2418381 Alberta Ltd. o/a Alberta Marine and 612578 Alberta Ltd. o/a Western Recreational Products, which operate as power sports dealerships in the towns of Nanton, Alberta, and Fallis, Alberta, respectively, were placed into receivership on July 17 on application by Wells Fargo Capital Finance Corporation Canada, owed approximately $1 million.

Wells Fargo had provided financing for purchases of floor inventory to all three companies. However, all three ceased to meet their obligations as they came due and had significant amounts of inventory sold out of trust.

BDO is the receiver.

Counsel is Parlee McLaws for Wells Fargo, Witten for the receiver and Bishop McKenzie for BDC.