The Legal 500 > Canada > Canada > Restructuring and insolvency

Goodmans LLP houses one of the largest and most respected restructuring practices in Canada. The team handles the full spectrum of work, with balanced strength advising on all elements of a restructuring and recapitalization transactions, acting for creditors, debtors, sponsors, lenders and court appointed officials. Recently the group acted for the ad hoc group of first lien lenders holding $1.4bn of debt of Skillsoft Corporation in connection with an international restructuring and recapitalization of the business. Supported by the firm's highly regarded M&A, corporate finance and securities, tax and litigation practices, the department is also a popular choice for distressed M&A work. Though the team is largely based in Toronto, the practice group is more than capable of handling mandates across Canada. Key figures in the team include practice head Joseph Pasquariello, Jay Carfagnini, Robert Chadwick, Brendan O’Neill all of whom are highly recommended in this space. Melaney Wagner retired in January 2020.

Bennett Jones LLP's insolvency group works closely with the firm's premier oil and gas practice, having recently been involved in a number of debt restructurings in this sector. Other areas in which the department has a strong track record include manufacturing, real estate and retail. The practice covers the entire range of mandates, acting for creditors, debtors, and investors in and acquirers of distressed assets, as well as for court-appointed officers. Toronto based co-head Kevin Zych and his Calgary-based counterpart Christopher Simard are both highly regarded in this field. Sean Zweig is another key up-and-coming name in the practice.

Osler, Hoskin & Harcourt LLP attracts prominent debtor-side mandates, but is best known in the market for its premier bondholder practice. In addition to its significant bondholder experience, the practice group advises a diverse mix purchasers of distressed assets, directors and senior executives, credit and investment officers and fund managers on the full range of restructuring work. The national practice group is chaired from Toronto by Marc Wasserman, who is highly regarded in this field. Other key figures in the team include Michael De Lellis and Tracy Sandler, the latter of whom is known both for her work in recapitalizations and restructurings, as well as for her thought leadership.

Toronto-based boutique Thornton Grout Finnigan LLP is highly specialized in complex and contested bankruptcies, practising exclusively in litigation and restructuring. The department represents a wide range of clients including financial institutions, regulatory agencies, publicly traded companies and officers and directors. Robert Thornton and DJ Miller are among the key contacts in the team.

Borden Ladner Gervais LLP 's restructuring department has a strong reputation working for senior secured lenders and secured noteholders. The group is also instructed by a range of insolvency professionals, including the Big Four, where it acts as monitors, court appointed receivers and trustees in bankruptcy proceedings. Montréal-based Marc Duchesne jointly leads the department alongside practice co-head Alex MacFarlane in Toronto. The firm has a significant presence across Ontario, Quebec, Alberta and British Columbia.

Cassels Brock & Blackwell LLP is highly regarded in international markets, regularly acting for foreign clients in Canadian and cross-border restructurings and insolvencies. Specialized in distressed M&A, DIP lending transactions and security enforcement issues, the team has won instructions from a variety of financial institutions and investors, creditors’ committees, receivers, monitors and trustees. Shayne Kukulowicz chairs the group from Toronto. Ryan Jacobs is another key contact specializing in cross-border cases.

Davies Ward Phillips & Vineberg LLP's restructuring group is retained by creditors, suppliers, landlords and banks, drawing on the firm's strength in financing and M&A to offer comprehensive support in insolvencies and receiverships. Cross-border work continues to be a primary work stream for the department, which handles a significant number of insolvencies involving the UK and US. Robin Schwill and Natasha MacParland jointly lead the team from Toronto, and litigation specialist Denis Ferland is a key contact in Montréal.

Stikeman Elliott LLP leverages the firm's expertise in litigation, banking, M&A, pensions, employment, securities, tax and regulatory law to provide clients of all types with full-service legal support in insolvency and restructuring matters. Toronto-based litigator David Byers has acted both for lenders and debtors in court supervised restructurings. Jean-Marie Fontaine in Montréal jointly leads the department alongside Elizabeth Pillon in Toronto.

Chaitons has built a strong reputation in contentious mid-market restructuring mandates, working alongside the firm's litigation and corporate teams. Foreign financial institutions, equipment lessors and various other secured creditors are among the team's core clients. The practice group is led by Harvey Chaiton in Toronto, who has broad expertise in corporate restructuring and bankruptcy matters, but is recognized in particular for his work in receivership proceedings and insolvency litigation.

DLA Piper (Canada) LLP acts for creditors, debtors and court officers in a range of restructuring mandates. The firm's global network, as well as its full service legal offering, makes it an attractive choice for clients with issues spanning multiple jurisdictions. Brian Davison QC leads the group from Calgary, and has extensive experience in the oil and gas sector.

Toronto-based litigation boutique Lenczner Slaght LLP acts for creditors and debtors in a full range of contentious insolvency work. The team has substantial experience of commercial reorganizations and restructurings, personal property security matters, creditors' rights, receiverships and bankruptcies. Key contacts include Matthew Lerner and Peter Osborne.