Lacasse skips receiver, creditor meetings
Bankrupt developer owes investors and creditors $28 million
An Ottawa businessman who owes investors and others $28 million following the collapse of his real estate investment companies has skipped out on a pair of meetings he is required by law to attend.
Jean-Claude Lacasse was a noshow at a Friday meeting with the official receiver where he was supposed to be interviewed under oath. He also failed to show up at the first meeting of his creditors at an Ottawa banquet hall on Monday, according to bankruptcy trustee Brian Doyle.
Lacasse is required by the Bankruptcy and Insolvency Act to attend both meetings.
According to the Bankruptcy and Insolvency Act, Lacasse was required to attend the creditor meeting “unless prevented by sickness or other sufficient cause.” Doyle said he received no explanation why Lacasse didn’t attend.
Attempts by the Citizen to reach Lacasse by text and phone Monday were unsuccessful.
The Bankruptcy and Insolvency Act allows for the official receiver to apply for a warrant to have the bankrupt person be apprehended and brought in for an examination about his conduct and the causes of the bankruptcy.
The Act states that a person may only be arrested if there are grounds to believe that the bankrupt person has absconded or is about to abscond from Canada, that they may remove their property to prevent the trustee from taking possession of it, has concealed or is about to conceal or destroy documents or books related to the bankruptcy, has removed anything worth more than $25 without the court’s permission, or has failed to obey an order of the court.
It wasn’t immediately clear whether the Office of the Superintendent of Bankruptcy was going to take any action against Lacasse.
It was the second and third time Lacasse has missed an appointment since his company, Golden Oaks Enterprises and its subsidiary, Rent 2 Own Canada, went into receivership in late June.
An investigation has since revealed he owes about $28 million to mortgage holders and investors, who were given promissory notes with high interest rates.
Lacasse was supposed to attend a meeting on July 12, but didn’t show up, instead texting the interim receiver to tell him that he had a job interview and wouldn’t be coming. Lacasse later attended a meeting on July 15 after being reminded of his obligation to attend the meetings, as set out in a court order appointing Doyle as the interim receiver.
Lacasse is expected to attend another meeting with Doyle in the next two weeks, where he is supposed to be examined under oath.
Doyle has since recommended to the Office of the Superintendent of Bankruptcy that a criminal investigation be launched by the RCMP into Lacasse’s business dealings.
That recommendation was supported by creditors who met Monday at Tudor Hall, said Doyle.