November 2/07 10:42 am - BMX Worlds Declare Bankruptcy

Posted by Editor on 11/2/07
 

BMX Worlds Declare Bankruptcy

Very quietly, the Victoria BMX 2007 World Championship Society - organizer of this year's world championships - declared bankruptcy in the middle of last month. The local newspaper (Victoria Times Colonist) had a succinct announcement stating that the organization declared bankruptcy on October 17th, and that a creditors meeting would be held November 2nd:

IN THE MATTER OF THE BANKRUPTCY OF VICTORIA BMX 2007 WORLD CHAMPIONSHIP SOCIETY

Notice of Bankruptcy and First Meeting of Creditors in Local Newspaper (Section 102(4)) NOTICE IS HEREBY GIVEN that the bankruptcy of VICTORIA BMX 2007 WORLD CHAMPIONSHIP SOCIETY occurred on the 17th day of October 2007, and that the first meeting of creditors will be held on the 2nd day of November 2007, at the hour of ten o'clock in the forenoon, at the location of the Ocean Pointe Resort, Pacific Suite, 45 Songhees Road, in the city of Victoria, in the province of BC. To be eligible to vote, creditors must file with the Trustee prior to that meeting Proofs of Claim and where necessary, proxies.

DATED at the city of Victoria, in the province of BC, this 17th day of October 2007. C.E. CRAIG & ASSOCIATES INC. Trustee in Bankruptcy Tel: (250) 386-8778 Fax: (250) 386-6864 418183

It has been difficult to obtain information on the bankruptcy, but from what we have been able to determine, the organizers owe over $100,000 - the majority to local suppliers of services. The Canadian Cycling Association is owed approximately $15,000, according to CEO Lorraine Lafreniere.

Lafreniere believes that the shortfall can be traced to a lack of corporate sponsorship. "They were just not able to attract the level of corporate sponsorship that they had forecast." She also points to the Under-20 Soccer World Cup drawing away potential sponsors.

A further disappointing outcome of the event was the track, which was scheduled to become a UCI track for future events. Instead (if it survives), it is going to become an ABA run track.