Lawyer Hong Guo’s law firm has filed an insolvency notice after millions were stolen from a trust account.
A Richmond law firm hit by a massive trust fund shortage has filed a notice saying it is insolvent and will make a proposal to creditors under the Bankruptcy and Insolvency Act.
Richmond lawyer Hong Guo, whose firm completes about $700 million a year in real estate transactions, said in recent legal filings that about 100 clients were affected after $7.5 million was stolen from her firms trust account in early 2016. The account shortage left a number of Chinese investors unable to pay tax bills on Canadian real estate transactions, legal filings say.
A number of these clients and B.C. …
Read the full article at: http://vancouversun.com/news/local-news/insolvent-richmond-law-firm-files-notice-for-creditors
