Alberta · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 30 March 2026
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What we verified from this filing7 verified
- secured creditorsnote: Aggregate indebtedness stated as at October 15, 2025 ($2,343,023 plus accruing interest and costs); demand for payment/NOI issued October 16, 2025. Personal guarantees dated January 6, 2023 from guarantors Minah Lee and Wenhua Siah (directors/related individuals), jointly and severally. Receiver obtained independent legal opinion confirming Servus security valid and enforceable. Receiver proposes interim distribution of $1,400,000 to Servus from Whitecourt sale proceeds, subordinate to Receiver's Borrowings repayment of $40,000 and municipal tax priority claim. · page: 11 · as of: 2025-10-15 · amount: 2343023 · debtor: Lee-Siah Estates & Investments Inc. · creditor: Servus Credit Union Ltd. · currency: CAD · security: General Security Agreement dated January 6, 2023 over all present and after-acquired personal property (registered Alberta PPR January 5, 2023); demand mortgage dated January 6, 2023 over Wabamun Property; demand mortgage dated May 29, 2023 over Whitecourt Property; General Assignments of Leases and Rents over both properties (Jan 6, 2023 and May 29, 2023); first in-time all present and after-acquired property registration in BC PPR (relates to Coal Harbour Property, which was excluded from the Receivership). Credit Facility Letter (March 26, 2025) facility limits/original principal amounts (not balances): Multi-Family Mortgage $1,032,602 (Wabamun purchase), Multi-Family Mortgage $1,284,101 (Whitecourt purchase), overdraft facility limit $5,000, MasterCard maximum balance $5,000.
- secured creditorsnote: Receiver believes this claim ranks in priority to Servus; to be adjusted for and paid from sale proceeds upon closing of the Whitecourt Property sale. · page: 11 · as of: 2026-02-13 · amount: 4181 · debtor: Lee-Siah Estates & Investments Inc. · creditor: Town of Whitecourt · currency: CAD · security: Unpaid municipal property taxes (statutory lien) related to the Whitecourt Property
- process resultsbids: 2 · note: Marketing efforts resulted in 5 showings, two written offers and one verbal offer.
- purchaser6IX Letter Investments Ltd.
- recovery outcomeentries: basis: estimated · quote: (ii) Payment to Servus in the amount of $1,400,000 as an interim distribution to be applied against the indebtedness owing to Servus. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1400000 · cumulative: false · amount high: 1400000 · class label: Servus · creditor name: Servus Credit Union Ltd. · interim final: interim · claims qualifier: unstated · table missing:
- sale advisorNAI Commercial Real Estate Inc.; Exit Realty Results
- sale outcometext: The Receiver fully supports the approval of the APA and the pronouncement of the necessary Sale Approval and Vesting Order · scope: parcel · status: pending_approval