Assets auctioned as Johel Group in receivership
The fate of Lake Cowichan’s Johel Brothers Contracting was reflected in a recent massive public auction of the firm’s construction vehicles.
As instructed by PricewaterhouseCoopers Inc., Maynards auctioneers held the Feb. 19 sale of Johel Brothers’ large and small construction equipment.
The auction, held in Lake Cowichan at the Johel Group site, was ordered by PWC in its role as court-appointed receiver for the struggling, long-time lake company.
“We have no comment at this time, however, will be filing a receiver’s report within a few weeks time where you can obtain further updates on the file. It will be posted to our website,” PWC senior associate Blair W. Linnen said in an email to the News Leader Pictorial.
Owner Dave Johel and his staff did not return repeated calls last week.
Browsing some 20-pages of items on the block at Maynards, it appears a wide range of the company’s gear was being sold.
Hand tools and a fleet of pick-up trucks, to shelving, dump trucks — even hot-water heaters — were up for bids.
Results of the auction were unavailable, but it attracted a lot of attention.
Throughout the day more than 350 registered bidders checked out the equipment on location.
Bidders arrived from as far as California to the Yukon and Alberta. Other bidders from as far away as Dubai used the internet to purchase the equipment they were interested in.
According to a statement on the PWC website, various entities within the Johel Group were put into receivership on Oct. 19.
“Following the receiver’s application on Dec. 20, 2013, the court authorized the proposed auction agreement,” PWC states.
Johel Brothers, a valley excavating-and-development pillar, for 33 years, filed for creditor protection last spring, under the Companies’ Creditors Arrangement Act.
More information about the receivership can be read by going to pwc.com/ca and searching Johel Group.
—with a file from Malcolm Chalmers