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As expected, the Supreme Court of British Columbia placed Waterway Houseboats in receivership on June 11.
The embattled company that was besieged by floodwaters in 2012 received a court settlement of $2 million-plus but it wasn't enough to keep them afloat.
Alvarez and Marsal Canada Inc. confirmed their appointment as receiver by the courts, and they contacted clients with pending bookings on Wednesday morning.
"The operations of the debtors ceased effective June 11, 2019 and no further sailings are planned by the receiver. If you have a future sailing booked with the debtors it is cancelled," the receiver said in an email.
It gets worse for clients.
"The debtors did not hold funds in trust related to future sailings and, accordingly, no refunds are available."
Alvarez and Marsal said they are not collecting claims from creditors.
"In the event there is a call for claims further information will be sent to creditors and posted on the receiver’s website," they said in their statement.
Karla Davis, manager of community and public relations for Better Business Bureau in B.C. offered some tips for those left stranded by the ruling.
"If you made payments using your credit card, contact the bank using the number at the back of the card and indicate that you wish to dispute the charges. Explain to the bank that the company has closed its doors, prior to completing their end of the transaction and you are trying to get back the money you paid," Davis said in an email to Castanet.
"If the business has filed for bankruptcy or has gone into receivership, you may visit the last known registered address of the company for information. There should be a notice on the door of the business providing details for consumers with outstanding affairs. Also, contact the trustee to add your name to the list of creditors. Contact the Office of the Superintendent of Bankruptcy for advice," Davis said.
In some instances, consumers may be compensated if a B.C.-licensed travel company goes out of business before completing purchased services. Consumers may contact Consumer Protection BC to find out if they are eligible to make a claim under the Travel Assurance Fund.
As a general warning to consumers:
- ensure you book your travel/vacation arrangements with a B.C.-licensed travel company/agent
- make payments using a credit card
- do research on the company, especially if you know you have to make payments months in advance of when you'll be using the service
- before making payments, confirm options of recourse in the event the business closes down or goes bankrupt before you use the service
- always find out your options to cancel and make alterations to your contract
