Five companies affiliated with a major Newfoundland property development and construction conglomerate are seeking creditor protection over a combined $20 million in liabilities.
The firms fall under the umbrella of the Future Group.
The sole director of all five companies is Craig Williams, the Future Group's president and CEO.
Williams declined comment to CBC News. Williams steered inquiries to remarks he made Wednesday to another media outlet, where he cited a soft housing market and health issues as contributing factors to the situation.
The five affected companies and their total liabilities, as listed in federal insolvency filings, are:
- 10804 Newfoundland Ltd., $13.7 million;
- Skymark Contracting Ltd., $3.9 million;
- Skymark Renovations Ltd., $863,000;
- Acreage Investments Corp., $1.5 million;
- Equity Capital Corp., $584,000;
Each firm lists zero in total assets, according to federal filings.
All five companies filed notices of intention to make a proposal to their creditors.
The move effectively freezes all proceedings against them while they attempt to work out a deal to settle their debts.
The restructuring process falls under the federal Bankruptcy and Insolvency Act.
According to its website, the Future Group has been involved in land development, residential, commercial and civil construction, and real estate services.
A November 2013 posting on the website called Skymark "the largest residential builder in the province."
At the time, the Future Group said it employed 100 people and had more than $60 million in annual sales.