Payzant Home Hardware won't go after homeowners over debt
Sears Home Services owes Lower Sackville company $25K
A Lower Sackville, N.S., building supply company says it won't go after Nova Scotia homeowners to recover money it's owed by Sears Home Services.
"We didn't feel it was morally or ethically right to put a lien on those properties," Andrew Payzant of Payzant Home Hardware said Tuesday.
Payzant is one of 600 business creditors of Sears Home Services, a company that went under in December owing $8.9 million.
Payzant is owed $25,248 for roofing shingles.
"We're not a large company. That's a fairly significant amount of money. We don't know how much we will see," he said.
Homeowners hit in B.C.
In British Columbia, creditors have slapped liens on dozens of homeowners whose roofs were installed by Sears Home Services, a division that Sears Canada sold off a year ago.
Even though homeowners may have paid in full, creditors are legally entitled to place a builder's lien on the properties in an effort to secure repayment.
On Monday, Payzant and his management group met to consider its options and rejected the idea of using liens.
"We did it with our eyes wide open. We knew it would reduce our chance of getting any of that $25,000," Payzant said.
"We felt it was not right to put that builder's lien on a dozen or more homeowners who paid in good faith for that product."