Forfaits Québec Bankruptcy: Notice to Unused Package Holders

A major development has recently emerged in the local tourism industry: Forfaits Québec Inc. has officially filed for bankruptcy. This situation naturally raises several questions, particularly for those holding unused gift cards or vacation packages.

What will become of these purchases? What remedy is available? And what steps can you take to try to recover some of the amount paid? In this article, we’ll provide an overview of the key information you need to know about the Forfaits Québec bankruptcy and the options available to those affected.

Bankruptcy Filing

Filing for bankruptcy initiates a process governed by the Bankruptcy and Insolvency Act. The firm of Licensed Insolvency Trustees M. Roy & Associés has been appointed to oversee all aspects of the company’s bankruptcy proceedings. Our role is to administer the company’s assets, identify and communicate with creditors, and ensure that the process is carried out fairly and in accordance with the law.

We are also responsible for providing creditors and other affected parties with essential information about the bankruptcy proceedings and keeping them informed throughout the process.

Here is the notice published in the August 22, 2016, edition of the Journal de Montréal and the Journal de Québec:

What Happens to Your Packages and Gift Cards?

Following the declaration of insolvency, unused gift cards and vacation packages can no longer be redeemed or honoured by the participating partners and merchants. Holders therefore become unsecured creditors of the company and may be required to file a proof of claim to have the amounts owed to them formally recognized.

Available Remedies

1.Credit Card Chargeback

The Quebec Consumer Protection Act provides a cancellation procedure for certain online purchases made by credit card, provided that the applicable conditions are met.

If you recently purchased a package by credit card, it may therefore be advisable to contact your financial institution as soon as possible to determine whether you may be eligible to request a chargeback for services that were not received.

2. Filing a Proof of Claim with the Trustee

As package and gift card holders, you are legally considered unsecured creditors. You may therefore complete a proof of claim and submit it to the Licensed Insolvency Trustee handling the case, in this instance, M. Roy & Associés. This step allows the amount owed to you to be formally recognized as part of the bankruptcy proceedings.

However, it is important to understand that filing a proof of claim does not guarantee full repayment. During the bankruptcy process, any funds recovered are distributed among creditors according to specific legal rules. Certain creditors have priority and must be paid before unsecured creditors, including package and gift card holders.

As a result, unsecured creditors may recover only a portion of the amount claimed, or, in some cases, receive no reimbursement at all. The amount ultimately recovered will depend, among other factors, on the assets available for liquidation and the number and total value of creditors’ claims.

How Can I Follow the Progress of the Case?

All legal documents related to the bankruptcy of Forfaits Québec are available to the public. To follow the progress of the case, you can consult the official registry of the Office of the Superintendent of Bankruptcy (OSB) or visit the page dedicated to the bankruptcy notice on our website (file no. 41-3412899 / court file no. 700-11-023416-268).

The information available will be updated as the proceedings progress. We therefore recommend checking official sources regularly to stay informed about the next steps, upcoming deadlines, and any updates regarding creditors’ claims.

Roy & Associés will continue to administer the Forfaits Québec bankruptcy case in accordance with the requirements of the Bankruptcy and Insolvency Act. We will keep creditors informed of the key stages of the proceedings and provide relevant information as the case progresses.

We also encourage you to visit our website regularly for the latest updates, important notices, and instructions regarding any steps you may need to take.