Restructuring, Insolvency and Bankruptcy in Canada

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Restructuring, Insolvency and Bankruptcy
Restructuring, Insolvency and Bankruptcy in Canada

Restructuring, Insolvency and Bankruptcy in Canada

You are currently viewing Dentons' global capabilities in Restructuring, Insolvency and Bankruptcy in Canada. To view regional capabilities please select below:

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Regional Capabilities

When a business faces financial challenges, the company, shareholders, lenders, creditors, financial advisors and other insolvency professionals need legal advice from creative problem solvers with unparalleled industry knowledge and experience. Our national Restructuring, Insolvency and Bankruptcy group excels at navigating complex in region, cross-border and multi-jurisdictional matters, ready to support your business wherever it operates.

As Canada’s Global Law Firm, we offer our clients a unique advantage. Operating in multiple industries and provinces, governed by different legal systems? No problem. Our team is one of the largest in the country, fully integrated across offices and disciplines. Our lawyers have represented clients across numerous sectors and are adept at handling the demands of cross-border insolvency law. Whether dealing with West Coast industries, Alberta’s oil sector, Toronto’s financial institutions or the specific requirements of Québec’s civil code, our team’s regional strengths and national collaboration allow us to serve many domestic and multinational clients on complex insolvency matters.

Fully integrated as well with our United States teams and in other key regions as well, we can bring seamless and efficient cross-border solutions to multi-national businesses.

Our approach is as important to our clients as our expertise. We understand that timely resolution is crucial in bankruptcy proceedings. We are solution-oriented, expediting insolvency procedures to achieve optimal outcomes for our clients. From creditors’ remedies and complex restructuring, to debtor-in-possession financing or purchasing a distressed company, our dedication ensures we deliver the best results.

Areas of Focus

Court-supervised restructurings
Recognition of foreign representatives and foreign proceedings
Official and ad hoc groups of creditors and shareholders
Administrations, receiverships, liquidations, and other court processes
Out-of-court restructuring
Distress transactions
Sovereign and other debt restructuring
Coordination of cross-border cases
Enforcement of creditor rights and remedies across borders
Representation of governments and other fiduciaries in cross-border situations

