Stéphan Huot would have maintained a great lifestyle, even after his bankruptcy

The deposed promoter Stéphan Huot would have continued to live the high life by spending tens of thousands of dollars on travel and transportation, even after sheltering himself from his creditors, our Bureau of Investigation learned.

• Also read: Huot Group debacle: police open criminal investigation

Some $26,000 in jet fuel, a stay in Whistler, expenses at the luxurious Fairmount Chateau Whistler, three trips to Florida in as many months, a trip to Universal Studios and thousands of dollars in plane tickets and travel expenses travel: Stéphan Huot has expenses which seem to be difficult to reconcile with those of an insolvent man, creditors argue.

This “troubling” information is detailed in a letter sent to judge Jean-François Émond by the lawyer for two companies belonging to Robert Giroux, this former financial partner of Huot sued for $150 million by millionaires from Quebec in the wake of the debacle of the real estate giant.

In this case, Robert Giroux’s companies act as creditors. Remember that Stéphan Huot took shelter from his creditors for debts of $1.2 billion in September 2023. Seven months later, he surrendered and declared the largest personal bankruptcy in the history of Quebec , with debts of $464.6 million.

However, despite his lack of income, Stéphan Huot would have continued to lead the good life, an allegation which is denied by the main person concerned.

Huot in court

On November 7, creditors requested and obtained the right to question the developer under oath in connection with his bankruptcy. The court ordered at the same time that Huot provide a series of financial documents.

Huot did sign a declaration last Thursday, in which he discussed, among other things, his travels (see box below). However, he allegedly “omitted” to reveal certain information required by the court. Giroux’s lawyer argues that Huot:

• Did not indicate the dates on which he visited his former luxurious chalet, located in Manouanis, in northern Saguenay. In his statement, Huot also maintains that he always goes to this residence, accessible only by helicopter.

• Did not provide the list and identity of the beneficiaries of its life insurance policies.
• Has not revealed the list of movable and immovable property he owns to date.
• Has no idea who has the passwords to his investment company’s accounting systems even though he ran that company for years.

“Lack of transparency”

Given “the lack of cooperation and transparency” on the part of Stéphan Huot, Giroux’s lawyers are asking Judge Émond that a hearing be scheduled quickly. They also affirm that it is “important” that the interrogation takes place “as soon as possible”.

Note that other parties will ask questions to Huot during his appearance in court. In addition to Giroux’s lawyers, the trustee and three other creditors, including Revenu Québec, will question him. Other speakers could be added.

Remember that the debacle of the Huot Group materialized in February 2023, when the real estate giant was forced to pause its construction sites. Subsequently, all the entities of the group fell one after the other.

– With Pierre-Paul Biron and Philippe Langlois

Expenses, despite the debacle

• $14,000: Avjet Holding (aircraft fuel in various regional airports in Quebec)
• $12,000: Gasoline at a Dolbeau gas station (presumably for an aircraft)
• $3,537: Air Transat trip
• $4500: Universal Studios in Orlando (Florida)
• $4,500: Air Canada plane tickets and travel expenses
• $4,300: Stay in Whistler, various expenses at Fairmount Chateau Whistler and Summit Lodge Boutique Hotel
• $3000: Stay at the Auberge du Lac-à-l’Eau-Claire in Mauricie

Source: Compilation submitted by Robert Giroux’s lawyer in a letter sent to judge Jean-François Émond. These expenses of Stéphan Huot stretch from September 8, 2023 to August 11, 2024 and come from financial documents from the Royal Bank of Canada.

Stéphan Huot’s lifestyle, since his debacle

• Florida: December 27, 2023 to January 10, 2024
  Huot claims to have gone to Florida with his two 9-year-old children by plane.
• Florida: March 12 to 18, 2024
  Huot flew to Florida in connection with the sale of his condo.
• Florida: March 26 to 31, 2024
  Huot flew to Florida to sign the sale of his luxury condo.
• Vancouver: July 18 to 28, 2024
  Huot claims to have gone to Vancouver with his two 9-year-old children by plane.

In all cases, Stéphan Huot maintains that these trips were paid for “with money given by [sa] family and/or advanced by two friends”.

• Ford F-150 model of the year 2022, leased in his personal name.
• An Astar 350 B2 helicopter.