July 8, 2020
Simard-Beaudry Construction Inc. ("SBC") and Louisbourg Constructions Ltd. ("LC"), two large Laval, Quebec-based construction companies controlled by Antonio Accurso, obtained protection under the CCAA on July 8, respectively listing approximately $182.6 million and $82.8 million in liabilities. In 2010, the companies plead guilty to tax evasion against the CRA and were prohibited from bidding on public contracts until 2015. As a result, the companies' turnover dropped significantly and certain of their monetary assets were used to satisfy the numerous lawsuits launched against them. In recent years, the companies have ceased operations and sold almost all of their assets. In January, the companies filed an NOI, giving them until July 9 at the latest to file a proposal. However, various delays which were exacerbated by the COVID-19 pandemic eventually led the companies to file for protection under the CCAA. Raymond Chabot was appointed monitor. Ravinsky, Ryan, Lemoine is counsel to the companies.