The building housing Just for Laughs' Montreal offices was seized by a bailiff on February 27, days before the Quebec company decided to seek protection from its creditors.
• Also read: Just for Laughs is seeking protection from its creditors
The building, located at 2095-2101 Boulevard Saint-Laurent in the Ville-Marie district, was seized after a judgment was given in favor of a former employee of Just for Laughs, as we can read in the record of the seizure and execution.
The owner of the proposed building is Gestion Just for Laughs Inc., according to the City of Montreal's property assessment list.
On February 27, a court bond was issued following a money judgment ordering the Quebec company to pay $666,500 to a former employee.
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According to a July 2022 ruling by the Quebec Supreme Court, the former worker in question was dismissed after 25 years of employment, even though he would have benefited from a lifetime employment guarantee.
Just for Laughs appealed that decision, but the Quebec Court of Appeal ultimately ruled in favor of the former employee on February 8.
Just for Laughs decided Tuesday to cancel its festivals planned for this summer and filed a notice of intent to file a proposal under the Bankruptcy and Insolvency Act of Canada to protect itself from its creditors.
“After considering all options, the JPR board concluded that the financial situation of the organization left no choice but to initiate restructuring proceedings,” the company said via .