Canada boat company goes into receivership

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Waterway Houseboats owed $9.9 million (C$13 million) to creditors before it went into receivership last month. The Canadian builder said in June that it would probably have to suspend operations and its lead creditor, CIBC Bank, petitioned for it to be placed into receivership in the British Columbia Supreme Court.

The creditors’ list includes more than 700 creditors, according to a story in the Kelowna Cap News. It included national banks, utility companies, local contractors and individuals. CIBC was the largest creditor and was owed (C$7.9 million), according to the list. A number of families lost money on houseboat trips that they had booked earlier.

The company told the paper that it had never recovered its footing after it was hit by floods in 2012. It sued local officials for negligence, blaming the flooding on government irresponsibility and forestry activity in the area. A court in British Columbia finally awarded the company $1.5 million (C$2 million) in April.

The owners said in a statement that “sadly” that amount wasn’t enough to recoup their losses. 

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