Trump International Hotel Management firm, has declared bankruptcy
Trump hotel management firm files for bankruptcy
Glen Korstrom
Western Investor
The company that operates the Trump International Hotel & Tower Vancouver, TA Hotel Management Limited Partnership, has declared bankruptcy, according to a document filed August 27 with the Office of the Superintendent of Bankruptcy Canada. It is a subsidiary of Malaysian-based TA Global Berhad.
Upscale Cantonese restaurant Mott 32, which closed August 27 and had an employee tape a sign on its front door saying “we are temporarily closed (not COVID-19 related),” could reopen. BIV asked TA Hotel Management CEO Joo Kim Tiah about the closure and he replied in an email to say, “As for Mott 32, we hope to be up and running again soon.”
The bankruptcy document that BIV has obtained shows that TA Hotel Management Limited Partnership has $4,795,409 in liabilities and $1,104,588 in assets. Creditors are set to meet on September 16.
Grant Thornton Ltd. is the appointed licensed insolvency trustee and it has documents on its website that confirm the appointment.
It also has a letter addressed to employees of TA Hotel Management.
“This letter constitutes notice that your employment with TA Hotel Management Limited Partnership and/or TA Hotel GP Ltd. is terminated effective August 27, 2020 (the “termination date”) as a result of these bankruptcy proceedings,” the letter said. “All salary, benefits, and other entitlements will cease as of the termination date.”
Employees are expected to file proofs of claim in order to try to get wages, vacation pay, termination pay and severance pay. Instructions for how to file those claims are to be soon provided to employees.
“You may also be eligible to file a claim under the government sponsored Wage Earner Protection Program Plan Act,” the letter said. “You will be provided with information on the WEPPA claims process, a Record of Employment, and a T4 in due course. Please note that amounts owing to you, if any, for termination pay in lieu of notice and severance pay are unsecured claims against the companies, however, such amounts may be covered under the WEPPA process.”
Condo owners concerned
Meanwhile, the strata council for the 217 luxury residences above the 15-floor, 147-room Trump hotel addressed concerns by owners and residents that services could be disrupted.
“The past few hours have, undoubtedly, been challenging to understand the impacts of this on the service of the tower, which was primarily provided by staff of the Trump Hotel, who were all released from their respective employment today. In collaboration with members of the strata council,” wrote Michael Schuss, CEO of property manager AWM-Alliance Real Estate Group Ltd. on August 27.
“AWM is arranging to ensure essential services remain in place. We shall also have an additional security detail available.”
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