British Columbia · NOI
Trustees Third Report to Court
Court officer report · 27 May 2025
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What we verified from this filing6 verified
- cash on handnote: Collected from operating account; trust accounts not taken possession of · amount: 29001 · currency: CAD
- financial positionnote: Components only, no stated total: Cash collected from RBC operating account $29,001; AR/WIP estimated realizable value per Statement of Affairs $650,001, of which $259,632 collected to date; laptop sale proceeds $32,557; RBC secured claim $1,907,529; Fruitmans secured claim $1,955,677; CRA property claim $2,078 and unsecured claim $74,428; estimated wage earner priority claims ~$125,000; unsecured claims received ~$1.8 million. · basis: Statement of Affairs management estimate for AR/WIP; actual collections as of report date for cash and other assets; claims as filed for liabilities · scope: Virgin Law Corporation bankrupt estate (entity level) · currency: CAD
- operational summaryThe bankrupt law firm has ceased independent operations; the Trustee is collecting outstanding accounts receivable and work in process through collection service agreements with former lawyers, and is completing a sale of remaining physical/intangible assets to Magellan Lawyers LLP to allow continued operations without disruption, while a receivership by RBC is anticipated.
- recovery outcomeentries: basis: estimated · quote: The Trustee currently does not expect any distributions will be made to unsecured creditors; · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date26 May 2025
- report noThird Report