Reporting $0 in gross revenue since 2018, over $200,000 in debt, and facing four lawsuits since 2017, Oklahoma contractor AAS Construction filed for Chapter 7 bankruptcy protection on December 31, 2020, according to the US Bankruptcy Court for the Western District of Oklahoma.
AAS Construction, based in Stillwater, Oklahoma, claims in their bankruptcy petition that they owe 35 total creditors with unsecured claims. 18 of the listed creditors are contractors, material suppliers, and equipment lessors.
The contractactor’s bankruptcy filing lists no creditors with secured claims. 34 creditors are listed with nonpriority unsecured claims, plus one priority unsecured claim.
At the time of AAS Construction’s bankruptcy filing, the company reported $230,897.91 in liabilities with $0 in total assets, total checking, and accounts receivable.
Chapter 7 bankruptcy requires a debtor’s assets to be liquidated, which is the sale of the debtor’s nonexempt property. The process of liquidation is carried out by a bankruptcy court-appointed trustee, which will then distribute the remaining proceeds to creditors.
Secured claims are typically addressed first under a Chapter 7 bankruptcy filing. Any remaining available funds will then be distributed to priority unsecured claims, followed by nonpriority unsecured claims.
AAS Construction became a corporation in 2015. The contractor’s current status is listed as “OTC Suspension,” which is when a corporation has not complied with Oklahoma Tax Commission’s requirements.
The Oklahoma Tax Commision is listed in AAS Construction’s bankruptcy petition as a creditor with the lone priority unsecured claim, which is valued at $16,923.04. The basis of the claim is described as “tax liability.”
Oklahoma-based material supplier Equipment Share’s nonpriority unsecured claim valued at $27,513.70 is the largest nonpriority unsecured claim of the 18 contractors, material suppliers, and equipment lessors found in the bankruptcy petition.
The remaining 17 contractors, material suppliers, and equipment lessors listed as creditors in AAS Construction’s bankruptcy filing include:
- Ahern Rentals – $16,585.24
- Angels Concrete Pumping Service LLC – $490
- B and W Ready Mix – $7,000
- Barber and Bartz (equipment lessor)- $9,800
- Brundage Bone Concrete Pumping – $2,600
- Chickasaw TeleCommunications Services – $388.38
- Crimson Steel Supply – $14,030.67
- Diamond Blade Warehouse – $1,762.12
- Dolese Bros Co. – $8,454.50
- Hutton, Inc. – $1,615
- DF Concrete – $7,038
- Maxwell Supply Company – $510
- Oldcastle APG – $4,550.51
- Safety Services Company – $300
- Southwest Ready Mix – $2,843.75
- Sunbelt Rentals Inc. – $2,832.19
- United Rentals – $10,204.60
Four contractors file lawsuits against AAS Construction since 2017
Four closed court cases that took place in four different courts across Oklahoma since 2017 listed AAS Construction as the defendant party with plaintiff subcontractors over indebtedness and contract disputes.
The latest lawsuit to be closed was in July of 2019, as subcontractor Standard Testing & Engineering Co. was awarded a judgement verdict of $3,000 for indebtedness, according to Oklahoma County District court records.
According to Tulsa County District Court records, subcontractor Crimson Steel Supply was awarded a judgement verdict worth $14,000 following a breach of contract lawsuit with AAS Construction in February 2019.
In January 2019, subcontractor Southwest Ready Mix’s breach of contract case with AAS Construction was closed, according to Comanche County District Court records.
Back in October of 2017, subcontractor Stillwater Building Center’s indebtedness case with AAS Construction was closed with the Payne County District Court. The subcontractor was awarded a judgement verdict of $7,000.