Timberwolf Renovators Inc going Bankrupt

[successclub]

Hi all

In case some of you are not aware and are using this company as a property manager, I`ve just received a letter from them today declaring bankruptcy. They are based in Edmonton. One of the two owners is Brad Pawluk and the other one is Rick (I don`t know his last name). Brad claimed to be a REIN member in Edmonton.

I have just started using them this year but have not yet received any of the rental incomes they collected on my behalf for the last few months. Does anyone have any advice on how I can get my rental incomes and security deposits from them.

Any advice is greatly appreciated.

Thank you
Ching

 

[GarthChapman]

I think you should post this question in the `Ask An Expert - Legal` forum to get your best and most expert answers.

I would call my lawyer and find out what your rights are.

Some questions I would have:
1) Are you a secured creditor? An unsecured creditor?
2) Are they a licensed PM?
3) Are the Security Deposits and the rents held in a Trust Account - and if so how are you protected by that structure? Is this protected under AREA`s liability fund/insurance?

 

[JPAQ]

QUOTE (successclub @ Nov 25 2008, 10:09 PM) Hi all

In case some of you are not aware and are using this company as a property manager, I`ve just received a letter from them today declaring bankruptcy. They are based in Edmonton. One of the two owners is Brad Pawluk and the other one is Rick (I don`t know his last name). Brad claimed to be a REIN member in Edmonton.

I have just started using them this year but have not yet received any of the rental incomes they collected on my behalf for the last few months. Does anyone have any advice on how I can get my rental incomes and security deposits from them.

Any advice is greatly appreciated.

Thank you
Ching

Hello Ching,

They have scammed allot of people.....I hope you get your money back.

Jason

 

[brentdavies]

Ching,

It is very important that you file a written complaint on Rick Pombert and Brad from Timberwolf with the Real Estate Council of Alberta. They can be reached at www.reca.ca or phone 1-888-425-2754.

Reca may be able to seize bank accounts. However if you don`t act, you lose.

If a bankrupcty trustee has been appointed, you can get on the list of creditors. It may not be worth much, but something is better than nothing.

By saying "I am bankrupt", many creditors accept this at face value. One way to make creditors go away. Timberwolf may not be bankrupt, and is now using another name. Do your homework.

When you hire your next property manager, check with RECA to ensure they are licenced and in good standing.

 

[successclub]

Thank you both for your advices. I will contact the Real Estate Council of Alberta and ask for legal counsel.

 

[brentdavies]

Follow up on the Wolf.

The Real Estate Council of Alberta (RECA), publishes a newsletter several times a year. And on page 22, the Timberwolf Renovators and Rick Pombert are listed as being investigated and charged with trading in real estate without a licence. They were fined $6000.

 

[housingrental]

Nice!
Did clients get their money back?
QUOTE (brentdavies @ Sep 7 2010, 12:50 PM) Follow up on the Wolf.

The Real Estate Council of Alberta (RECA), publishes a newsletter several times a year. And on page 22, the Timberwolf Renovators and Rick Pombert are listed as being investigated and charged with trading in real estate without a licence. They were fined $6000.