Groupe Huot Inc., Bankruptcy

Groupe Huot Inc., a Quebec-based diversified company that owned a number of businesses, including a residential and commercial real estate portfolio and a medical transportation service, was placed into bankruptcy on 29 April, on application by 9355-8096 Quebec Inc. and X2 Capital Inc., owed over $36 million.

A number of the companies within the group, including Aventura Phase VII Inc. et al. and Millenum Construction Inc., have previously filed for CCAA or bankruptcy protection, having faced a liquidity crisis due to rising interest rates and other factors.

In December 2023, Groupe Mach Inc. acquired a portfolio of residential properties from Groupe Huot as part of a deal that saw it take over $415 million of mortgages from Groupe Huot. Notwithstanding these efforts, Groupe Huot has been unable to meet its liabilities to creditors, including the applicants and Fonds d’investissement immobilier SH s.e.c., owed over $90 million, and Q-12 Capital, s.e.c., owed over $80 million.

EY is the bankruptcy trustee.

Counsel is Woods for the applicants.

By: Dina Milivojevic