#Report
Court officer's report filed on the commencement date, stated to be effective August 28, 2024; it is the only step recorded in the proceedings.
Lotus Ventures Inc.
FollowActive
- Proceeding
- BankruptcyBankruptcy and Insolvency Act
- File
- B-240063
Filings held3
Last activity28 Aug 2024
On the record754 days
OverviewSummary updated
Lotus Ventures Inc. has been in bankruptcy under the Bankruptcy and Insolvency Act since August 28, 2024, with MNP Ltd. acting as Licensed Insolvency Trustee, in the Supreme Court of British Columbia under file 25-3121356. The Statement of Affairs filed in the bankruptcy reports Lotus Cannabis Alberta Incorporated at the entity level with total assets of $1,522,475 — cash held in trust representing net proceeds of the RVO Transaction, subject to resolution of Post NOI Debt claims against Lotus Ventures Inc. — against total liabilities of $4,906,839.60, with secured and preferred creditors reported as Nil. Twenty-six proofs of claim totalling $5,864,510.32 have been filed as of the report date, a higher figure than the Statement of Affairs total. The Canada Revenue Agency claims $805,873.03 for unremitted GST, transferred to Lotus Cannabis Alberta Incorporated via the RVO, ranking as a general unsecured claim.
Proceedings AIAsk this case — answers cite the filings
Case updates3 dated entries
Parties
Debtor
Lotus Ventures Inc.
Trustee in bankruptcy
MNP
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesas of Statement of Affairs as filed — Document names no individual creditors in the Statement of Affairs total; proofs of claim filed to date total $5,864,510.32 (26 proofs of claim filed as of report date), a different, higher figure noted separately by the Trustee. — debtor: Lotus Cannabis Alberta Incorporated | $4.91M | Trustee's Preliminary Report to Creditors |
| Unsecured | Canada Revenue Agency (CRA) · in 926 casesUnremitted GST claim; will rank as a general, unsecured claim (not deemed trust priority). CRA also holds a deemed-trust claim for unremitted payroll source deductions, but the Trustee does not expect a claim to be filed for that amount. — debtor: Lotus Ventures Inc. (claim transferred to Lotus Cannabis Alberta Incorporated via RVO) | $806K | Trustee's Preliminary Report to Creditors |
Sale processPer the transactions
Sale approvedApproval and Reverse Vesting Order · 14 Jun 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 5008679 Ontario Limitedall right, title and interest in and to the Subscribed Shares · share subscription · ResidualCo: Lotus Cannabis Alberta Incorporated · agreement 4 Jun 2024 | $2.54MSubscription Price for Subscribed Shares, satisfied via Company Obligations Amount and Cash Consideration per Agreement | Approved14 Jun 2024outside 15 Jul 2024 | Approval and Reverse Vesting Order |
Closing termsClosing occurs upon issuance of Proposal Trustee's Certificate confirming satisfaction/waiver of conditions precedent, following the Closing Sequence set out in the Agreement.Approval and Reverse Vesting Order
Estate financialsReported figures — never derived
Total assets at filing$1.52M
Total liabilities at filing$4.91M
per Statement of Affairs filed in the bankruptcy · Lotus Cannabis Alberta Incorporated (entity level; sole asset is cash held in trust from RVO Transaction) — Secured and preferred creditors reported as Nil in the Statement of Affairs. Proofs of claim filed total $5,864,510.32 as of the report date, differing from the Statement of Affairs figure. Accounts receivable of $1,522,475 represents net proceeds from the RVO Transaction held in trust, subject to resolution of Post NOI Debt claims against Lotus Ventures Inc.
Documents3 filings
| Date | Document | File |
|---|---|---|
Trustee's Preliminary Report to Creditors
| ||
| Creditor's Package | ||
Approval and Reverse Vesting Order
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Lotus Ventures Inc.” (Bankruptcy), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/lotus-cannabis-alberta-incorporated