Scottsdale (July 2, 2019) – Resolute Commercial Services, an Arizona-based receivership and corporate renewal firm, has been appointed Receiver of Architectural Traditions, LLC located at 9280 E. Old Vail Rd. Tucson, AZ 85747.
Architectural Traditions, LLC, previously New Southwest Door Co. Inc., supplied customers with custom windows and doors. The business closed in April 2014 due to continued losses. Alliance Bank of Arizona had a secured loan on the assets of Architectural Traditions and filed for the appointment of a receiver in an attempt to recover the remaining debt owed.
On May 27, 2014, Resolute Commercial Services was appointed as Receiver and secured the collateral of the business. As Receiver, Resolute was tasked with identifying a purchaser for the business, initiating a sale, repaying the remaining debt owed to Alliance and other lien holders and distributing the remaining funds to all other creditors with valid claims on a pro-rata basis.
At the time of the appointment, Resolute was informed Arcadia Inc. was interested in purchasing the asset of Architectural Traditions. With court approval, on June 30, 2014, a sale was closed with Arcadia Inc. as the new owner of the assets of Architectural Traditions. The new company will be called Arcadia Customs, which the Receiver is told will make and sell window, door and hardware supplies.
Resolute used the proceeds from the sale to pay the senior secured lender – Western Alliance Bank dba Alliance Bank of Arizona, the junior secured lender and landlord – 9280 Old Vail Road Investors, LLC – and with court approval will begin to initiate a claims process for all other creditors of Architectural Traditions. Those creditors may include unsecured vendors and customers that placed deposits for orders that were not completed prior to Architectural Traditions’ closure.
In order to validate all creditor claims, Resolute will be notifying the known creditors of the sale of the business, the secured loan repayment, the pro-rata distribution process and requesting that each creditor submit a claim along with all supporting documentation asserting the total amount owed by Architectural Traditions. The deadline for all creditors’ claims and supporting documentation will be set by the court. If you believe that you are a creditor of Architectural Traditions and would like to submit a claim to be validated by Resolute, please send your documentation to ATreceivership@resolutecommercial.com.
Robert M. Charles, Jr. of the law firm Lewis Roca Rothgerber LLP has been retained to represent the Receiver. If you have retained counsel who would like to discuss this case with Mr. Charles please contact him at firstname.lastname@example.org.
Resolute Commercial Services was founded in 2008 by Jeremiah Foster and John Mitchell.
Through the combination of skills and years of experience that each principal brings to the table, Resolute Commercial Services is a company where business acumen honed through experience is offered to a variety of clients throughout Arizona and Nevada, involved in complicated Real Estate transactions.
Resolute Commercial Services can be reached at (480) 947-3321 or on the web.