On August 23, 2016, the Bowra Group Inc. (the “Bowra Group”) was appointed Receiver and Manager (the “Receiver”) of the current and future assets, undertakings, and properties of Horizon Commercial Development Corp. (“Horizon”). On August 26, 2016, Horizon was assigned into Bankruptcy, with the Bowra Group being appointed as the Licensed Insolvency Trustee. After the Receiver was appointed, it was discovered that certain security deposits had either gone missing or where otherwise improperly dealt with by Horizon. Specifically, some
$74,898.64, representing 87 security deposits were spent by Horizon; and
$59,301.88, representing 68 security deposits cannot be located.
“Further to the Order pronounced January 16, 2018, Imor Capital Corp. has been ordered to return the deposit monies to certain tenants. The attached spreadsheet named “Deposit Holders” contains the name of the tenants who will be getting their deposit back. If your name is on this list, please send an email to with your complete mailing address in order to receive the deposit funds. If we do not receive your current mailing address, you will not get your deposit money back”.
At 10:00 A.M. on November 23, 2017 at the Edmonton Law Courts (see the location information below), IMOR Capital Corp. (“IMOR”) will be seeking an order that the sum of $134,200.52 (“Holdback Funds”) being held to the credit of these proceedings and representing amounts for rental security deposits that were paid by tenants but either went missing or were improperly dealt with by Horizon, be paid out to IMOR. At this application the Court will consider whether the Holdback Funds are subject to a statutory trust under the Residential Tenancies Act, SA 2004, c R-17.1. It is IMOR’s position that they are not.
Any Deposit Holder seeking to oppose the distribution of the Deposit Funds to IMOR shall advise IMOR in writing on or before October 27, 2017 by sending a notice to the following email:
More information about this matter and of the upcoming application can be found in the following documents: