Quebec real estate developer Stéphan Huot is in personal protection from his creditors for a whopping $1.2 billion in debts.
Stephen Hutt filed a notice of intent to make the proposal below on Thursday Bankruptcy and Bankruptcy Law, according to documents consulted by our Bureau of Investigation.
The extent of the promoter’s debts, which amounted to 1.179 billion, made this bankruptcy procedure one of the largest in dollar terms in the entire history of Quebec.
According to a list of creditors filed, Huot owes $253 million to Toronto-based Timbercreek Mortgage Servicing, $164.5 million to Manulife Bank of Canada, $127.7 million to Portage Capital, $120 million to SH Real Estate Fund, $100 million to Q-120 million, $92.3 million to Laurentian Bank and $80 million to financial institution CMLS. .3 million .
Prominent businessmen from the Quebec region are also among those making financial claims against him.
This is especially the case with Michel Cadrin, to whom Huot owes nearly $40 million through two companies.
Hutt owed $19 million to investor Daniel Fortier, who acted as his endorser, and more than $2 million to Gaston Paradis and a management company in his name.
A lawyer from the firm De Grandpre Chait, Mee Eric Lasry, posted a claim of $2.25 million.
In the midst of a meltdown
Stefan Huth, who employs around 700 people, and his companies have been in the midst of an economic downturn since the beginning of the year.
The tycoon has lost several real estate complexes in recent months, totaling thousands of units.
Group Hoot’s subsidiaries, including Millennium Construction and Airmedic, also filed for bankruptcy last June and July, respectively.
Last April, our Bureau of Investigation reported that 90 millionaires, including 75 from the National Capital Region and 15 from the Montreal area, were trying to recover huge sums they had lent to the Huot Group.
According to our information, these investors are promised amazing returns of up to 12%.