Media Covers Lawsuit Aimed at Son of Ponzi Schemer

The popular online publication Vancouver Is Awesome, and the North Shore News have published a new article on the latest development in the on-going story regarding Virginia Tan.

Last year, Tan admitted to fraudulently raising at least $30 million from investors as part of a Ponzi scheme. The admission was part of a settlement with the BC Securities Commission.

This latest story covers details of a lawsuit aimed at Tan’s son.  The story, by reporter Jane Seyde, explains:

Bankruptcy trustee Boale, Wood and Co. filed a notice of claim against Marcus Soon-Keen Tan of North Vancouver, alleging six properties he acquired in connection with a real estate development in Surrey since 2011 were bought with funds his mother defrauded from investors.

The bankruptcy trustee is asking the court to transfer ownership of the properties to the trustee for the creditors’ benefit or for Marcus Tan to pay back investors whose funds were allegedly used to buy or make payments on the properties.

The trustee has also asked the court for records tracing money received by Marcus Tan from either of his parents and for assets bought by him with funds from either of them.

No statement of defence has been filed and none of the claims have been proven in court.

You can read the story in Vancouver is Awesome,  or on the North Shore News online.

 

Kelowna Pacific Railway Generates Media Interest

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The assignment in bankruptcy of Vernon BC based Kelowna Pacific Railway is generating a lot of media attention.

Boale, Wood & Company Ltd. has been  appointed as Trustee (details here).

Here are links to some of the recent media stories about Kelowna Pacific Railway:

 

 

David Wood named Vice-Chair of CAIRP

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(David Wood has since been named Chair of CAIRP, please see this update)

The Partners of Boale, Wood and Company Ltd. are pleased to announce that David Wood has been named Vice-Chair of the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”).

David is very excited about this appointment and his new volunteer role with CAIRP.  David has volunteered for numerous committees with CAIRP over the years and brings a wide breadth of knowledge and experience to CAIRP.  David will continue his role at Boale, Wood & Company Ltd. and will continue to advise debtors in financial difficulty about their options.

Boale, Wood & Company Ltd. is an insolvency boutique that is able to help businesses and individuals with their financial problems. We provide creative and practical insolvency advice to both individuals and companies facing financial difficulty. We offer a full range of insolvency services to individuals such as proposals to your creditors, financial counseling and bankruptcies.  We also offer a complete range of business services including informal workouts, formal restructurings, proposals to creditors, receiverships and bankruptcies.

The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is a national professional organization representing some 920 general members acting as Trustees in Bankruptcy, Trustees and Administrators in Proposals, receivers, agents, monitors, and consultants in insolvency matters, as well as 400 articling members, and 215 corporate, life, and inactive members. A non-profit corporation, CAIRP was created in 1979 to advocate a fair, transparent, and effective system of insolvency/restructuring administration throughout Canada.

For more information, please contact Boale Wood and Company Ltd.   604-605-3335