Alberta · Receivership (court-appointed)
Second and Final Report of the Receiver and Manager
Court officer report · 2 March 2026
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What we verified from this filing6 verified
- secured creditorsnote: Underlying Borrower (2004736/COTW) loan balance stated in BDC's December 9, 2025 demand letter as $730,313.79 (Loan 243407-01: $600,448.11; Loan 243407-02: $129,865.68) as at November 19, 2025, plus accruing interest; Receiver's March 2, 2026 report states $752,757.98 owed as of March 17, 2026, plus accrued interest and costs. Receiver's counsel opined the guarantees are valid, making this a secured debt of the Company via its first-charge GSA. Also personally guaranteed (percentage-limited) by directors/shareholders Luc Noel (29%), Michelle Tian (16%), Jackson Lee Patrick (15%), Allan Chiu (12%), Thomas Chiu (12%), Emilie Noel (8%), and Nancy Pho (8%) - personal guarantors, not secured creditor entities themselves. · page: 3 · as of: 2026-03-17 · amount: 752757.98 · debtor: 2358573 Alberta Ltd. (guarantor) for indebtedness of 2004736 Alberta Ltd. dba Catch of the Week (primary borrower) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Limited Guarantees by 2358573 Alberta Ltd. for 100% of outstanding balance of Loan 243407-01 (original principal/'Debt' $822,000.00, dated November 29, 2022) and Loan 243407-02 (original principal/'Debt' $178,000.00, dated November 29, 2022); guarantees confirmed secured by first-charge General Security Agreement executed by 2358573 Alberta Ltd. dated August 4, 2021; Borrower's own General Security Agreement dated August 4, 2021 also held by BDC
- secured creditorsnote: Receiver's independent legal counsel confirmed BDC has valid and enforceable first-ranking security over the assets of the Company, generally subject to normal priority payables. Amount stated is exclusive of accrued interest and costs after March 17, 2026. · page: 3 · as of: 2026-03-17 · amount: 4534193.86 · debtor: 2358573 Alberta Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: First-ranking mortgage and General Security Agreement (first charge) over the Company's real property and assets; BDC is the principal secured creditor and mortgagee of the Company
- secured creditorsnote: Related party: COTW is both a tenant of the Property and a business owned by Luc Noel, a principal (director) of the Company. Receiver and counsel took the position the claim was, at most, unsecured (amounts either out of time or not properly securable by a Construction Lien). Lien was DISCHARGED by COTW's counsel on February 4, 2026 - disputed/unsecured status, not confirmed as effective security. · page: 4 · as of: 2025-11-07 · amount: 131692.44 · debtor: 2358573 Alberta Ltd. · creditor: 2004736 Alberta Ltd. dba Catch of the Week (Construction Lien claimant) · currency: CAD · security: Construction Lien sent for registration November 7, 2025 and formally registered against title to the Property on January 22, 2026
- closing confirmedscope: the Property · outcome: completed · effective: 2026-01-20 · purchaser: 2035818 Alberta Ltd. · date basis: stated · approval order date: 2025-12-08
- purchaser2035818 Alberta Ltd.
- sale outcometext: The sale of the Property to 2035818 completed on January 20, 2026. · scope: whole_business · status: closed