News Release
Vantage Securities Inc. Assigned into Bankruptcy Today
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Date:
1998-05-15 -
Number:
98/18
Released: 05/08/98
By order of the Supreme Court of British Columbia made effective today, Vantage Securities Inc. was assigned into bankruptcy under the provisions of Part XII of the Canada Bankruptcy and Insolvency Act. The Court also ordered that KPMG Inc. be appointed trustee in bankruptcy to administer the affairs of Vantage in the interests of its customers and creditors. The order was made on the application of KPMG Inc. acting in its capacity as receiver over Vantage.
KPMG Inc. was appointed as receiver over Vantage by the Supreme Court of British Columbia on April 23, 1998 on the application of the British Columbia Securities Commission. The application was made as a result of Vantage's failure to comply with required financial conditions under the Securities Act, R.S.B.C. 1996, c.418. Vantage's registration to trade in securities has been suspended by Commission staff.
KPMG Inc. Is in the process of contacting the customers of Vantage for the purpose of facilitating the return of their investment.
Any inquiries by customers should be directed to the Trustee-in-Bankruptcy for Vantage at the following telephone number: 1-888-359-4357.
The British Columbia Securities Commission is a provincial government agency responsible for regulating trading in securities and exchange contracts.