On Friday, January 9th, Bowen Islanders working for Wakefield Construction Inc. were informed that their employer was headed for receivership. On Tuesday of this week, a formal bankruptcy hearing was held, according to insolvency consultants Boale, Wood & Company. Also this week, the same company released a list of all the outstanding debts owed by Wakefield Construction.
In total, the company owes more than $6 million. On Bowen, Wakefield Construction owes more than $400,000. Among the Bowen Island companies owed money are Artisan Office Services, Black Bear Transport, Blomberg Building Group, Bowen Bay Plumbing and Heating, and the Bowen Building Centre.
The letter that accompanies the list of creditors explains that Wakefield is required to formulate and file a “Proposal” to its creditors within 30 days or apply to Court to extend that period. In the “Notice of Intention” (to make a proposal) “no creditor shall have any remedy against the debtor or his property or shall commence or continue any action, execution or other proceedings for the recovery of a claim.”
Employees are also owed money for the final pay period prior to January 9th.
According to a letter sent by Boale, Wood & Company, these employees are entitled to the federal Wage Earner Protection Program, which will re-imburse them with up to $3,600 in lost wages.