PORTSMOUTH — The Freedom Bay condominium project will go into receivership next month unless its developers secure financing by Nov. 30.

Michael Williams, an attorney for Sims Capital Management, one of the original partners in the $150-million project off West Main Road, said executives hope to have financing deals in place in the next few weeks.

According to the agreement filed in Superior Court on Nov. 3, attorney Allan Shine will manage the project if the owners, Freedom Bay Cottages LLC and Adult Assisted Care Associates LLC, do not pay their outstanding bills by the end of the month.

The defendants are scheduled to provide a status report of their refinancing efforts on Nov. 17.

Construction on the development began last year, but the project stalled after unpaid contractors walked off the job in March, leaving a small number of completed condominiums – six of them occupied – and several unfinished homes. The dozen or so residents on the 106-acre property have said they are eager for the development to be completed.

Numerous liens and enforcement actions filed by 27 contractors indicate that Freedom Bay Cottages and its owner, Adult Assisted Care Associates, owe more than $20 million in unpaid bills.

Fourteen of those companies later filed petitions to enforce those liens in Superior Court, claiming more than $3.8 million in unpaid bills. The motion for receivership says the defendants owe another $18 million in mortgage payments.

Stock Building Supply Inc., one of the project contractors, filed the motion last month to appoint a temporary receiver to manage Freedom Bay and its assets, claiming the move would protect the defendant’s assets and those of the Freedom Bay property owners. Somerfield Builders LLC was also named as a defendant in the motion.

James Eagan, a managing director for Sims, did not return calls seeking comment, but he said last month that most of the original construction plan, which included 149 condominiums, 44 independent-living apartments, a 54-unit nursing center, fitness facilities, and dining areas and shops, will remain intact, and that the project is moving forward.

“We’re going through the normal paces,” he said.