COQUITLAM, BC, Jan. 22, 2015 /CNW/ - Williams Moving and Storage announced yesterday that after 86 years of operation, in order to protect the interests of the company and its creditors it has filed a Notice of Intention to File a proposal under the provisions of the Bankruptcy and Insolvency Act. This creates a stay of proceedings against the Company.
Over the past several years, Williams has attempted a reorganization to save the business but losses continued to mount and the Williams family, which has funded significant losses over the past decade, can no longer continue to support the Company.
The Company plans a self liquidation of its operating assets over coming weeks, with sales being supervised by Deloitte, the Trustee under the Notice of Intention and where appropriate, the Court.
Once that occurs, Williams intends to file a proposal that will see a fair distribution to its credits and employees. The Company appreciates the support of its stakeholders over the years and asks for patience in allowing it to pursue its proposal.
Please be advised that Williams Moving & Storage (Cranbrook) Ltd., Williams Moving & Storage (Lethbridge) Ltd., and Williams Commercial, which are independently owned and operated, have not closed and remain open for business.
SOURCE Williams Moving and Storage
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