Wakefield Construction Bankrupt

[RFM]

I took a look at the updated list of assets and liabilities and distilled this:

Assets

Accounts Receivable (doubtful)..............................................$2,678,950.43
Estimated to produce.............................................................1,000,000.00
Machinery, equipment and plant....................................................5,000.00
Real property or immovable......................................................500,000.00
Furniture......................................................................................3,000.00
Vehicles....................................................................................196,000.00
Other........................................................................................100,001.00
TOTAL..................................................................................$1,804,001.00

Liabilities

Secured creditors..................................................................$1,653,170.75
Unsecured creditors.................................................................8,314,942.38
TOTAL..................................................................................$9,968,113.13

Deficiency............................................................................($8,164,112.13)

In summary, the assets are most likely insufficient to pay the Secured Creditors and costs of administration of the bankruptcy. Unsecured creditors likely to collect nothing.

Secured Creditors:
Sunshine Coast Credit Union...............................................$760,000.00
Robert Bull (Crumpit Bull Mortgage)......................................216,000.00
Crumpit Woods Developments..............................................125,000.00
Crumpit Woods lien claims....................................................159,000.00
Employee wage claims..........................................................196,728.21
Ford Credit (likely some of those vehicles listed as assets)........94,829.44
Jim Pattison (likely the rest of those vehicles listed as assets)..101,613.10


Noteworthy Unsecured Creditors (note items with !):
BA Blacktop (North Vancouver)............................................$124,774.62
Beere Timber (North Vancovuer)...........................................111,797.47
! Bowen Building Center (Bowen Island)................................106,074.48
Bowenshire Stonework (Bowen Island)....................................92,417.14
Caledonia Drywall (Gibsons)....................................................38,482.50
Cantu bathrooms (Vancouver).................................................60,729.09
Cardinal Concrete (Squamish).................................................23,886.43
Central Coast Concrete (Sechelt).............................................22,302.22
CFO Loan (Burnaby)..............................................................120,000.00
Corona Excavation (Whistler)...................................................86,061.29
! Customer Deposits (c/o bankruptcy trustee).......................1,059,071.00
CWC Electrical (Brackendale)...................................................28,022.44
Employee Wage Claims (unspecified - c/o bankruptcy trustee)..219,574.69
Geotility Geothermal (Richmond)............................................129,301.38
! Gibson Building Supplies (Gibson).........................................184,579.82
High Country Landscaping (Whistler)........................................29,502.90
Hub International Insurance (Burnaby).....................................45,449.00
IJ Windows (Kamloops)............................................................33,452.22
JCL Specialized Drywall (Roberts Creek)...................................82,950.00
Kolbe Windows (North Vancouver)...........................................56,374.10
Kuban Electric (Burnaby).........................................................69,910.85
! Lance Sparling (the ‘developer’)(Sechelt)...........................2,000,000.00
Luxe Kitchens (Roberts Creek).................................................27,372.38
Midland Appliance (Surrey)......................................................43,059.14
Mountain Mechanical Contracting (Duncan).............................118,136.25
Nelson Roofing (Cumberland)..................................................82,401.09
Purcell Timber Frames (Nelson)...............................................91,072.07
Quickway Paint (Bowen Island)...............................................50,287.90
RJS Electrical (Sechelt)...........................................................64,173.09
! Rona (Squamish).................................................................40,859.95
! Rona (Whistler)..................................................................114,757.77
! Rona (Sunshine Coast).......................................................119,562.87
Sage Cabinetry (North Vancouver)..........................................36,922.20
Spar Capital (c/o Lance Sparling)...........................................227,983.35
Trident Millwork (Richmond)...................................................59,911.50
True Custom Cabinetry (Sechelt)............................................49,322.79
True North Masonry (Whistler)................................................47,019.85
Twin Island Excavating (Bowen Island)....................................29,998.93
Wespac Electrical (Coquitlam).................................................69,924.90
Yves Potvin (Vancouver) ?.....................................................100,000.00

So, the pain is spread far and wide, but Sechelt and Bowen Island are hard hit by this bankruptcy. Also, you’ve got to wonder, especially concerning some of the local companies, if the ‘account manager, of the Wakefield account, who let the account get so hopelessly behind, is still with the company!