Absolute Auto Ltd.

Absolute Auto Ltd. entered bankruptcy on September 9, 2024 in the Supreme Court of British Columbia, court file 11-3125800, with MNP Ltd. serving as Licensed Insolvency Trustee under the Bankruptcy and Insolvency Act. The estate's only reported asset is Other Property valued at $1.00, being residual funds from a receivership, and the Trustee does not expect assets to be available for unsecured creditors after payment of priority and secured claims. The Canada Revenue Agency asserts a deemed trust claim of $105,955.45 for unremitted payroll source deductions, ranking ahead of all other creditors, and one employee holds $2,000 in statutory security under s. 81.3(1). Registered security interests of Royal Bank of Canada, TD Auto Finance Services Inc., RCAP Leasing Inc., Color Compass Corporation, Fraser City Motors Ltd. and 9859870 Canada Inc. are not yet quantified while the Trustee corresponds with those parties; RBC has agreed that bankruptcy administration costs are paid in priority to its security. Filed proofs of claim stand at $4,531,679.78 secured and $80,482.09 unsecured.