British Columbia · NOI
Trustee's Preliminary Report to Creditors
Court officer report · 11 March 2025
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 filing5 verified
- cash on handnote: Collected from the Company's RBC operating account; the Trustee has not taken possession of the trust accounts. A further $15,584 has been received from the sale of laptop computers. · amount: 29001 · currency: CAD
- financial positionnote: No total assets stated. Components stated: cash collected from RBC operating account $29,001; accounts receivable and work in process estimated realizable value $650,001 (per Statement of Affairs); $15,584 received from sale of laptop computers. Statement of Affairs total claims $9,727,140.72 (secured $3,807,148.68, employee priority $109,623.96, unsecured $5,810,368.08); filed proofs of claim total $5,539,656.73 (secured $3,853,206.53, employee priority $124,952.78, unsecured $1,561,497.42). Report states there are no preferred creditors. · basis: Statement of Affairs filed in the bankruptcy (debtor's figures); proofs of claim filed as at 5:00pm PST March 10, 2025 · scope: Virgin Law Corporation (single entity) · currency: CAD
- operational summaryThe Company, a Vancouver law firm, filed an NOI in October 2024 but did not file a proposal and was deemed bankrupt on February 14, 2025; it disclaimed its Vancouver lease and liquidated furniture and equipment, and the Trustee is evaluating recovery of receivables and work in process with the Law Society.
- report date10 March 2025
- report noTrustee's Preliminary Report to Creditors