British Columbia · NOI
Trustee's First Report to Court
Court officer report · 26 November 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing9 verified
- appointeeMNP Ltd.
- appointee roleProposal Trustee
- commencement date31 October 2024
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY & INSOLVENCY
- court file no11-3149022
- unsecured creditorsnote: Document names no individual unsecured creditors. · page: 1 · as of: 2024-10-31 · basis: Company reported total unsecured debts as at October 31, 2024 (NOI filing date) · amount: 1234225 · debtor: Virgin Law Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Described as senior secured creditor; amount is an estimate 'at the date of the NOI'. Post-filing, outstanding balance reduced by approximately $1,000,000 through net AR collections (per report, not a new dated balance). · page: 2 · as of: NOI filing date · amount: 3100000 · debtor: Virgin Law Corporation · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General Security Agreement (GSA) - general security interest in all Company assets; registered in BC PPR September 2022; leased equipment interests registered January 2024
- secured creditorsnote: No balance owing stated in the document. · page: 2 · debtor: Virgin Law Corporation · creditor: Meridian Onecap Credit Corp (PPSA equipment financier - PMSI class) · currency: CAD · security: PPSA security interest in certain photocopiers and printers, registered April 2021
- secured creditorsnote: Related-party creditors (individuals and family trust). Amount is an estimate 'at the date of the NOI'. Settlement discussions ongoing as of report date. · page: 2 · as of: NOI filing date · amount: 900000 · debtor: Virgin Law Corporation · creditor: Steven Fruitman / Karen Fruitman / Fruitman (2013) Family Trust (jointly the "Fruitmans") · currency: CAD · security: General Security Agreement (GSA) securing vendor take-back loan related to 2023 purchase of Magellan Law; registered in BC PPR October 2023