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. real estate professionals have sued Guo and her law firm. In a recently filed affidavit, Guo said the extent of the liability from fi…
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