Restructuring and insolvency in Canada

Offering a diverse array of industry expertise, Blake, Cassels & Graydon LLP‘s restructuring and insolvency team provides a full range of services to its corporate clients. The group has been involved in a number of high-profile matters recently, which included advising Deloitte as monitor on the JTI-Macdonald tobacco insolvency and acting for AllSaints USA in connection with insolvency proceedings in the US and UK. With the firm benefiting from a broad office network, it is able to support clients who operate across numerous provincial jurisdictions. Pamela Huff leads the Toronto based team, which also features cross-border insolvency expert Linc Rogers. Other names to note include Kelly Bourassa in Calgary, Bernard Boucher in Montreal and Peter Rubin in Vancouver.

Bennett Jones LLP provides key insolvency services to clients in the energy and natural resources sector. Elsewhere, Sean Zweig is advising a consortium of provinces in connection with three large-scale tobacco industry insolvencies. Kevin Zych is another key figure in the team, which acts for debtors, lenders, investors and court-appointed monitors. Zych co-leads the team with Christopher Simard. Other key names include Kelsey Meyer and litigator Ken Lenz, both of whom are Calgary-based.

McCarthy Tétrault acts for a mix of high-profile debtors, financial institutions, trustees and court-appointed monitors. It is known for its strength in domestic and cross-border restrcuturings, insolvencies and workouts. The firm’s recent work included advising Hertz on the Canadian refinancing aspects of its $19bn liability sheet. The group often works with the firm’s broader corporate team and offers industry expertise in areas such as, energy, technology and financial services. James Gage leads the team from Toronto and is known for his high profile work. Other key names include Sean Collins in Calgary and Heather Meredith, who is also based in Toronto. Philippe Bélanger left to become a high court judge.

Torys‘ restructuring and insolvency team is well-known for its strengths in the energy and natural resources industries. Illustrative of the firm's work in this space, David Bish led the advice to CIBC and an eight-bank lending syndicate on restructuring Bonavista Energy Corporation’s credit facilities and bond debt. Elsewhere, the group acts for debtors, court officers and creditors on matters with a nexus to the retail, pharmaceutical, consulting and cannabis sectors. Tony Demarinis, who leads the Toronto-based team, is known for his prominence in high-stakes restructurings. Bish heads up the corporate restructuring group, offering experience in bankruptcies, receiverships and liquidations. Kyle Kashuba in Calgary is another key name.

Borden Ladner Gervais LLP is known for undertaking restructuring and insolvency mandates on behalf of energy sector and retail clients. In addition, the firm is noted for its work on behalf of the big four banks and other key financial institutions, particularly in the context of formal and informal workouts. Its team also advises court officers and other stakeholders on cross-border Chapter 11 and other bankruptcy proceedings. Alex MacFarlane and Marc Duchesne lead the team out of the Toronto and Montréal offices respectively. Other key practitioners are based in Alberta and British Columbia.

Dentons‘ team undertakes a mix of domestic and cross-border bankruptcy, insolvency and restructuring work for clients, and it has particular expertise in the energy, mining, retail, cannabis and real estate sectors. The group is also known for its work for major lenders and accounting firms, including distressed asset acquisitions and security issues, with the firm on regular approved restructuring counsel lists. Calgary-based partner David Mann, who heads up the practice, has over 25 years of restructuring experience. John Sandrelli in Vancouver is also a key name.

In addition to handling informal workouts and restructurings, Fasken acts for a wide range of clients on formal proceedings under the Companies’ Creditors Arrangement Act, Canada Business Corporations Act and Bankruptcy and Insolvency Act. According to a client, ‘they excel in providing practical and creative solutions for their clients in some of the most complex restructuring situations.’ The team, which is led by Toronto-based partner Stuart Brotman, includes Brandon Farber in Montréal and Vancouver-based partner Kibben Jackson. John Grieve QC is another key individual.

Gowling WLG has a strong pedigree for handling cross-border restructurings and insolvencies for creditors, debtors and court-appointed officers. Its global platform also makes it a strong choice for multinational companies. According to a client, a distinguishing feature of the practice is 'the unique combination of litigation and deal-making talent necessary to support turnarounds, restructurings and insolvency matters in a practical, strategic manner". Clifton Prophet and David Cohen, who are both based in Toronto, are the names to note.

Norton Rose Fulbright's national practice is complemented by the firm's wider global platform, making it a go-to for advice on domestic and cross-border restructurings. Led by Montréal-based partner Luc Morin, the team stands out for its expertise in the retail, energy and natural resources sectors. It generates mandates from clients such as lenders, debtors and court-appointed officers, among others. Senior partner Howard A. Gorman QC is a key name in the Calgary office. Jennifer Stam in Toronto is also recommended, as is Christian Roy in Quebec City.

Lax O’Sullivan Lisus Gottlieb LLP, which is a boutique litigation firm in Toronto, is frequently engaged by leading commercial law firms to act as trial co-counsel in major bankruptcy and insolvency cases. The firm has been taken on for a number of high-profile matters, including the Purdue Pharma and Big Tobacco insolvency cases. It acts for a full range of stakeholders, including debtors, creditors and court monitors. Matthew Gottlieb and Jonathan Lisus co-head the practice.