Aventura Phase VII Inc. et al., companies which form part of L’Aventura, a major housing complex in the City of Québec, obtained CCAA protection on August 24, 2023. Stéphan Huot, the principal of embattled real estate Groupe Huot, together with his companies, currently holds an approximately 25% interest in the debtors. The debtors’ financial difficulties were caused by, among other things, substantial advances made to other companies connected to Groupe Huot, which ultimately left the debtors without sufficient liquidity to finance their operations. Raymond Chabot was appointed Monitor. Hickson Noonan is counsel for the debtors and McCarthy Tétrault is counsel for Portage Capital Corporation, the debtors’ primary secured creditor.

By: Dina Milivojevic