Mirror Trading International (Pty) Ltd.
Follow- Proceeding
- Receivership (court-appointed)sections 272(1)(d) and 275(3)(a) of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act, RSA 2000, c J-2
- File
- 2301-05332
- Industry
- Financial services · Investment funds & schemes
Mirror Trading International (Pty) Ltd. is in a court-appointed receivership in Alberta, commenced by an order pronounced on April 15, 2026 in the Court of King's Bench of Alberta under court file 2301-05332. The proceeding is active. Its scope is narrow: the sole asset identified is the debtor's claims against Canadian Investors, carried at a net book value of CAD 73,057,078.93 as at May 19, 2026, calculated from records prepared by the debtor's South African liquidators using a Bitcoin price of $76,750.91, the closing price that day. The record states there are no secured creditors and no other creditors in the Canadian proceedings. Actual realizations depend on the outcome of a court-supervised claims process, and the net book value figure is presented subject to a forecast and estimate caveat.
A claims procedure has been established — see the order for deadlines.
Per the Order of Justice Marion (Claims Process Approval Order) dated 3 September 2026.
Application Record (Claims Process) – Returnable September 2, 2026 — Application / notice of application
The officer filed report no. Second Report. MTI has no ongoing legitimate business operations (it was a Ponzi scheme) and is in South African liquidation; the Receiver is focused on developing and seeking approval of a claims/clawback process against Canadian Investors rather than any operating business.
Source: Second Report of the Receiver
The court appointed GlassRatner Restructuring Inc. as national Receiver, on the application of Chavonnes Badenhorst St Clair Cooper, as Foreign Representative. Court file 2301-05332.
Source: Order of Justice Marion (Amended and Restated Receivership Order)
Order pronounced April 15, 2026 placing the debtor into receivership in the Court of King's Bench of Alberta, commencing the Canadian proceedings under file 2301-05332.
Outcome brief
Mirror Trading International: Bitcoin or currency goes to the liability hearing
Justice Marion's September 3 order approves GlassRatner's two-phase clawback process but departs from the receiver's draft. The receiver's request for BIA ss. 95–96 authority is adjourned, causes of action not advanced in its liability application need leave, and that application must address the court's jurisdiction and whether amounts are owed in Bitcoin or currency.
Case update
Mirror Trading International: thirteen answers and a clawback process
In April Justice Marion put thirteen questions to Mirror Trading International's receiver before any clawback claims process. On August 24 GlassRatner answered them and asked for one: a single liability ruling, then a Bitcoin calculation for each investor that becomes a judgment if it goes undisputed and unpaid, costed at $700,000 to $1,100,000.
Case update
Mirror Trading International: thirty-one names, and then all of them
Mirror Trading International took at least 39,193 Bitcoin from some 304,040 people in 234 countries before South Africa wound it up. Its liquidators have chased the money through thirteen jurisdictions. In Alberta, a national receiver was appointed in April over the Bitcoin held by thirty-one Canadians — the largest recipients. On June 29 the receiver asked the court to widen that to every Canadian who took a payout, roughly 1,550 people holding 951.9 Bitcoin, and to be allowed to serve them all by email.
Debtor
Mirror Trading International (Pty) Ltd.
Receiver
GlassRatner
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Marion | Court of King's Bench of Alberta | 4 orders, Apr 2026 – Sep 2026 | 28 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Foreign representativeChavonnes Badenhorst St Clair Cooper, as | Stikeman Elliott LLP | 19 May 2026 | Service list · 19 May 2026 |
| CreditorAllan Cunningham | Wilson Laycraft | 19 May 2026 | Order · 19 May 2026 |
| CreditorBrou Madeleine Kamelan Epse Mamadou, Evens Louis, Juan Romero, Phelimps Jean Louis | Prowse Barrette LLP | 19 May 2026 | Service list · 19 May 2026 |
| CreditorJean Rivest and Cassandra Moyen a.k.a | Bryan & Company LLP | 19 May 2026 | Service list · 19 May 2026 |
| CreditorMartin Manseau | Carscallen Leitch LLP | 19 May 2026 | Order · 19 May 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | MTI estate creditors (aggregate claims filed)Aggregate of claims filed by 9,277 creditors (MTI Ponzi-scheme victims) against the South African estate; no individual creditors named. Stated original amount is approximately R6.4 billion ZAR, with $551,913,600 given as the CAD equivalent (the report states all monetary amounts are in Canadian dollars). Figure represents claims filed/lodged in the South African liquidation, not an independent officer's estimate. This Canadian receivership concerns recovery (clawback) of Bitcoin, or its CAD equivalent, disposed by MTI to Canadian net-winner investors; approximately 1,550 Canadian investors re · as of 29 Jun 2026 | $552M | First Report of the Receiver |
As at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order of Justice Marion (Claims Process Approval Order)
| PDF · Subscribers | |
| Application Record (Claims Process) – Returnable September 2, 2026 | PDF · Subscribers | |
| Aide Memoire (Undertaking) | PDF · Subscribers | |
| Brief of Law | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Letter to Investors re: Claims Process Application (English) | PDF · Subscribers | |
| Letter to Investors re: Claims Process Application (French) | PDF · Subscribers | |
Order of Justice Marion (Amended and Restated Receivership Order)
| PDF · Subscribers | |
| Application Record – dated 2026-06-29 | PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Notice and Statement of the Receiver
| PDF · Subscribers | |
Order of Justice Marion (Receivership Order)
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Endorsement of Justice M. A. Marion
| PDF · Subscribers | |
| Affidavit of the Applicant | PDF · Subscribers | |
Application Record
| PDF · Subscribers | |
Pre-Filing Report of the Receiver
| 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., “Mirror Trading International (Pty) Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/mirror-trading-international-pty-ltd