Businessman Réal Bouclin, at the origin of the collapse of Groupe Sélection, will ultimately avoid the humiliation of a personal bankruptcy which weighed against him.
In a judgment rendered on December 31, the Superior Court of Quebec rejected the appeal request from Financement Projets Québec (FPQ) and confirmed the validity of the composition proposal from last spring.
This decision by Judge Michel A. Pinsonneault in principle closes the most recent chapter in the financial debacle of businessman Réal Bouclin and his now dismantled empire of residences for the elderly (RPA).
More than satisfied
Réal Bouclin did not wish to grant an interview to Journal. But through a press release, the latter showed himself to be more than satisfied with the outcome of the procedures.
“This decision is an important victory not only for us, but also for all the creditors who voted in favor of my proposal,” he says.
“The court clearly recognized that FPQ’s actions were unreasonable and abusive and only aimed to prevent the implementation of a fair and equitable solution for all.”
Debts of $212 million
Facing personal debts of more than $212 million, the former president of Groupe Sélection filed for protection under the Bankruptcy and Insolvency Act in August 2023.
On May 28, 2024, a composition proposal from Mr. Bouclin, providing for a total repayment of $10.65 million or 5% of the total debts, was accepted by a majority of creditors, thus saving him from bankruptcy.
However, this was without taking into account the determination of Financement Projets Québec (FPQ), a dissident creditor determined to recover the maximum of the approximately $55 million lent to Mr. Bouclin before the noose tightens on his RPA empire, formerly known as the name of Groupe Sélection.
Abuse of procedures
In his 78-page judgment, Judge Pinsonneault criticized, among others, FPQ, owned by brothers Luc and Frank Resslen, for having acted in this matter in an “inappropriate and unreasonable manner” by multiplying procedures and belatedly challenging decisions. of the trustee.
Considering the request and the procedural behavior of FPQ “abusive”, the judge also declared the applicant responsible for any damages suffered. Consequently, Judge Pinsonneault reserved the right for Réal Bouclin and all of his creditors to apply to the court to establish the amount of these damages. The parties were given until February 28 to proceed.
In the meantime, the court remains seized of the file for the final approval of Mr. Bouclin’s composition proposal and for questions relating to damages. A hearing must be scheduled later to examine these elements.
CREDITORS WHOSE VOTING RIGHTS WAS CONTESTED BY FPQ
– 8770620 Canada inc. (Miled management 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 Quebec inc. (Jean-François, Valérie and Marie-Sophie Taillefer)
Source: amended appeal request from Financement Projets Québec (FPQ)
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