• Advertisement

    ReidBuilt Homes placed in receivership


    One of several unfinished homes under construction by ReidBuilt Homes in Westmere. The homebuilder was placed in receivership on Nov. 2. Photo by Jeremy Broadfield

    One of Alberta’s largest homebuilders, ReidBuilt Homes, was placed in receivership by the Court of Queen’s Bench in Edmonton on Nov. 2.
    Alvarez & Marsal Canada Inc. was named as the receiver for ReidBuilt Homes and its subsidiaries.
    The court order comes after the Royal Bank of Canada went to court to collect more than $64 million owed to them by ReidBuilt Homes.
    With RediBuilt’s insolvency the future is uncertain for homebuyers and contractors across Alberta.
    New home construction and warranty work has stopped on homes across the province, including several here in Chestermere in the community of Westmere.
    On Nov. 10, Alvarez & Marsal published a list of the ReidBuilt’s creditors. Included in the list is the City of Chestermere, Chestermere Utilities Inc. and several private individuals with Chestermere addresses.
    Attempts to contact representatives of Reidbuilt Homes for a statement are directed to the receiver’s website, www.alvarezandmarsal.com/reidbuilt#intro.