Stellar One Holdings Ltd./ Podollan Group of Companies

Receivership

Page last updated: September 24, 2020

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 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., 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.

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Sumeet Saroya

Senior Associate, PwC Canada

Tel: 1 780 441 6826

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