British Columbia · Bankruptcy
Third Report of the Proposal Trustee
Court officer report · 17 July 2025
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What we verified from this filing7 verified
- operational summaryThe Branch has continued its ordinary operations, programs, and services during the NOI proceedings while working toward closing a sale transaction that will transfer its Owned Properties, leases, contracts, and trademarks to BC Division, ensuring continuity of services and employment.
- professional feesnote: balance owing to Administration Charge Beneficiaries contemplated to be paid upon closing of the Proposed Transaction · party: Administration Charge Beneficiaries (Proposal Trustee, counsel) · amount: 80000 · period: July 7 to August 3, 2025 (Third Cash Flow Period) · currency: CAD
- purchaserCanadian Mental Health Association, Lower Mainland Branch
- recovery outcomeentries: basis: estimated · quote: The Proposal Trustee notes that the Sale Transaction does not result in any funds available for the Branch's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · claims amount: 335000 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: On the other hand, the secured creditors will be paid in full from the Transaction, a significant number of employees will continue to be employed and services will continue for mental health persons in the region. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The New Westminster Property is subject to the first ranking Vancity Mortgage, with an approximate outstanding balance of $257,991 that is contemplated to be repaid in full from the sale proceeds. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Vancity Mortgage · claims amount: 257991 · creditor name: Vancity · interim final: unstated · claims qualifier: unstated · stated on: 2025-07-16 · table missing:
- report date16 July 2025
- report noThird Report
- sale outcometext: the Sale Transaction is pending court approval at the Sale Approval Hearing · scope: whole_business · status: pending_approval