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