Lotus Ventures Inc.
Follow- Proceeding
- ProposalBankruptcy and Insolvency Act, RSC 1985, c. B-3, as amended
- File
- B-240063
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.
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
Order Made After Application Extension of time granted June 14, 2024 was filed. Court file B-240063.
Source: Order Made After Application Extension of time granted June 14, 2024
Proposal of Lotus Ventures Inc. as of May 7, 2024, with scheduled Subscription Agreement — Proposal document
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 44 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 | General creditors (aggregate as reported, Bankruptcy scenario)Aggregate estimate of general creditor claims under bankruptcy scenario, includes assumed additional unsecured claims for employee severance costs; no individual creditors named. Estimated dividend 27%, excludes 5% Superintendent levy. — debtor: Lotus Ventures Inc. | $4.89M | Schedule A - Statement of Estimated Realization for Trustee's First Report |
| 8 | Unsecured | General creditors (aggregate as reported, Proposal scenario)Aggregate estimate of general creditor claims from comparative bankruptcy/proposal realization statement; no individual creditors named. Estimated dividend 48%, excludes 5% Superintendent levy. — debtor: Lotus Ventures Inc. | $4.85M | Schedule A - Statement of Estimated Realization for Trustee's First Report |
Unsecured creditors: 36 %. 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 |
| Preferred | — | — | $4K | Under the plansanctionedper the proposal trustee | Statement of Estimated Realization for Trustee's Second Report · 6 May 2024 |
| Unsecured | creditors of Lotus (unsecured) | — | 36 %$1.81Mconditional | 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.
| Date | Document | File |
|---|---|---|
Order Approving Proposal
| ||
Order Made After Application Extension of time granted June 14, 2024
| ||
| Further Amended Proposal Tracked Changes | ||
Notice of Application for Court Approval of Proposal
| ||
| Amended and Restated Subscription Agreement Tracked Changes | ||
Report of Trustee on Proposal
| ||
| Proposal of Lotus Ventures Inc. as of May 7, 2024, with scheduled Subscription Agreement | ||
Statement of Estimated Realization for Trustee's Second Report
| ||
Proposal Amended April 5 2024
| ||
Notice of Proposal to Creditors
| ||
| Order of Extension for Notice of Intention to File a Proposal | ||
| Affidavit #1 of Dale McClanaghan | ||
| Notice of Motion (Proposal Extension) | ||
| Notice of Intention to File a Proposal | ||
Trustee's First Report to Creditors
| ||
Trustee's Second Report to Creditors
| ||
Schedule A - Statement of Estimated Realization for Trustee's First Report
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Lotus Ventures Inc.” (Proposal), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/lotus-ventures-inc