Timberline Four Seasons Utilities placed into receivership

Tucker
GAVEL_1518642062837.jpg

The Tucker County Circuit Court has placed Timberline Four Seasons Utilities into a receivership, transferring control to the Canaan Valley Public Service District.

In orders issued March 13, a judge appointed CVPSD as receiver for TFSU, giving it the control and responsibility of water and sewer utility operations until a further order is issued.  During this time, CVPSD is to maintain sole control and responsibility for the management and operation of the utilities; set up and maintain accounts and business records; take necessary actions to provide water and sewer service to TFSU customers; make any necessary applications to be compensated for its services and reimbursed for any expenses required to perform its duties; and receive the monies, fees and assets of TFSU and apply them to the debts, obligations and accounts of TFSU, according to court documents.  CVPSD will also not be subject to liability for the acts or neglect of the owners or manager of TFSU, former owners and managers or other persons or entities affiliated with TFSU.

Moreover, TFSU is ordered to take no action to prevent or encumber the receiver from carrying out its duties.  TFSU must provide the receiver with complete and unimpeded access to all components and facilities, according to court documents.

The court also stated that no final determination needs to be made at this time as to the long-term final disposition of the utility assets.

In a separate order, the court instructed TFSU officers, directors, managers, including Frederick Herz and Tracy Edmonds Herz, along with other employees and affiliated entities, to deliver all business records, equipment and supplies relating to the business to the Tucker County Sheriff.  These items include ledgers and journals; computer and billing software; all contracts, loan documents and other business documents encumbering or affecting TFSU; schedules showing all of TFSU tax liabilities; tax returns; depreciation schedules; expense account reports and substantiating records; vendor invoices; records for retirement accounts; property tax returns, statements and receipts; agreements with affiliates or related parties; all insurance binders and contracts pertaining to TFSU; keys, equipment and other utility assets and supplies; all bank accounts in the name of TFSU individually or jointly with another entity, including all money and all other instruments of deposits into those accounts; and all cash, funds, certificates of deposit, currency and other money which are assets of TFSU, according to court documents.  The sheriff will then transfer the records and related items to CVPSD for its use as receiver.

This comes after the West Virginia Public Service Commission adopted an administrative law judge’s recommendation to seek an order through Tucker County Circuit Court to attach the assets of Timberline Four Seasons Utilities and to place it under the control of the Canaan Valley Public Service District.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

See which businesses are open in your area
Link to 12 things you need to know page

WBOY 12 News Facebook Page

Trending Stories