DB Services of Victoria Inc. — builder of the 11-storey, 90-unit RidgeView Place in Langford, B.C. — has filed for bankruptcy and said in a statement of its affairs that 150 creditors are owed more than $51 million.
Because of safety concerns related to structural and design flaws, RidgeView has been evacuated twice since it was built, the first in December 2019 and again in April of this year.
The 2770 Claude Rd. apartment building was initially called Danbrook One. DB Services’ website was unavailable on Tuesday.
DB Services’ bankruptcy filing was dated for July 31.
Grant Thornton has been appointed bankruptcy trustee by the federal Superintendent of Bankruptcy. The first meeting of creditors is set for 2 p.m. on August 15 through a video conference.
DB representative Margaret McKay said in a sworn statement of the company’s affairs that creditors are owed $51.3 million. The bulk of the amount, $51.25 million, represents unsecured creditors. Unsecured creditors are those without any kind of collateral.
Company assets total $47.45 million, McKay’s statement said, leaving a shortfall of $3.8 million.
Her statement said the company has assets of $39.5 million in inventory and accounts receivable are expected to produce $804,306. It lists $52,447 worth of machinery and $27,473 of furniture. A category called other property is valued at $7 million.
Grant Thorton’s claims register states secured creditors are First West Credit Union — Island Savings division at $24,579, and the credit union is cited again with an amount to be announced. Steelcase Financial Services is a secured creditor listed at $23,585.
A total of 147 unsecured creditors were listed by the trustee. The largest amount is described as deferred revenue — uncollectable WIP (work in progress) at $41.9 million. No details were immediately available.
Amounts range widely. An insulation company is listed as being owed $150 while some creditors are due hundreds of thousands of dollars, according to the claims register. Several individuals are listed, as are a wide range of building supply and services companies providing everything from windows to mechanical services, lumber, cranes, doors and fence rentals.
