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Stellar One Holdings Ltd./ Podollan Group of Companies

Receivership

Page last updated: May 4, 2022

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.


Status of File as of April 21, 2022

On April 14, 2022, the Receiver filed in BC, by way of an affidavit, a copy of its Ninth Report to the Court seeking approval of a $1.3 million offer received on the Section 13 Lands in Salmon Arm, BC. The application is scheduled for May 5, 2022 in Vancouver, BC. Pursuant to the BC Court’s Covid 19 Notice No. 31, parties who may be interested in submitting a competing bid to the Court for the Section 13 Lands must follow the bid process set out in Notice No. 31. A copy of the Ninth Report and an affidavit of Don Kassa is posted in the Receiver’s Reports section. A copy of Notice No. 31 is posted in the Bid Process section. Interested parties should contact Don Kassa at RE/MAX Vernon.

Status of File as of April 20, 2022

On March 6, 2022, the Receiver of Corporate Ventures accepted a $1,300,000.00, unconditional offer (effective March 9, 2022) for the Section 13 Lands located in Salmon Arm, BC.  The application for approval of the sale has been set for 9:45am, Thursday May 5, 2022 at the courthouse in Vancouver, BC.  Pursuant to the BC Court's Covid-19 Notice No. 31 Bid Process, any person interested in making an offer to compete against an offer before the court, and subject to an application for approval of the sale, shall do so in accordance with the bid process set out in Notice No. 31.  A copy of Notice No. 31, and the Template Contract of Purchase and Sale (with the same terms as the current offer before the court, with the exception of the purchase price) is posted in the Bid Process section of this website.  Any competing bids and applicable deposit must be received by Receiver's legal counsel, Mr. Scott Stephens of Owen Bird Law Corporation in Vancouver, BC, by no later than 12pm Vancouver time, Tuesday May 3, 2022.  Further details on the bid process are set out in Notice No. 31 and should be followed by prospective bidders for their bids to be considered.  Further information on the Section 13 Lands can be obtained from the Receiver's listing agent, Mr. Don Kassa of RE/MAX Vernon.  http://donkassa.com/listings/residential-development-site-in-salmon-arm-bc

Status of File as of March 30, 2022

On March 10, 2022, the Alberta Court granted orders approving the sale of the Fort McMurray Hotels declared to be “Property” of Corporate Ventures by the BC Court on August 16, 2021.  The sale is anticipated to close on April 20, 2022.  In addition, on March 10, 2022, the Alberta Court granted orders recognizing certain prior orders of the BC Court in respect of Dax Air, Podfive, Podollan Developments, Podollan’s Construction, and Podollan Squared.  Further, the Alberta Court granted an order amending the interim receivership order of Podollan Ventures.  Copies of these orders are posted to the Court Orders section.

Status of File As of March 4, 2022

On March 3, 2022, the Receiver filed its Eighth Report to the Court dated February 28, 2022 to provide an update to the court on the proceedings in respect of Stellar One and the Subsidiary Companies. In addition, the Receiver sought, among other things, orders approving the sale of the Fort McMurray Hotels. The application is scheduled to be heard on March 10, 2022 by the Alberta Court.

Status of File As of November 15, 2021

In September 2021, the Receiver engaged Colliers to market and sell certain properties located in Grande Prairie, Alberta, in the name of Podollan Squared Ventures Ltd.  The properties are comprised of 39 developed lots, and a 72 acre parcel of undeveloped land.  A copy of the marketing brochure is posted in the Marketing and Sales Process Information section of this website.  Interested parties should contact Evelyn Stolk of Colliers as set out in the brochure.

https://www.collierscanada.com/en-ca/properties/receivership-sale-southwynd-estates/can-90-street-60-avenue-grande-prairie-alberta-canada/can2008801

Status of the file as of September 20, 2021

On September 15, 2021, the Receiver engaged Colliers to run a marketing and sales process for the two hotels owned by Corporate Ventures Inc., operating as the Podollan Inn Fort McMurray and the Podollan Rez-idence Fort McMurray. A copy of Colliers' marketing brochure is posted in the Marketing and Sales Process section of this website. For further information, interested parties should contact Perry Gereluk of Colliers as set out in the brochure.

Status of the file as of August 17, 2021

On August 16, 2021, the BC Court granted orders declaring that the transactions involving the transfer of the corporate assets of Dax Air, Corporate Ventures and Podollan's Construction to Leah Podollan by David Podollan invalid, void and/or of no effect, and declaring the assets (or the proceeds thereof) are “Property” within the meaning of the Interim Receivership Orders. These orders are posted in the Court Orders section.

Status of the file as of August 2, 2021

On June 23, 2021, applications were heard by the BC Court whereat PwC sought amendments to the existing interim receivership orders to fully empower PwC as Receiver of Corporate Ventures, Podollan Developments and Podollan's Construction. The orders sought by PwC were granted.

With respect to Podollan Squared, the June 23, 2021 application was adjourned to July 15, 2021 at the request of Jason Podollan who advised that he would be opposing the relief sought by PwC. On July 15, 2021, the order fully empowering PwC as Receiver was granted.

