Between the start of his company’s descent into hell and his personal recourse to the Bankruptcy and Insolvency Act, in August 2023, the former president of Groupe Sélection would have used the sale of his private jet and multiple loans to secure the favors – when the time comes – of a “close guard”, of which the host Valérie Taillefer was a member.
At least that’s what we learned yesterday, in Superior Court, about the most recent chapter in the financial debacle of businessman Réal Bouclin and his empire of residences for the elderly (RPA) today. now dismantled.
Bombardier Challenger 300
Photo taken from X
Considering itself aggrieved, Financement Projets Québec (FPQ), owned by businessmen Luc and Franck Resslen, has been trying since yesterday to overturn Réal Bouclin’s restructuring proposal, accepted last spring by a majority of creditors.
If the arguments presented succeed in convincing the court, Réal Bouclin – who faces personal debts of more than $200M – risks personal bankruptcy, a humiliation that he had managed to avoid until now.
A Challenger
In his request, the Resslen attorney, Mr.e Bernard Boucher, explained that Mr. Bouclin would also have used a personal loan of $6M, taken out from his clients in December 2022, to reimburse the storage costs of his business jet, a Challenger 300 of Bombardier, and thus manage – through its sale – to obtain a residual sum of US$14M.
A rare photo of the couple formed by businessman Réal Bouclin and host Valérie Taillefer.
Courtesy, taken from Valérie Taillefer’s Instagram account
Once the lenders and suppliers were paid (Lbel, Echo Aviation, Jet Linx and West Star), Réal Bouclin then used the remaining CA$8.64 million to distribute millions of dollars, starting with his own trusts (Financement Réal Bouclin I , II and III).
During the same period, she is also accused of having granted a series of guarantees (to Valérie Taillefer and to the trusts of her ex-associates Yves Mongeau and Robert Laplante) and of having transferred large sums of money to her beau -father (Jean-François Taillefer), to his brother-in-law Philippe Morin (2964-2097 Québec inc), as well as to his neighbor from Laval (Normand Godcharles).
The “little friends”
This is how, suggested the lawyer for Financement Projets Québec (FPQ), that Mr. Bouclin would have in some way, and over the years, maneuvered “to build a world for himself”, “in concert with his little friends” , to succeed in “stifling the vote of its legitimate creditors” and imposing a compositional proposal “which makes no sense”.
The latest news is that Mr. Bouclin’s Florida penthouse is still on sale for around $60M.
Screenshot taken from REDFIN
For the record, the latter amounted to a total reimbursement of $10.65 million, or the equivalent of 5% of its total receivables of more than $212 million. This reimbursement would be made after the conclusion of the sale of his Miami Beach penthouse, still unsold after a year.
In addition to demanding $55M from Mr. Bouclin, the applicant requests that the court declare that at least eight creditors who took part in the May 28 vote on the composition proposal were not entitled to it and that it suspend the effects of the vote held last May until a judgment is rendered or a new result established. The hearing in this case will continue this Friday.
________________
CREDITORS WHOSE VOTING RIGHTS ARE CONTESTED BY FPQ
-8770620 Canada inc (Gestion Miled and the Leduc family)
-Yves Mongeau Family Trust
-Robert Laplante Family Trust
-National Bank of Canada
-Gestion Fisherco inc.
-Valérie Taillefer (partner of Réal Bouclin)
-Jean-François Taillefer (father of Valérie Taillefer)
-9371-2511 Québec inc (Jean-Francois, Valérie and Marie-Sophie Taillefer)
Source: Amended appeal request from Financement Projets Québec (FPQ)
_____________
THE THREAD OF EVENTS SO FAR
November 2022:
Groupe Sélection places itself under the protection of the Companies Creditors Arrangement Act (LACC).
August 2023:
Réal Bouclin files a notice of intention to make a proposal to creditors, under the Bankruptcy and Insolvency Act (BIA). MNP is designated as trustee in the notice of intention.
January 2024:
Réal Bouclin presents a settlement proposal to MNP. Numerous discussions and meetings with creditors followed. The first meeting is held on February 13, 2024.
May 2024:
On May 28, the creditors voted on the proposal submitted by Réal Bouclin. Financement Projets Québec (FPQ) highlights serious reasons for objection regarding the right to vote of certain people. The vote was held despite everything: 18 votes were recorded; 15 for and 3 against.
Do you have any information to share with us about this story?
Write to us at or call us directly at 1 800-63SCOOP.
