There are concerns about the timeline for the construction of the Strandherd-Armstrong Bridge after the company contracted to build it was forced into receivership.

Concreate USL Ltd., the company involved, is $35 million in debt. It's unable to pay its suppliers or employees. The Ontario Superior Court has given a third party company control of Concreate USL and its projects.

When construction of the bridge was open to bids from contractors, Concreate USL said the project would cost them $1 million less to build than its closest competitor, R.W. Tomlinson.

The construction of the bridge is expected to cost taxpayers $48 million.

Concreate USL's financial problems have sparked worries about the timeline for the completion of the bridge, which is part of the 2009 federal-provincial infrastructure program.

If the company can't fix its financial situation, the project will require a new contractor which could translate into major delays for South Ottawa residents who hoped the bridge would help ease congestion during their commutes.

"Everyone was talking about how marvelous is it," said Barrhaven resident Pamela Armstrong. "I've been really waiting for this because I live on the other side of the river. I really want this bridge."

The bridge will connect Strandherd Drive and Earl Armstrong Road and provide a link between two of Ottawa's fastest growing communities: Barrhaven and Riverside South.

The city of Ottawa holds a $23 million performance bond to ensure the completion of the project, despite questions about its completion date due to Concreate USL's financial woes.

In a statement to CTV News, Coun. Steve Desroches said he is "disappointed" by the news. But added the project is 60 per cent complete and that operations are ongoing.

Despite the potential impact Concreate USL's money problems could have on the project's timeline, the city is standing by its decision to award the company the contract.

"I think the city did it's due diligence in the contracting," said Desroches.

With a report from CTV Ottawa's John Hua