Very Confusing
To those owed money by Launch Logistics, the issuance of personal bankruptcy papers by Brar is either very strange or very slick.
(a) No carriers contracted with Brar - just with Launch, an Ontario incorporated company.
(b) All creditors - not just carriers, are listed
(c) Brar could be proven to be personally liable for the debts of Launch pursuant to the Trust Account requirements and the Sagar-Varga case law.
(d) On personal bankruptcies, no first meeting unless creditors representing over 25% of value ($80,000 approx) request it.
Perhaps the Trustee In Bankruptcy thought that since Launch in inactive (and I am sure not sitting around with $300,000 of carrier money in the account), that personal bankrputcy would let her escape.
The fact is that if the Courts decided that the money due carriers were trust funds, that the money then was outside of the estate of the bankrupt and that the trust fund liability would not be extinguished by the bankruptcy.
However, we all know that she probably probably put all the money in some other account, in the corporate name of some relative, and will access it on March 4, 2009, or maybe donated it to some recently renovated hospital in Brampton.
Maybe InsideTransport members should respond to this thread by stating how much they are owed, and if the total is over $80,000 demand a creditors meeting. I believe I could get $30,000 of that total just by the names of the guys I know on the list.
