Coastal construction firm files for bankruptcy

Posted July 03, 2017, at 2:29 p.m.
Last modified July 06, 2017, at 3:18 p.m.

The Harpswell-based Potvin Construction Inc. and the company’s owners have filed for Chapter 7 bankruptcy protection, seeking to sell off remaining assets their to resolve their debts.

The company filed for bankruptcy on June 30 following a lawsuit from Hancock Lumber filed in state court, according to an initial bankruptcy filing. Potvin listed $23,421 in debt to Hancock, secured by Potvin’s property in February.

The company separately listed $57,735 in unsecured debt to creditors it does not expect will get any money, including about $1,200 owed to the town of Harpswell. Prior to the filing, the company reported that its revenue declined about 11 percent in 2016 from the previous year, to about $720,000.

The company’s owner, Steven Potvin, and former co-owner, Cindy Potvin, separately filed for personal Chapter 7 bankruptcy.

The company claimed total assets of $510, between office equipment and an an uninspected 2005 Chevy Express van.