Vandervert Construction placed in receivership - Spokane, North Idaho News & Weather KHQ.com

Vandervert Construction placed in receivership

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SPOKANE, Wash. -

Spokane-based Vandervert Construction has been placed in receivership, though it's unclear if the company is headed toward liquidation or financial restructuring. 

The company is responsible for hundred of projects throughout the Pacific Northwest over the last 40 years. 

Spokane attorney Barry Davidson has been appointed as the receiver for the company, which will allow him to manage assets for the owner, Tim Stulc, and creditors. 

Documents filed last week show Davidson has the authority to file for bankruptcy under either a Chapter 7 liquidation or Chapter 11 business reorganization, according to our partners at The Spokesman Review. 

The paper reports at least one company under contract with Vandervert hasn't been paid in months. 

Creditors listed in court documents include the Department of Revenue and the I.R.S. 

Vandervert Construction was founded in 1975 by Dick Vandervert. In 2011, he sold the company to Stulc, who is listed as company president and sole owner in Friday’s filings, according to The Spokesman Review. 

“We were a very good, profitable company, doing about $90 million in business per year,” Dick Vandervert told the paper. “I don’t know what happened after I sold it.”

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