Montreal's Michel Desjardins files proposal under bankruptcy act
Montreal's Michel Desjardins files proposal under bankruptcy act
Michel Desjardins Ltd., one of Montreal's larger wholesalers and importers of fruits and vegetables, filed a proposal under the Canadian Bankruptcy & Insolvency Act Oct. 17, the Dispute Resolution Corp. announced in a statement.
Alain Gravel, vice president of Michel Desjardins, told The Produce News Oct. 24 that the company was still operating and that it was business as usual while its lawyers and trustees worked to resolve what he termed "a bump in the road."
"We have made a proposal to our creditors to keep our business alive," Mr. Gravel said. "We want to reinvest back in the company so we can remain in business for the next 25 years. We are not hiding - we are here and want to make sure that this is done in the proper way."
Mr. Gravel said that Michel Desjardins, who has owned the company that bears his name for the past 35 years, had worked very hard over the past 15 months to fix several problems to avoid having to file the proposal.
"This is the first time in the history of this company that this has happened," Mr. Gravel said. "Michel Desjardins decided to take the bull by the horns and restructure the whole company. It was a tough decision for Michel, but he had to do it for the future of the company."
Mr. Gravel said that the company would continue buying and selling and that he had "a warehouse full of product." Andre Turenne, general manager of the Quebec Produce Growers Association, would not comment on the proceedings involving Michel Desjardins, which is one of the four major wholesale tenants at Growers Place, Montreal's wholesale produce market that the association manages.
"This is just in the preliminary stage and since I don't know what the terms and conditions will be, I will reserve my comments," Mr. Turenne told The Produce News Oct. 24. "They are still operating, and there were buyers there when I was there earlier in the day."
According to the DRC statement, "all attempts to collect accounts receivable are suspended by law while the firm operates under the protection of the Bankruptcy & Insolvency Act. Members who wish to preserve future DRC rights may file a Notice of Dispute. By filing the Notice of Dispute within nine months of the transaction, members would preserve their DRC rights in the unlikely event the company does not follow the Bankruptcy & Insolvency Act provisions to conclusion.
The statement continued, "If you have not already been contacted as a creditor, creditors should contact the Trustee: Jean Fortin & Associates, 2360 Marie-Victorin Blvd. East No. 200, Longueuil, Quebec J4O 1B5, telephone 450/442-3260."
Alain Gravel, vice president of Michel Desjardins, told The Produce News Oct. 24 that the company was still operating and that it was business as usual while its lawyers and trustees worked to resolve what he termed "a bump in the road."
"We have made a proposal to our creditors to keep our business alive," Mr. Gravel said. "We want to reinvest back in the company so we can remain in business for the next 25 years. We are not hiding - we are here and want to make sure that this is done in the proper way."
Mr. Gravel said that Michel Desjardins, who has owned the company that bears his name for the past 35 years, had worked very hard over the past 15 months to fix several problems to avoid having to file the proposal.
"This is the first time in the history of this company that this has happened," Mr. Gravel said. "Michel Desjardins decided to take the bull by the horns and restructure the whole company. It was a tough decision for Michel, but he had to do it for the future of the company."
Mr. Gravel said that the company would continue buying and selling and that he had "a warehouse full of product." Andre Turenne, general manager of the Quebec Produce Growers Association, would not comment on the proceedings involving Michel Desjardins, which is one of the four major wholesale tenants at Growers Place, Montreal's wholesale produce market that the association manages.
"This is just in the preliminary stage and since I don't know what the terms and conditions will be, I will reserve my comments," Mr. Turenne told The Produce News Oct. 24. "They are still operating, and there were buyers there when I was there earlier in the day."
According to the DRC statement, "all attempts to collect accounts receivable are suspended by law while the firm operates under the protection of the Bankruptcy & Insolvency Act. Members who wish to preserve future DRC rights may file a Notice of Dispute. By filing the Notice of Dispute within nine months of the transaction, members would preserve their DRC rights in the unlikely event the company does not follow the Bankruptcy & Insolvency Act provisions to conclusion.
The statement continued, "If you have not already been contacted as a creditor, creditors should contact the Trustee: Jean Fortin & Associates, 2360 Marie-Victorin Blvd. East No. 200, Longueuil, Quebec J4O 1B5, telephone 450/442-3260."
