The trustee for DB Services has received 45 unsecured claims totalling about $12.348 million
An early assessment of DB Services, the company that built RidgeView Place in Langford, indicates that under the best-case scenario, $126,019 would be available to unsecured creditors while the worst case could put that figure at zero, the bankruptcy trustee says.
It was clear at the Tuesday meeting that there is considerable work to be done before the final financial picture will be clear. Based on discussions with DB Services management, since late 2019, supply-chain issues and rising material and labour costs led to cost overruns and cash-flow deficiencies, the trustee said.Secured creditor Island Savings Credit Union is owed $24,580, while Steelcase Financial Services, also secured, is owed $23,585.
DBS operated for several years in the West Shore as a design builder and has “successfully constructed many of the multi-residential buildings in the Langford core,” the trustee said.
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