Arres Capital Inc.
On July 26, 2017, the Court of Queen’s Bench of Alberta (the “Court”) affirmed an Order (the “Receivership Order”) whereby Alvarez & Marsal Canada Inc. (“A&M”) was appointed receiver (the “Receiver”) of Arres Capital Inc. (“Arres”) pursuant to Part 9 of Civil Enforcement Act, R.S.A. 2000, c. C-15. The effective date of the Receivership Order (date of pronouncement) is February 13, 2015.
Pursuant to the Receivership Order, the Receiver is appointed, without security, of all of Arres’ current and future Exigible Property, as defined in the Receivership Order, wherever situate, including all proceeds thereof.
On July 26, 2017, the Court also granted an Order (the “Bankruptcy Order”) to adjudge Arres into Bankruptcy. A&M was appointed as trustee of the estate of the bankrupt (Arres), without security.
Arres is a mortgage brokerage firm and acts as a manager and trustee for investors in various mortgages issued by Arres. The Applicant in the Receivership matter (Access Mortgage Corporation (2004) Limited) is an investor in numerous mortgages advanced by Arres to third party borrowers.