June 25, 2018
Business Latest News | Poll Questions | Lone Star Ticks | Foraging | Bangor Pride

Coastal construction firm files for bankruptcy

By Darren Fishell, BDN Staff

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.

Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like