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As with the sale of the previous six properties, which totalled 512 units, “pre-filing” creditors with subordinate mortgages or builders’ liens will not be paid following the sale, PwC said in a statement.

Local construction companies owed millions of dollars have described their inability to recover their money as “a slap in the face” and “a bunch of bulls–t.”

“(This) is an example of a real estate investor who got caught embarking on an expensive renovation program that … was financed by too much debt and was hampered by the softening of the rental market in Saskatoon and Regina as a result of the slowdown in economic activity over the last two years,” PwC partner Neil Bunker told the Saskatoon StarPhoenix last month.

In an email on Monday, Bunker confirmed that Block 1 and Cisask Construction Ltd. — the only two companies in the group that had employees — no longer have anyone working for them. Block 1, which had 54 staff at the time of filing, laid off 10 people in January. Almost all of the companies’ remaining staff were issued layoff notices last month.

Tim Clark, the sole director of all 45 companies that make up the landlord group, did not immediately respond to a request for comment on Monday. A KingSett representative also did not respond.

amacpherson@postmedia.com

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