Alberta · Receivership (court-appointed)
Affidavit of Christopher Millar
Affidavit · 27 November 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 filing1 verified
- secured creditorsnote: Combined outstanding balance owing under Facility 1 and Facility 2 (the 'Loan') per Statement of Secured Indebtedness current to October 15, 2025 (Exhibit 'P'); figure is exclusive of costs owed by Borrower and Guarantors. Interest continues to accrue at 4.35% (Facility 1) and 4.50% (Facility 2) per annum. Facilities were 117 days delinquent as at Nov 26, 2025. Personal guarantees given by directors/shareholders Minah Lee (limited to $1,052,950.00) and Wenhua Siah (limited to $1,052,950.00), plus a Joint & Several Guarantee by both limited to $1,335,975.00 - individuals, not companies. Also secured by an Assignment and Postponement of Shareholder Loans executed by Misaki Cosmetics Inc. in unlimited amount (related-party subordinated claim, not a competing secured creditor). · page: 6 · as of: 2025-10-15 · amount: 2343022.96 · debtor: Lee-Siah Estates & Investments Inc. · creditor: Servus Credit Union Ltd. · currency: CAD · security: General Security Agreement dated March 26, 2023 (all present/after-acquired real and personal property); PPSA registration no. 23010513579 (first-ranking, all present/after-acquired personal property); Demand Mortgage on Wabamun Property (instrument 232 118 771) securing $1,052,950.00 plus interest; Demand Mortgage on Whitecourt Property (instrument 232 225 828) securing $1,335,975.00 plus interest; General Assignment of Leases and Rents (Wabamun, registered by caveat 232 118 772) and (Whitecourt, registered by caveat 232 225 829). Facility 1 original principal $1,032,601.84 and Facility 2 original principal $1,284,100.96 were the original advances, not current balances.