Local Leader Inc.

Local Leader Inc. has been bankrupt since January 31, 2024, with MNP Ltd. acting as Licensed Insolvency Trustee in proceedings under the Bankruptcy and Insolvency Act in the Supreme Court of British Columbia, court file 11-3037812. The Statement of Affairs reported unsecured creditors of $3,572,212.99 and secured creditors of $101,000.00; proofs of claim filed tell a different story, with 48 claims totalling $971,682.88 across all classes, of which $438,725.06 is unsecured and $532,957.82 secured. Timia Capital Holdings Limited Partnership has bifurcated its claim, filing $520,000 as secured on a general security agreement over all present personal property and $150,000 unsecured. Ten employees qualified under WEPP for unpaid wages, vacation and termination pay, an estimated $12,956 priority claim under s. 81.3(1) of the BIA, capped at $2,000 per employee. The Canada Revenue Agency holds a deemed trust claim for unremitted payroll source deductions ranking ahead of all other creditors, but has filed no proof of claim to date and the Trustee does not expect a material balance owing. The bankruptcy remains active.