Receivership proceedings of Groupe Laval Fortin and affiliates under the BIA

On February 13, 2024, the Superior Court of Québec issued an order appointing a receiver, on application by our client National Bank of Canada in the matter of the receiver of Laval Fortin Inc. and four affiliated companies. In the context of this file, National Bank of Canada also extended several interim financing facilities in the aggregate amount of $36M, which are guaranteed by Intact Insurance Company. 

A sale and investment solicitation process was also launched and approved on April 4, 2024, allowing for transactions in respect to the majority of the assets of the debtors, including a going concern transaction to Construction Hardy Inc., which was approved by the Court on July 18, 2024. 

McCarthy Tétrault assisted National Bank of Canada with a team led by Hugo Babos-Marchand that included Marc-Étienne Boucher (Bankruptcy & Restructuring).