Victory Nickel Inc., an exploration and development mineral resources company primarily engaged in the acquisition, exploration, evaluation and development of nickel projects and associated products in Canada, was deemed to be bankrupt on July 26. On April 14, the company filed a proposal to restructure its debt under the BIA. A meeting of the Company's creditors was convened on May 5 and adjourned the same day to address concerns raised by the company's single largest unsecured creditor holding approximately 78% of the unsecured claims. The creditors' meeting was reconvened on July 26 proposal was not approved by the requisite majority of creditors. As a result, the company was automatically deemed to be bankrupt. The creditors appointed Farber as bankruptcy trustee. Cynthia Thomas, officer and director of the company and its subsidiaries, and Michael Anderson, director of the company have tendered their resignations.