Experience

AVEOS Fleet Performance: Advising in connection with its Companies' Creditors Arrangement Act proceedings. Founded as Air Canada Technical Services (ACTS), AVEOS was one of the largest airline maintenance, repair and overhaul providers in the Americas. The AVEOS CCAA proceedings are one of the most high-profile CCAA proceedings in Montreal in recent years.
Conuma Coal Resources Limited, a member of the ERP Group of Companies: Advising on its US$35 million acquisition of assets and assumed liabilities including three surface mining coal complexes from Walter Energy Canada in this 2017 Cross Border Turnaround of the Year award winning transaction. The complexes were purchased by Walter Energy Canada from Western Energy in 2011 for over CA$3 billion, Turnaround Atlas Awards 2017.
First Leaside Wealth Management: Counsel for more than 1000 investors, First Leaside is an affiliated group of investment companies and entities that raised in excess of CA$360 million from investors. The First Leaside Group filed for CCAA protection in February of 2012 and Dentons was appointed by the Ontario Superior Court of Justice as Representative. First Leaside’s assets are now subject to receivership proceedings and Dentons continues to act as Representative Counsel to the investors in these proceedings.
LightSquared LP: Counsel for LightSquared which is comprised of a group of companies located in the US, Canada and Bermuda which is in the process of building the only 4th Generation Long Term Evolution open wireless broadband network that incorporates satellite coverage throughout North America and offers users, wherever they may be located, the speed, value and reliability of universal connectivity. LightSquared commenced Chapter 11 proceedings in 2012 and obtained recognition of such proceedings in Canada under the CCAA. There is approximately US$4.48 billion in assets (book value) and US$2.29 billion in liabilities. In this regard, we have also acted for Satcon (which was also the first Chapter 11 proceeding to obtain recognition in Canada and then be converted to a Chapter 7 proceeding in the US), Terrestar, and the successful purchaser of the assets of Hartford Computer Hardware, and others in connection with recognition of foreign insolvency proceedings in Canada.
Medican Holding Ltd.: Counsel to Medican Holdings Ltd. and their related entities in their proceedings under the CCAA. This matter involved the restructuring of a number of operating entities and real estate development projects through the innovative use of project-related DIP facilities and a CRO to supplement management.
Montréal, Maine & Atlantic: Acting as counsel to directors, officers and certain related companies of US and Canadian cross border debtors Montréal Maine & Atlantic Railway, Ltd. and Montréal Maine & Atlantic Canada Co. in simultaneous cross-border insolvency proceedings arising from the derailment of 72 tanker cars carrying Bakken crude oil through eastern Quebec, resulting in 47 casualties and hundreds of millions of dollars of property and environment claims. A mass tort case that achieved an unprecedented CA$450 million settlement fund to be administered jointly between the debtors' US and Canadian estates.
Poseidon Concepts : Acted as counsel for the lending syndicate led by Toronto-Dominion Bank, as agent for itself and HSBC Bank Canada, the Bank of Nova Scotia and National Bank of Canada in this significant cross-border restructuring. This matter involved a solicitation process for a strategic partner/acquisitor after the Borrower announced that over CA$100 million of its revenues and CA$100 million of its receivables had to be written off.
PricewaterhouseCoopers Inc.: Advising as counsel to the firm in its role as the Court-appointed Monitor of Sunrise/Saskatoon Apartments Limited Partnership (and other members of the Sunrise corporate group) in the Companies’ Creditors Arrangement Act restructuring of their multi-unit residential rental business, involving the restructuring of over CA$200 million in secured debt.
Rokstad Power Corporation & Affiliates: Advising the corporation and affiliates in re-acquiring from the Carillion Group full ownership of the businesses and undertakings of the Rokstad Power Group of Companies, enabling the business to continue as a recognized leader in the industry who provides full suite of power line construction and maintenance services, using a pre-packaged CCAA proceeding to effect a complex transaction.
Sanjel Corporation: Advising on its acquisition by ARC Financial and STEP Energy Services of substantially all its Canadian-based fracturing and cementing operations. Dentons’ clients prevailed on all issues in this complex, cross-border acquisition requiring the coordination of Alberta CCAA proceedings and a Chapter 15 proceeding in San Antonio, Texas.
Tenor Capital Management: Acting as counsel to the DIP lender to Crystallex International Corporation in its CCAA / Chapter 15 proceedings.
Unity Builders Group: Counsel to the Unity Builders Group in connection with its CCAA filing. The matter has involved the innovative use of DIP Interim Funding to complete projects to ensure the continued acquisition, development, sale, and distribution of proceeds related to unit inventories and cash management system to ensure liquidity during the restructuring process.
Veris Gold Group of Companies: Acting as counsel for the Monitor in connection with the Group’s CCAA proceedings in Canada as well as Chapter 15 proceedings in the US and with respect to the disposition of the Veris Gold USA Inc. operating and real estate assets to Whitebox Advisors LLC. Advising on all aspects of the restructuring and sale which involved properties on both sides of the border including, notably, the operating gold and milling project in Nevada with annual revenue in the range of US$200 million. This deal has won Mining Deal of the Year, Cross Border Restructuring Deal (up to US$100M) and Real Estate Deal of the Year by M&A Advisor and Judicial Restructuring of the Year award for Small Markets by Global M&A Network.
Vitol Inc.: Advising in connection with the CCAA proceedings involving the Arthon Industries Group of Companies and Coalmont Energy Corp. Vitol Inc. is one of the world’s largest independent energy trading companies and we assisted Vitol Inc. in all aspects of the restructuring in which Vitol had contracted to acquire all of the coal produced from the Basin Coal Mine.
Wilmington Trust: Advising Wilmington Trust, National Association in the worldwide insolvency proceedings involving Nortel Networks Limited and its other Canadian and worldwide subsidiaries and affiliates (collectively, the “Nortel Group”). The Nortel Group insolvency is the largest insolvency filing in Canadian history. Wilmington Trust is the largest non-employee creditor of the Canadian entities in the Nortel Group. At the heart of the case is a worldwide allocation dispute in respect of US$7.5 billion of monetized assets which is scheduled to be determined via a complex and unprecedented cross-border litigation proceeding involving Courts sitting in both Ontario and Delaware.

Recognition

Dentons recognized in the inaugural edition of Best Law Firms – Canada

October 31, 2024

Dentons, Canada’s Global Law Firm, is pleased to be recognized in the first edition of the Best Law Firms – Canada rankings, based on comprehensive data collected from client interviews and peer review surveys.

