Former construction magnate Tony Accurso received unanimous support from his creditors in settling his two bankruptcy cases (personal and business).
Creditors therefore agree to receive $48 million, a plan the Supreme Court approved Friday morning. The four creditors are Revenu Québec, the Canada Revenue Agency, the City of Laval and the City of Montreal.
The four creditors demanded a total of 139 million. The moves do not provide for liquidation of the assets of the ousted entrepreneur and his companies.
One of his companies will instead take out a loan that will be used to repay creditors. Tony Accurso has 45 days to pay the money to trustee Raymond Chabot, who then has 30 days to pay creditors.
Overwhelmed by such demands, Constructions Louisbourg ltée went bankrupt last June. Tony Accurso’s other companies, including Simard-Beaudry Construction Inc., placed themselves under the protection of the Law on the regulation of corporate creditors from 2020.
As for Accurso himself, he put himself under the protection of the Insolvency and Insolvency Law in May 2022.
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