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Kasteel owes more than $2 million, documents suggest

The building housing Kasteel Construction and Coatings' new training room. Sarah Pruys/Cabin Radio
A Kasteel Construction and Coatings building in Yellowknife. Sarah Pruys/Cabin Radio

Yellowknife’s Kasteel Construction and Coatings is entering bankruptcy protection with more than $2 million outstanding, documents associated with those proceedings suggest.

A Tuesday letter from accounting firm MNP, which is handling the bankruptcy, to Kasteel’s creditors outlines which businesses are said by Kasteel to be owed money and the sums involved.

That document reports that Kasteel’s bankruptcy proceedings began on October 2. The company’s president, Trevor Kasteel, confirmed as much in a Tuesday email. Around 30 employees are affected.

MNP’s letter asserts that Kasteel had around $530,000 in assets by its own estimation as of October 13, and owed around $2.3 million.

RBC is said to be owed more than $600,000 in Kasteel’s statement, while the CRA is owed a little over $400,000. (Cabin Radio is also a listed creditor, though for less than $1,000.)

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Two Yellowknife companies – Paul Bros Nextreme and Aurora Decorating Centre – are each said to be owed more than $100,000.

In all, around 40 creditors are listed, of which more than half have NWT addresses.

The same document suggests, in a section titled “debts due to the bankrupt,” that Kasteel was awaiting payment for almost $1 million in outstanding invoices from various customers by early October. That could not be immediately verified.

Trevor Kasteel, reached by phone on Wednesday, said he was still working through proceedings and was not able to comment on specifics. MNP has been approached for comment.