Waterway Houseboats Expects To Fall Into Receivership Today
A Tuesday in court for Waterway Houseboats in Sicamous.
Waterway recently won a court case relating to damage from 2012 flooding, but the company says that the damages awarded were several million dollars less than expected.
That led to an application by CIBC against Waterway, with the expectation that today's court date would lead to the company being in receivership - meaning management is no longer in control of assets.
Waterway says that any appeal of their awarded damages would take years, and come with a high cost.
The company also notes that the province is counter-appealing.
We will keep you up to date on this as best we can.
You can read the full release from Waterway via this link.