Réal Bouclin, the ousted businessman who was behind the collapse of Groupe Sélection, is saving the crumbs for the creditors involved in his personal bankruptcy, now estimated to be worth over $212 million.
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According to documents submitted to the Office of the Superintendent of Bankruptcy of Canada, a copy of which was obtained by Le Journal, Réal Bouclin is offering to pay a paltry $10.25 million to the trustee to meet creditors' demands to refund amounts.
This represents just 4.8% of the total debt ($212,014,606) that the Laval businessman, known for his regal lifestyle, would have personally accumulated until he decided to invest under criminal protection last August.
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The outlines of this proposal to creditors, which could help him avoid personal bankruptcy, are disclosed in six-page documents filed with the Superior Court and signed by Réal Bouclin on January 23rd.
Réal Bouclin, center, in happier times on the occasion of the start of work on the Espace Montmorency in Laval in 2019. We see him here surrounded by his two then partners Normand Bélanger, CEO of the FTQ Real Estate Solidarity Fund, and Dario Montoni, President of Montoni Group. Archive photo, Martin Alarie
As we read, we learn that the majority of the debtor's future amounts would come from the proceeds of the sale of a luxury condominium in Miami, Florida, which was put up for sale last October. According to our information, this property has not yet found a buyer.
That condominium, the document states, is owned by a trust called The Bouclin Family Cross Border Irrevocable Trust, for which Mr. Bouclin would be “neither trustee nor beneficiary.” However, explains the insolvency administrator Pierre Marchand, the trustees have undertaken to “transfer the amount of the debtor’s debts to the trustee after the sale has been completed”.
The first $300,000 will be paid to the trustee within 90 days of the date of possible “final and final approval” by creditors. The difference of $9.95 million is then to be paid in two installments upon “completion of the sale of the property” in Florida.
Claims are rising sharply
Mr Bouclin's total debts, whose housing-related expenses alone amount to $20,000 a month, have continued to rise since he invoked the Bankruptcy and Bankruptcy Code last summer.
On August 24, 2023, Mr. Bouclin was hit with claims totaling $160 million. Nearly five months later, liabilities stood at $212 million. This is an increase of 32.5%, or $52 million, compared to the last reported results.
Réal Bouclin's condominium has been for sale since fall for $54 million. The latter still hasn't found a buyer. redfin.com screenshot
In addition to the National Bank, which risks a loss of $40 million in this affair, Mr. Bouclin's main creditors are Financement Projets Québec ($55.2 million) and a company owned by a man named Philippe Morin (26, 9 million US dollars). The latter is the brother-in-law of the host Valérie Taillefer, who is also Mr. Bouclin's partner.
There are also, among others, Yves Mongeau and Fiducie Mongeau ($28.5 million), companies owned by the Leduc family ($25.1 million), and Ms.aillefer's father, Jean-Françoisaillefer ($11.1 million).
Boat and Land Rover
In addition to the amounts expected from the trust ($1.25 million), the owner of the condominium, the trustee reports various other assets belonging to Mr. Bouclin, including a 32-foot boat valued at $150,000 and a sport utility Land brand vehicle. Rover (2016) for $40,000 and furniture valued at $20,000.
According to the trustee, Mr. Bouclin also has $612,000 worth of preferred stock that would be worth just $100,000 today, as well as $1.36 million in savings in insurance policies and an RRSP, but are tax exempt.
The creditors' meeting is scheduled for February 13 via video conference. The creditors are then asked to agree or reject the repayment proposal presented to them. If approved, the creditors will receive a refund in the amount provided and will be deemed to have waived any future recourse, claims or criminal prosecution against the entrepreneur.
–In collaboration with Philippe Langlois and Jean-François Cloutier, Investigation Bureau
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