With decreasing gross revenue and nearly $1 million in debt to 49 creditors, Pennsylvania contractor Cantwell Woodworking, LLC filed a voluntary petition for Chapter 11 bankruptcy on January 6, 2021, according to the US Bankruptcy Court for the Eastern District of Pennsylvania.
Cantwell Woodworking, doing business as Philadelphia Custom Millwork, is based in Holmes, Pennsylvania, a suburb of Philadelphia. According to the Pennsylvania Department of State, Cantwell Woodworking registered the LLC in July 2020.
The contractor’s petition for bankruptcy cites 49 total creditors, with one secured claim, two priority unsecured claims, and 46 nonpriority unsecured claims.
Of the 49 creditors, 26 creditors are contractors, material suppliers, and equipment lessors.
At the time of their bankruptcy filing in January 2021, Cantwell Woodworking reported the following:
- $973,625.92 in total liabilities
- $644,611.05 in total assets
- $29,111.05 in total checking
- $180,000 in accounts receivable
Between 2018 and the date of Cantwell Woodworking’s bankruptcy filing, the contractor reported a 42.8% decrease in gross revenue, according to the bankruptcy petition.
Cantwell Woodworking reported a 48.6% decrease in gross revenue between 2018 and 2019, dropping from $3.5 million to $1.8 million. In 2020, the contractor reported $2,000,000 in gross revenue.
Chapter 11 bankruptcy is designed to allow debtors to reorganize their debts, business affairs, and assets in order to emerge from the bankruptcy filing as a healthy business. A trustee is appointed by the bankruptcy court to review the debtor’s submitted plan of reorganization. However, if the debtor does not present the plan, the debtor’s creditors may create one instead.
The lone secured claim is held by the Pennsylvania Dept. of Revenue, a statutory lien worth $24,981.28.
The Pennsylvania Dept. of Revenue Bureau of Compliance also holds a priority unsecured claim worth $20,000. The IRS holds a priority unsecured claim worth $147,766.80 over “employer withholding and 941 taxes.”
Of the 26 contractors, material suppliers, and equipment lessors listed as creditors with nonpriority unsecured claims in Cantwell Woodworking’s bankruptcy filing, women-owned building supplier CH Briggs is named with the largest claim worth $104,908.10.
The remaining 25 construction-related creditors include:
- Airgas USA, LLC – $1,770.28
- Alan McIlvain Company – $10,548.36
- Allspec Construction Inc. – $53,693
- D&W Industrial – $24,295.44
- Dlauro & Rodgers Inc. – $4,321.88
- Eastern Lift Truck – $3,945.32
- EDI – $9,180
- Fessendon Hall Inc. – $40,045.76
- Greenlam America, Inc. – $1,748
- Holt & Bugbee Company – $3,504.30
- Industrial Recovery Service, Inc. – $0
- J&J Seat Cover Co., Inc. – $35,720
- McGrory Inc. – $17,362.50
- Microvellum Inc. – $2,400
- PACCAR Leasing Company – $4,723.02
- Restoration Hardware – $3,079
- Rhoads & Ohara Architectural – $29,800.51
- Richilieu Hardware – $13,613.93
- Richters Drafting & Office – $295
- Russell Plywood Inc. – $8,133.85
- Schweitzer & Crosson Inc. – $6,843.20
- Stiles Machinery Inc. – $9,774.28
- Uline Shipping Supply Specialists – $1,407.53
- United States Stone Company Inc. – $26,003
- Wurth Baer Supply – $6,211.66