Alberta · Receivership (court-appointed)
Affidavit of Hardeep Singh
Affidavit · 24 July 2025
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 filing2 verified
- secured creditorsnote: Amount stated is 'justly and truly owing... under and by virtue of the Loan' as at July 18, 2025 (Exhibit S account); an additional $10,650.98 was owing under the cost account as of the same date (not summed here). Original Loan facility/principal advanced was $4,500,000.00 per the Letters of Offer (2021); Mortgage registers/secures up to $5,000,000.00 principal, which is a registered ceiling, not the outstanding balance. Loan is also guaranteed by 2004736 Alberta Ltd. (100% of Outstanding Balance, supported by its own GSA) and jointly/severally by individuals Thomas Yok Cheung Chiu, Allan Yok Len Chiu, Michelle Hong Xia Tian and Luc Guy Noel (25% of Outstanding Balance) - guarantors, not separate creditors of the Borrower. · page: 4 · as of: 2025-07-18 · amount: 4236722.02 · debtor: 2358573 Alberta Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Mortgage dated August 4, 2021 registered as instrument no. 212 226 205 securing $5,000,000.00 principal plus interest at 10% above BDC prime; General Security Agreement dated August 4, 2021 over all present and after-acquired personal property, perfected by PPR financing statement registered July 26, 2021, Registration No. 21072604273; General Assignment of Rentals dated August 4, 2021 registered by caveat as instrument no. 212 226 206
- secured creditorsnote: Total outstanding per municipal tax search (Exhibit R) as at July 17, 2025 · page: 4 · as of: 2025-07-17 · amount: 49342.63 · debtor: 2358573 Alberta Ltd. · creditor: City of Edmonton · currency: CAD · security: Municipal property tax arrears constituting a statutory lien on the Lands