Denis Coderre, the former mayor of Montreal, has declared bankruptcy amid significant financial difficulties. Recent reports indicate that he has filed for protection under the Bankruptcy and Insolvency Act. Coderre’s financial troubles have been well-documented in the media, and he recently acknowledged these issues on social media.
Overview of Financial Situation
According to preliminary public documents from the Office of the Superintendent of Bankruptcy, Coderre’s debt totals nearly $1.1 million. His financial struggles stem from multiple factors, including personal challenges such as illness, divorce, and harassment by the media.
Current Debts
- Debt to his own consulting company: $663,162
- Debt to the Canada Revenue Agency: $127,537
- Debt to Revenu Québec: $93,593
- Debt to ACE Mortgage Corp: $75,000
- Credit card debt to Scotia Bank: $39,498
- Additional personal loans from various individuals, including $25,000 from his fiancée and other acquaintances.
Assets and Income
Coderre’s asset list is minimal, primarily consisting of expected payments totaling approximately $44,000, which includes $25,000 from Tel Aviv University. He previously sold his house for $650,000, which has contributed to his financial downfall.
His current monthly income is approximately $16,959 after taxes, which breaks down to about $7,746 from employment and $9,213 from retirement benefits. This annual income equates to around $203,500.
Proposed Plans for Debt Repayment
With the assistance of Groupe Serpone, an insolvency trustee based in Saint-Léonard, Coderre is preparing to present a proposal to creditors on January 26. He intends to offer a total repayment plan of $240,000, disbursed at $4,000 per month over five years. This amount represents roughly 20 percent of his total debt obligations.
Key Creditors
| Creditor | Amount Owed |
|---|---|
| 9377-4750 Québec Inc. | $663,162 |
| Revenu Canada | $127,537 |
| Revenu Québec | $93,593 |
| ACE Mortgage Corp | $75,000 |
| Scotia Bank (Visa) | $39,498 |
Denis Coderre’s situation highlights the challenges he faces as he navigates these financial difficulties while considering his future in politics and personal life.
