Investissement Québec is suing a Montreal clothing manufacturing company to try to recover $7 million loaned nearly four years ago.
Earlier this year, the financial right arm of the Quebec government sent formal notices to the Samuelsohn company to try to have two loans of $3 and $4 million repaid.
According to the complaint filed at the end of November at the Montreal courthouse, the men’s clothing company has not made any interest payments on these loans since July 2023, and has “ceased all collaboration with the manager at IQ assigned to the file.
Even if these requests remained unanswered, Investissement Québec then granted a “period of tolerance” to Samuelsohn, under certain conditions.
In particular, the company had to report each week on its sales or investor search efforts, and demonstrate that its process of soliciting buyers or investors had started in May 2024.
Dissatisfied with the documentation provided by Samuelsohn, Investissement Québec sent another formal notice to the company in October, which also remained unanswered.
As of November 27, the clothing manufacturing company’s debt amounted to $7,363,892. Since then, interest continues to be added every day at the rate of $375.73.
As of this writing, Samuelsohn has not responded to questions from Journal.
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