The recent bankruptcy filing of one of region’s biggest individual developers is already trickling downstream.
On Friday, DuVal Development Inc. filed for Chapter 7 liquidation – a little more than two weeks after one of its development partners, Hank Wilton, filed for Chapter 11 bankruptcy protection.
DuVal Development Inc. lists no assets and unsecured claims of $442,000. The biggest local creditors include People’s Bank of Virginia, owed $200,000; Heritage Electric Corp, owed $66,635; Timmons Group, owed $47,849; and Hopson, Habernicht & Cave, owed $10,577. (You can see the full filing here.)
Company president William DuVal said the company invested in a Henrico residential real estate project with Hank Wilton. The project was unable to sell an adequate number of lots, DuVal said, and as the project soured, he then wrote a promissory note to Wilton for $1.5 million. DuVal said he doesn’t expect to see much of that note now that Wilton has filed for Chapter 11. (You can read more about Wilton in an RBS story here.)
“That was the only asset I had at that time,” DuVal said of the note. “And so the fact that I wasn’t going to get anything out of it and didn’t have any work scheduled — I had no way to make any income,” he said.
DuVal said that the entity accounts for only 5 percent of his overall business operations. The other 95 percent include residential and commercial development under a sole proprietorship in his name. At one point DuVal wanted to develop about 100 acres along the James River into a mixed-use community.
Roy Terry from the firm Durrette Bradshaw is representing DuVal.
Meanwhile, another construction-related company filed for Chapter 7 liquidation last week.
D&L Heating and Cooling, located on McCabe Court in Chesterfield, lists assets of $12,000 and liabilities of $255,000.
That company is run by Larry Waye McCage.
Jeanne Hovenden is the bankruptcy lawyer.
Aaron Kremer is the BizSense editor. Please send news tips to [email protected].
The recent bankruptcy filing of one of region’s biggest individual developers is already trickling downstream.
On Friday, DuVal Development Inc. filed for Chapter 7 liquidation – a little more than two weeks after one of its development partners, Hank Wilton, filed for Chapter 11 bankruptcy protection.
DuVal Development Inc. lists no assets and unsecured claims of $442,000. The biggest local creditors include People’s Bank of Virginia, owed $200,000; Heritage Electric Corp, owed $66,635; Timmons Group, owed $47,849; and Hopson, Habernicht & Cave, owed $10,577. (You can see the full filing here.)
Company president William DuVal said the company invested in a Henrico residential real estate project with Hank Wilton. The project was unable to sell an adequate number of lots, DuVal said, and as the project soured, he then wrote a promissory note to Wilton for $1.5 million. DuVal said he doesn’t expect to see much of that note now that Wilton has filed for Chapter 11. (You can read more about Wilton in an RBS story here.)
“That was the only asset I had at that time,” DuVal said of the note. “And so the fact that I wasn’t going to get anything out of it and didn’t have any work scheduled — I had no way to make any income,” he said.
DuVal said that the entity accounts for only 5 percent of his overall business operations. The other 95 percent include residential and commercial development under a sole proprietorship in his name. At one point DuVal wanted to develop about 100 acres along the James River into a mixed-use community.
Roy Terry from the firm Durrette Bradshaw is representing DuVal.
Meanwhile, another construction-related company filed for Chapter 7 liquidation last week.
D&L Heating and Cooling, located on McCabe Court in Chesterfield, lists assets of $12,000 and liabilities of $255,000.
That company is run by Larry Waye McCage.
Jeanne Hovenden is the bankruptcy lawyer.
Aaron Kremer is the BizSense editor. Please send news tips to [email protected].