a result of a shareholders’ dispute, with ongoing litigation between the controlling minds of the company causing balances (including significant property tax arrears) to go unpaid.

D. Manning & Associates is the receiver.

Counsel is McLennan Ross for BDC and Witten for the receiver.