Capital Iron, the landmark store along Victoria’s waterfront that closed its doors permanently on Dec. 17, has filed for bankruptcy.
With debts of about $4.29 million and assets of just $548,001, the 88-year-old company, which evolved over the years into a must-visit retailer, is now under the direction of bankruptcy and insolvency trustees Derek Chase and Associates based in Campbell River.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Black said they had hoped to wind down the business and maximize the funds that would be available to creditors. He said the Capital Iron name may live on as Fred Aram, owner of West Coast Appliances, has purchased the rights to the name from the trustee. Black said there are plans for a store that specializes in outdoor kitchens, barbecues, hot tubs and patio furniture.Article content
According to the trustee, creditors must file a proof of claim before the first meeting of creditors and prove that claim before any distribution of proceeds from the estate.According to the statement of affairs, total assets held by the company are $548,001 — $375,000 in cash, $100,000 in remaining inventory, $65,000 in vehicles and $8,001 in machinery and equipment.Article content
Eveline Black has a claim of $955,284 based on having stepped in to offer a secured business loan in 2020 to replace the collateral the company lost when it sold land to Reliance Properties.
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