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Stellar One Holdings Ltd./ Podollan Group of Companies

Receivership

Page last updated: August 25, 2021

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 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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