Alberta · Receivership (court-appointed)
2026-10-28 - Affidavit for Appointment of Receiver
Affidavit · 28 October 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing7 verified
- secured creditorsnote: Payout statement dated 10/26/2026 stating payout as of 10/28/2026: principal $4,725,000.00; unpaid interest $210,851.77; accrued interest $68,817.06; unpaid late charges $1,750; accrued late charges $350; unpaid charges $46,173.54; other fees $250; minimum interest provision $12,400. Add $2,457.75 per day after 10/28/2026. Described as the Current Indebtedness, with legal fees, other chargeable costs and interest continuing to accrue. Previously declared by the Redemption Order (Aug 11, 2026) as $4,877,681.86 plus costs and interest. Interest 10% until Oct 1, 2026, then 18%; maturity Nov 1, 2026. Personal guarantees: none mentioned. · page: 6 · as of: 2026-10-28 · amount: 5040792.37 · debtor: LT Capital Limited · creditor: Lanyard Capital Corporation · currency: CAD · security: First-ranking demand mortgage over the Lands (Instrument No. 262 051 992), first-ranking GSA over all present and after-acquired personal property (PPR reg. 25111433338), first-ranking assignment of rents (Instrument No. 262 051 993), and Priority Agreement with Pham. Original principal of the Loan: $4,725,000.
- unsecured creditorsnote: Judgment creditor of the sole director/shareholder, not of LT Capital. Creditor name not shown on the pages provided. · page: 7 · as of: 2026-10-09 · basis: Affidavit describes a second unpaid judgment and writ of enforcement registered October 9, 2026 · amount: 41205.12 · debtor: Xiu Ling Cai (individually) · creditor: Second judgment creditor of Xiu Ling Cai (name not stated) · currency: CAD
- financial positionnote: Total liabilities not stated; the affidavit says that after the Current Indebtedness and the Pham second mortgage (principal $2,900,000) there is no equity in the Lands. Assessed values per City tax searches (2026): Lot 6 $3,151,500; Lot 1 $2,752,000. Debtor is alleged insolvent for failing to repay the Loan. · page: 10 · basis: Aggregate fair market value of the Lands per an Affidavit of Value filed by Lanyard ('Lanyard filed an Affidavit of Value showing that the Lands have an aggregate fair market value of $7,230,000'); not a balance sheet of the debtor · scope: LT Capital Limited, the Lands only (Lot 6 and Lot 1); no entity balance sheet stated · currency: CAD · total assets: 7230000
- secured creditorsnote: The $2,900,000 is the registered original principal amount, not a stated outstanding balance. Pham's security is subordinated to Lanyard under the Priority Agreement despite the prior-ranking PPR registration; affidavit describes it as 'a second mortgage in favour of Pham (with a principal debt of $2,900,000, as shown in the LTO Certificates)'. Pham registered a Certificate of Lis Pendens on October 20, 2026. · page: 10 · debtor: LT Capital Limited · creditor: Pham Geomatics Solutions Inc. · currency: CAD · security: Second mortgage on the Lands (Instrument No. 262 051 994) with original principal amount $2,900,000; caveat re assignment of rents and leases (Instrument No. 262 051 995); PPR general security registration 25112122224 over all present and after-acquired personal property (registered 2025-Nov-21); certificates of lis pendens registered (262 210 032, 262 320 169).
- unsecured creditorsnote: Judgment creditor of the sole director/shareholder, not of LT Capital; LT Capital is not a named debtor on this writ. · page: 43 · as of: 2026-01-26 · basis: PPR writ of enforcement reg. 26012619135, current amount owing (judgment $82,352.92 plus post-judgment interest $1,338.33) · amount: 83691.25 · debtor: Xiu Ling Cai (individually; also named: 2303908 Alberta Ltd., 1733280 Alberta Ltd., 1839876 Alberta Ltd., Wei Han) · creditor: Jaycap Financial Ltd. (writ of enforcement against Xiu Ling Cai and affiliates) · currency: CAD
- unsecured creditorsnote: Statutory municipal tax arrears (not ordinary unsecured). Total balance owing includes $9,223.28 in penalties; current-year 2026 taxes $92,232.73; no prior-year arrears. · page: 67 · as of: 2026-10-22 · basis: City of Edmonton Property Tax Search dated October 22, 2026 (Account 3195856) · amount: 101456.01 · debtor: LT Capital Limited · creditor: City of Edmonton (property taxes, Lot 6 – 9650 20 Avenue NW) · currency: CAD
- unsecured creditorsnote: Statutory municipal tax arrears (not ordinary unsecured). Total balance owing includes $8,054.08 in penalties; current-year 2026 taxes $80,540.85; no prior-year arrears. · page: 68 · as of: 2026-10-22 · basis: City of Edmonton Property Tax Search dated October 22, 2026 (Account 1037654) · amount: 88594.93 · debtor: LT Capital Limited · creditor: City of Edmonton (property taxes, Lot 1 – 9660 20 Avenue NW) · currency: CAD