Réal Bouclin Personal Bankruptcy – The Fallout and Recovery Process for Creditors

2024-02-06 05:00:00

Réal Bouclin, the fallen businessman behind the collapse of Groupe Sélection, is saving crumbs for the creditors involved in his personal bankruptcy, now valued at more than $212 million.

• Read also: [EN IMAGES] A sumptuous condo for sale for $74.5 million in Florida

• Read also: The Caisse closes the door to the purchase of Groupe Sélection residences

• Read also: The founder of Groupe Sélection wants his company back

According to documents submitted to the Office of the Superintendent of Bankruptcy Canada (OSBC), including The newspaper obtained a copy, Réal Bouclin offered to pay a meager $10.25 million to the trustee for reimbursement of the sums claimed by the creditors.

This corresponds to only 4.8% of the total debts ($212,014,606) that the Laval businessman, known for his princely lifestyle, would have personally accumulated until he decided to invest protected from prosecution last August.

Condo in Florida

The broad outlines of this proposal to creditors, which could help him avoid personal bankruptcy, are revealed in six-page documents filed in Superior Court and signed by the hand of Réal Bouclin on January 23.

Réal Bouclin, center, in happier times on the occasion of the launch in 2019 of work on Espace Montmorency, in Laval. We see him here surrounded by his two partners at the time, Normand Bélanger, CEO of the FTQ Real Estate Solidarity Fund and Dario Montoni, president of the Montoni Group. Archive photo, Martin Alarie

Upon reading it, we learn that most of the debtor’s future sums would come from the proceeds of the sale of a luxury condominium, located in Miami, Florida, and put up for sale last October. According to our information, this property has not yet found a buyer.

This condominium, specifies the document, is the property of a trust named The Bouclin Family Cross Border Irrevocable Trust, for which Mr. Bouclin would be “neither trustee nor beneficiary”. However, explains the bankruptcy trustee, Pierre Marchand, the trustees undertook to “remit to the Trustee the amount of the debtor’s debt upon closing of the sale”.

The first $300,000 will be paid to the trustee, within 90 days following the date of possible “final and final approval” by the creditors. The difference, in the amount of $9.95 million, should follow subsequently, in two installments, from “the closing of the sale of the property” in Florida.

Sharp rise in receivables

The total debts of Mr. Bouclin, whose expenses related to housing alone amount to $20,000 per month, have continued to climb since he resorted to the Bankruptcy and Insolvency Act (BIA) l ‘last summer.

On August 24, 2023, Mr. Bouclin faced claims of $160M. Almost 5 months later, its liabilities stood at $212 million. This is an increase of 32.5%, or $52M, compared to the results presented last time.

Réal Bouclin’s condo has been on sale since the fall for US$54M. The latter has still not found a buyer. redfin.com screenshot

In addition to the National Bank, which risks losing $40 million in this affair, Mr. Bouclin’s main creditors are Financement Projets Québec ($55.2 million) and a company belonging to a man named Philippe Morin ($26.9 million), currently Chief Operating Officer of Exfo. The latter is the brother-in-law of the host Valérie Taillefer, who is also Mr. Bouclin’s partner.

Added, among others, Yves Mongeau and the Fiducie Mongeau ($28.5 million), companies belonging to the Leduc family ($25.1 million), and Ms. Taillefer’s father, Jean-François Taillefer ($11.1 million). ).

Boat and Land Rover

In addition to the sums expected from the trust ($1.25M), owner of the condo, the trustee reports various other assets of Mr. Bouclin, including a 32-foot boat worth $150,000, a branded sport utility vehicle Land Rover (2016) for $40,000 and furniture worth $20,000.

According to the trustee, Mr. Bouclin also has $612,000 in preferred shares which today would only be worth $100,000 and savings of $1.36 million in insurance policies and an RRSP, which are however exempt.

The meeting of creditors is scheduled, by videoconference, for February 13. Creditors will then be asked to approve or reject the repayment proposal made to them. If approved, the creditors will be reimbursed in proportion as provided and deemed to have waived any recourse, claim or future prosecution against the businessman.

– With the collaboration of Philippe Langlois and Jean-François Cloutier, Investigation Office.

Do you have any information to share with us about this story?

Write to us at or call us directly at 1 800-63SCOOP.

#Crumbs #creditors #Réal #Bouclin #struggling #personal #debts #million

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.