Dentons’ Litigation and Dispute Resolution group: Steadily growing as a Canadian powerhouse

August 1, 2024

Described by clients as “brilliant, focused and incredibly skilled,” and praised for their “ability to handle complex and sophisticated matters,” Dentons Canada’s Litigation and Dispute Resolution lawyers are increasingly being recognized as powerhouses in the Canadian legal landscape.

Dentons wins two Deal of the Year awards at the 2022 Canadian Law Awards

June 29, 2022

We are proud to announce that Dentons Canada received two awards at the 2022 Canadian Law Awards.

View all recognition for Restructuring, Insolvency and Bankruptcy in Canada

Insights

Breaking new ground: Court dispenses with Arthur Wishart Act disclosure requirements in landmark insolvency case

March 14, 2025

Justice Osborne’s Endorsement in Re: TBS Canada grants novel relief to the mandatory franchise disclosure requirements under the Arthur Wishart Act (Franchise Disclosure), 2000 (Arthur Wishart Act) in the context of the Companies’ Creditors Arrangement Act (the CCAA).

Court of Appeal for British Columbia delivers landmark decision addressing reverse vesting orders in receiverships

July 11, 2024

In a groundbreaking ruling, the Court of Appeal for British Columbia recently delivered a decision that is poised to significantly influence insolvency proceedings. The case, cited as British Columbia v. Peakhill Capital Inc., 2024 BCCA 246, marks the first time an appellate court has addressed the jurisdiction and appropriateness of reverse vesting orders (RVOs) in receivership contexts. This ruling provides crucial insights into the court's reasoning and its implications for legal and non-legal professionals alike.

Reverse vesting orders and property transfer tax liability in British Columbia receiverships

September 8, 2023

On August 25, 2023, the British Columbia Supreme Court granted the first reverse vesting order (RVO) in British Columbia receivership proceedings “solely for the purpose of achieving a tax benefit”.

View all insights for Restructuring, Insolvency and Bankruptcy in Canada

News and Events

Recent Press Releases

Dentons Canada welcomes 11 lawyers to the partnership in 2025

January 30, 2025

Dentons, Canada’s Global Law Firm, is pleased to announce the admission of 11 exceptional lawyers to the partnership, effective February 1, 2025.

Dentons continues to attract top talent with the addition of Sherryl Dubo to its Restructuring, Insolvency and Bankruptcy group in Vancouver

November 1, 2024

Dentons, Canada’s Global Law Firm, is pleased to announce the addition of Sherryl Dubo as counsel in the Restructuring, Insolvency and Bankruptcy group in Vancouver.

Dentons recognized in the inaugural edition of Best Law Firms – Canada

October 31, 2024

View all press releases for Restructuring, Insolvency and Bankruptcy in Canada

Regional Capabilities

You are currently viewing Dentons' capabilities in Restructuring, Insolvency and Bankruptcy in Canada. To view capabilities in other regions please select below:

Restructuring, Insolvency and Bankruptcy in Canada

Restructuring, Insolvency and Bankruptcy in Canada

Areas of Focus

Experience

Recognition

Dentons recognized in the inaugural edition of Best Law Firms – Canada

Dentons’ Litigation and Dispute Resolution group: Steadily growing as a Canadian powerhouse

Dentons wins two Deal of the Year awards at the 2022 Canadian Law Awards

Insights

Breaking new ground: Court dispenses with Arthur Wishart Act disclosure requirements in landmark insolvency case

Court of Appeal for British Columbia delivers landmark decision addressing reverse vesting orders in receiverships

Reverse vesting orders and property transfer tax liability in British Columbia receiverships

News and Events

Recent Press Releases

Dentons Canada welcomes 11 lawyers to the partnership in 2025

Dentons continues to attract top talent with the addition of Sherryl Dubo to its Restructuring, Insolvency and Bankruptcy group in Vancouver

Dentons recognized in the inaugural edition of Best Law Firms – Canada

Regional Capabilities

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Restructuring, Insolvency and Bankruptcy in Canada

Restructuring, Insolvency and Bankruptcy in Canada

Areas of Focus

Experience

Recognition

Insights

News and Events

Recent Press Releases

Regional Capabilities

Regions

Countries

Share

How can the world's largest global law firm help you today ?

Contact us or find an office in your location.

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