Former construction tycoon Tony Accorso has received unanimous support from his creditors in settling both his insolvency cases (personal and business).
So the creditors agreed to receive $48 million, a plan approved by the Supreme Court 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 a total of 139 million. The steps do not provide for the liquidation of the assets of the collapsed businessman and his companies.
Instead, one of its companies will receive a loan that will be used to pay off creditors. Tony Accorso has 45 days to pay the money to trustee Raymond Chabot, who will have 30 days to pay creditors.
Overshadowed by such allegations, Constructions Louisbourg ltée went bankrupt last June. Other Tony Accurso companies, including Simard-Beaudry Construction Inc. , itself under protection Corporate Creditors Arrangement Act from 2020.
As for Accurso himself, he put himself under protection Bankruptcy and insolvency law May 2022.
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