More than $13 million owed to creditors by Waterway Houseboats

List of creditors includes banks, local contractors and the District of Sicamous

According to a list of creditors, Waterway Houseboats Ltd. and Vinco Holdings Ltd. owed more $13 million when receivership came into effect.

Much of that debt was owed to CIBC, the bank which pursued the receivership in BC Supreme Court.

The creditors list was published by Alvarez and Marsal Canada, the receiver appointed in the Waterway case.

The document is described as a preliminary list of creditors as of June 11, submitted by Waterway, the debtors. The list contains more than 700 creditors ranging from national banks and large utility companies like BC Hydro, to individual people.

The total due to all creditors listed is $13,392,543. Of this total, $7,969,327 is listed as due to CIBC, care of Blake Cassels and Graydon LLP, a Vancouver law firm.

Read More: Update: Relocation of Sicamous recycling depot on hold

Read More: First United Church in Salmon Arm gives gift of space to community

A notice and statement of the receiver, published alongside the creditors, states the book value of Waterway’s assets is estimated at $13,331,696. The statement notes the realizable value of the assets may be different than that estimate.

According to the list, the District of Sicamous is owed $83,991. Kelly Bennett, the district’s chief financial officer, said the outstanding funds are due to unpaid taxes, but noted the company’s utility bills are up to date. Bennett said the receiver has not been in touch about paying the taxes yet.

Local contractors who worked on the Waterway boats and property have also been left wondering if and when they will be paid. One such contractor, Albatros Plumbing Heating and Gas Fitting Ltd., is due $24,603 according to the creditor list.

“People are owed a lot of money and nobody is getting paid is basically what it boils down to,” said Marco Warger, Albatros owner.

Warger said he has been speaking with the receiver about his prospects for getting paid. He noted the receiver has been helpful and open to answering questions from creditors. Warger said he and the rest of the contractors are unsecured creditors and will not be paid until the secured creditors, CIBC and the Bank of Nova Scotia, have received their due.

The lack of payment has hit Warger’s small business hard and he said other local contractors are in the same boat. Warger said he was working at Waterway the week before the receivership was finalized and other contractors were there the day of. Warger had worked for Waterway over the last seven years and said the houseboat company had been honest and good to work for.

Read More: Fatal overdose of daughter in Vernon prompts mom to help others

Read More: 51 out of work as Sicamous’ Waterway Houseboats shuts down

Also awaiting money are those who had booked vacations with Waterway and paid up front as their sailing date drew closer.

Consumer Protection BC provided a list of procedures which it says can help those whose trips with Waterway were abruptly cancelled.

The consumer protection agency recommends those seeking a refund start by getting their paperwork in order. It is recommended they get copies of the contract for travel services if they received one. Copies of all receipts, booking information, itineraries and proof of payment such as a bank statement are important, as are copies of any correspondence related to the situation.

The second step recommended to customers by Consumer Protection BC is requesting a chargeback through their credit card provider. A post on Consumer Protection BC’s website states it believes all customers impacted by Waterway’s closure received a letter dated June 6 from the company’s president. The post recommends that those seeking a chargeback include a copy of the letter and the receivership order.

The receivership order and other documents related to the Waterway shutdown can be found on the receiver’s website at www.alvarezandmarsal.com/waterway.

Similar steps can be used for obtaining reimbursement through travel insurance.

Consumer Protection BC states those customers who are denied the chargeback from their credit card or travel insurance provider and booked directly through Waterway should confirm the receiver is aware of their claim. It is recommended they consult the creditor list to make sure they appear on it.

Alvarez and Marsal did not respond to a request for comment.


@SalmonArm
jim.elliot@saobserver.net

Like us on Facebook and follow us on Twitter

Just Posted

Firefighters have doused a Peachland house fire

Fire crews are still on scene investigating the cause of the BBQ fire which made its way to the home

Special memorial service to say goodbye to murdered teen

A memorial service and celebratio of life was held Tuesday for murdered teen Elijah-Iain Beauregard

Wilson M. Beck Charity Golf Tournament in Kelowna benefiting YMCA of Okanagan

The tournament is sold out with 144 golfers swinging for the cause

Is construction in Kelowna hurting small businesses, or helping them?

Voices from both sides of the spectrum weigh in

Kelowna baseballers invited to league all-star game

The 2019 West Coast League All-Star Game will have two players from the Kelowna Falcons

VIDEO: B.C. MLA Michelle Stilwell takes first steps in nearly 30 years

‘It actually felt like walking. It’s been 27 years… but it felt realistic to me’

False report of dead body leads police to sex dolls at Manning Park

Princeton RCMP breathed a sigh of relief, momentarily, when they discovered a… Continue reading

Ironman returns to Okanagan after seven-year absence

Subaru Ironman Canada is coming back to Penticton in 2020

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Okanagan College campus flies Syilx flag

The Okanagan Nation Alliance flag was raised at a ceremony at Vernon campus on July 16

Dog recovering after being drenched in hot coffee, B.C. man charged

Man was taken into custody, charged, and released pending a court date

Taekwondo instructor, 21, identified as B.C. bat rabies victim

Nick Major, 21, an instructor at Cascadia Martial Arts in Parksville

Science expedition to Canada’s largest underwater volcano departs Vancouver Island

Crews prepared for a two-week research mission to the Explorer Seamount

Summerland clinic will be closed on August long weekend

Medical office assistant needed at Rosedale Medical Clinic

Most Read