Construction Reinvented.
Neville Cites Onerous Taxes as Reason Behind Canadian Bankruptcy
Neville Log Homes' operation in Kamloops, B.C. has been bankrupted by onerous Canadian property taxes and other fees, according to a report in the Vancouver Sun.
The Canadian division of Montana-based Neville Log Homes, declared bankruptcy Oct. 23, leaving no assets and $2 million in debts.
Two of the largest creditors are the Adams Lake Indian Band, owed $93,000, and the Kamloops Indian Band, which is left holding a $77,000 debt. The 74 creditors include Revenue Canada and WorksafeBC.
Nancy Neville, a member of the family that owns the business, told the Vancouver Sun that civic and provincial officials sold them on the business climate in B.C. before they opened in 2001.
"They were going to do all kinds of wonderful things, but they didn't do anything except tax the hell out of us."
Neville built its plant in an industrial area at the bottom of the real estate cycle. Along with rising assessments during B.C.'s booming property market, Neville said taxes shot up.
"They raised property taxes to over $100,000 a year,” Nancy Neville told the Vancouver Sun. In contrast, property taxes in Neville's home town of Victor, Mont., are $10,000 for a larger property. Read the full story here.
The Canadian division of Montana-based Neville Log Homes, declared bankruptcy Oct. 23, leaving no assets and $2 million in debts.
Two of the largest creditors are the Adams Lake Indian Band, owed $93,000, and the Kamloops Indian Band, which is left holding a $77,000 debt. The 74 creditors include Revenue Canada and WorksafeBC.
Nancy Neville, a member of the family that owns the business, told the Vancouver Sun that civic and provincial officials sold them on the business climate in B.C. before they opened in 2001.
"They were going to do all kinds of wonderful things, but they didn't do anything except tax the hell out of us."
Neville built its plant in an industrial area at the bottom of the real estate cycle. Along with rising assessments during B.C.'s booming property market, Neville said taxes shot up.
"They raised property taxes to over $100,000 a year,” Nancy Neville told the Vancouver Sun. In contrast, property taxes in Neville's home town of Victor, Mont., are $10,000 for a larger property. Read the full story here.
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