Lotus Ventures Inc.
- Proceeding
- ProposalBankruptcy and Insolvency Act, RSC 1985, c. B-3, as amended
- File
- B-240063
- Industry
- Cannabis · Cannabis producers
Lotus Ventures Inc. is the subject of a Division I proposal under the Bankruptcy and Insolvency Act, commenced on June 5, 2024 in the Supreme Court of British Columbia under court file B-240063, with MNP Ltd. acting as Licensed Insolvency Trustee. The proceeding remains active, with relief sought under sections 59(1), 59(2) and 60(5) of the Act. A comparative statement of estimated realization puts aggregate general creditor claims at $4,846,500 under the proposal, yielding an estimated dividend of 48% before the 5% Superintendent levy, against $4,894,500 under a bankruptcy scenario, which assumes additional unsecured claims for employee severance and yields an estimated 27%. That scenario also forecasts $24,000 in preferred claims for accrued wages and vacation pay; none are expected under the proposal.
Order Made After Application Extension of time granted June 14, 2024 — Application / notice of application
Application filed in the Supreme Court of British Columbia under file B-240063, commencing the proceeding; it is the only step recorded to date.
Source: Notice of Application for Court Approval of Proposal
The officer filed report no. Second Report to Creditors. The company filed a Further Amended Proposal on May 7, 2024 under which a purchaser acquires all of its shares via a reverse vesting order for Cash Consideration of $2,538,398 less Company Obligations. The trustee recommends creditors accept it, estimating about 36% recovery for affected creditors versus about 21% in bankruptcy.
The officer filed a report. Lotus has continued normal-course operations since filing its NOI on January 17, 2024, employing about 24 full and part-time staff, and is shifting toward domestic retail sales and export sales of dried flower. Management expects profitability from reduced operating costs and increased sales.
Undated filings1 — no date appears on the document · show
Schedule A - Statement of Estimated Realization for Trustee's First Report — Assignment in bankruptcy
Debtor
Lotus Ventures Inc.
Proposal trustee
MNP
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 7 | Preferred (BIA s. 136) | Preferred creditors (aggregate as reported, Bankruptcy scenario) · in 48 casesPreferred; estimated wages and vacation pay accruals that may become preferred claims under a bankruptcy scenario; no such claims expected in the Proposal scenario. Forecast figure. — debtor: Lotus Ventures Inc. | $24K | Schedule A - Statement of Estimated Realization for Trustee's First Report |
| 8 | Unsecured | |||
| 8 | Unsecured |
2 more claims in 1 class The stack holds Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution. Canada Revenue Agency paid in full.Under the plan · sanctionedNotice of Application for Court Approval of Proposal · 5 Jun 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trustCRA | Canada Revenue Agency | — | paid in fullconditional | Under the plansanctionedper the trustee | Trustee's First Report to Creditors · 8 Apr 2024 |
| Unsecured | creditors of Lotus (unsecured) | — | conditional | Under the plansanctionedper the proposal trustee | Notice of Application for Court Approval of Proposal · 5 Jun 2024 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order Approving Proposal
| PDF · Subscribers | |
Order Made After Application Extension of time granted June 14, 2024
| PDF · Subscribers | |
| Further Amended Proposal Tracked Changes | PDF · Subscribers | |
Notice of Application for Court Approval of Proposal
| PDF · Subscribers | |
| Amended and Restated Subscription Agreement Tracked Changes | PDF · Subscribers | |
Report of Trustee on Proposal
| PDF · Subscribers | |
| Proposal of Lotus Ventures Inc. as of May 7, 2024, with scheduled Subscription Agreement | PDF · Subscribers | |
Statement of Estimated Realization for Trustee's Second Report
| PDF · Subscribers | |
Proposal Amended April 5 2024
| PDF · Subscribers | |
Notice of Proposal to Creditors
| PDF · Subscribers | |
| Order of Extension for Notice of Intention to File a Proposal | PDF · Subscribers | |
| Affidavit #1 of Dale McClanaghan | PDF · Subscribers | |
| Notice of Motion (Proposal Extension) | PDF · Subscribers | |
| Notice of Intention to File a Proposal | PDF · Subscribers | |
Trustee's First Report to Creditors
| PDF · Subscribers | |
Trustee's Second Report to Creditors
| PDF · Subscribers | |
Schedule A - Statement of Estimated Realization for Trustee's First Report
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Lotus Ventures Inc.” (Proposal), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/lotus-ventures-inc