Status of the file as of June 4, 2021

On May 31, 2021, applications were filed with the BC Court seeking amendments to the existing interim receivership orders of Corporate Ventures, Podollan Squared, Podollan Developments and Podollan's Construction. The hearing is scheduled for June 23, 2021 at 9:45 am.

Status of the file as of May 28, 2021

On May 14, 2020, PricewaterhouseCoopers Inc., in its capacity as Receiver of Stellar One Holdings Ltd., filed its Seventh Report to the Court to provide an update on the status of the receivership of Stellar One and the status of the interim receivership proceedings of certain subsidiary companies of Stellar One. In addition, the Seventh Report was filed in support of the following relief to be sought by PwC: (1) that the Interim Receiver be given expanded powers by the BC Court either in the form of an amendment to the existing Interim Receivership Order of Dax Air, Corporate Ventures, Podollan Developments, Podollan’s Construction, and Podollan Squared; or for it to receive new orders granting it the full powers of a Receiver in accordance with the applicable Template Order; (2) that the Interim Receiver be given expanded powers by the Alberta Court either in the form of an amendment to the existing Interim Receivership Order of Podollan Ventures; or for it to receive a new order granting it the full powers of a Receiver in accordance with the applicable Template Order; and (3) to have the transfers of the corporate assets of the various Subsidiary Companies to Leah deemed by the BC Court to be invalid, void and/or of no effect, and declaring the assets (or the proceeds thereof) “Property” within the meaning of the Interim Receivership Orders (i.e. subject to the Interim Receiver’s powers under those orders, including, if granted, the power to sell, and otherwise be made available to the creditors and other stakeholders of the Subsidiary Companies).

The expanded powers applications will be scheduled first (likely in late June 2021), while the transfer of assets to Leah application will be heard separately (likely in August 2021). Once these hearing dates have been set, further information will be posted on this website.

Status of the file as of December 4, 2020

On December 4, 2020, the Court granted an order, sought by the Receiver as set out in the Sixth Report to the Court, approving the sale of the aircraft owned by Dax Air . A copy the Sixth Report, the sale approval order and the sealing order are posted in the Receiver's Reports and Court Orders section, respectively.

Status of the file as of September 18, 2020

On September 15, 2020, PricewaterhouseCoopers Inc., in its capacity as Interim Receiver of Dax Air Enterprises Inc. obtain an order amending the Interim Receivership Order granted on December 19, 2019, authorizing, among other things, the Interim Receiver to market and sell the Pilatus aircraft. A copy of this order is posted in the Court Orders section. Further, information on the process regarding the sale of the Pilatus aircraft will be posted in the Marketing and Sales Process Information section. 

In addition, on September 17, 2020, PricewaterhouseCoopers Inc., in its capacity as Interim Receiver of Podfive Investments Inc., obtained an order amending the Interim Receivership Order granted on December 19, 2019 converting the Interim Receivership proceedings of Podfive to Receivership proceedings. A copy of this order is posted in the Court Orders section.

Status of the file as of August 27, 2020 

On August 20, 2020, PricewaterhouseCoopers Inc., in its capacity as Receiver of Stellar One Holdings Ltd., filed its Fifth Report to the Court to provide an update on the status of the receivership of Stellar One and the status of the interim receivership proceedings of certain subsidiary companies of Stellar One. In addition, the Fifth Report was filed in support of an order to convert the interim receivership proceedings of Podfive Investments Inc. to receivership proceedings. The application is scheduled to be heard during the first half of September 2020 in Vancouver, BC.

Status of the file as of March 5, 2020 

On March 5, 2020, PricewaterhouseCoopers Inc., in its capacity as Receiver of Stellar One Holdings Ltd. filed an application seeking to convert its appointment as Interim Receiver of Dax Air Enterprises Inc. ("Dax Air") to that of Receiver of Dax Air, with the authority to, among other things, market and sell the assets of Dax Air. The application is scheduled to be heard on March 23, 2020 in Vancouver, BC. In support of this application, PwC filed its Fourth Report to the Court which is posted in the Receiver's Report section of this website.

Status of the file as of December 19, 2019 

On November 1, 2019, PricewaterhouseCoopers Inc. was appointed Receiver of Stellar One Holdings Ltd. ("Stellar One") upon application by Servus Credit Union.  Stellar One is a holding company. Its assets are comprised of its 100% ownership in seven subsidiary companies and a 49% interest in one other entity. These various entities form what is referred to as the “Podollan Group of Companies”.  David Podollan is the sole director of all but one of the subsidiary companies.

Subsequently, on December 19, 2019, Interim Receivership Orders were granted against six companies of the Podollan Group, namely, Podfive Investments Inc., Dax Air Enterprises Inc., Podollan Ventures Inc., Corporate Ventures Inc., Podollan Developments Ltd., Podollan's Construction Ltd., Podollan Squared Ventures Ltd. (the "Subsidiary Companies").

This website will be updated as further information becomes available.

Contact us

Sean Fleming

Senior Vice President, Consulting & Deals, PwC Canada

Tel: +1 780 441 6738

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