Updating a story MHProNews posted May 7, 2016 regarding the bankruptcy of Innovative Building Systems (IBS), which owns Keiser Homes of Oxford, Maine, modularhomecoach reports customers who have placed deposits on homes may be out of luck.
Autumn Poulin put down a $20,000 deposit on a three-bedroom, 2-1/2 bath modular home she was expecting to be sited next month. She is trying to have the money returned, as is a Vermont lawyer who deposited $50,000 for eight small modular homes he intended to rent to Hurricane Sandy victims.
IBS filed for Chapter 7 bankruptcy, which means it intends to liquidate rather than reorganize, and available funds will be used to satisfy secured creditors. The company listed $5.2 million in assets, and $16.9 million in liabilities, including almost $791,000 in prepayments from customers, although there was no breakdown as to from whom those monies were received. The Pennsylvania-based company filed for bankruptcy in Delaware. ##
(Image credit: Innovative Building Systems)
