Canada: Insolvency & Restructuring
Even in one of the world’s healthiest economies, the demand for expert restructuring and bankruptcy counsel is increasing. The number of lawyers meeting our criteria as outstanding experts in the sector has grown by over 10 per cent from the last edition, and 58 practitioners are selected for inclusion as a result of our research
Blake Cassels & Graydon LLP fields five nominees in this edition. Susan Grundy is particularly well regarded, with sources describing her as an “excellent technician”. Her insolvency practice is “second to none”, and she is a former chair of the insolvency subsection of the Canadian Bar Association. Pamela Huff is recognised for her “top tier practice” in a range of sectors, particularly in the aviation industry where she has acted for aircraft lessors and secured creditors in virtually all domestic airline insolvencies over the past decade. Steven Weisz is co-ordinator of the firm’s restructuring and insolvency group and was recently appointed special projects director for the international committee of the American Bankruptcy Institute. Bill Kaplan QC in Vancouver is a “tremendous litigator” and acted as counsel to Wells Fargo Capital Finance LLC as DIP lender and exit lender to Angiotech Pharmaceuticals in CCAA restructuring proceedings. Bernard Boucher is head of the restructuring and insolvency group in Montreal and an “excellent bankruptcy litigator” who has appeared before the Supreme Court of Canada.
The five nominees from Borden Ladner Gervais LLP are led in the voting by Patrick McCarthy QC, co-chair of the insolvency and restructuring group and “one of the pre-eminent practitioners in Alberta, indeed in all of Canada”. Also in the Calgary office, Josef Kruger has an “increasingly stellar reputation”. Marc Duchesne in Montreal is “a real player in this sector”, recognised for his work for aircraft lessors in CCAA proceedings commenced by Nationair and Canada 3000. In Toronto, Michael MacNaughton is “extremely well versed in all types of insolvency work”. Magnus Verbrugge in Vancouver is very well known, and has acted as lead debtor’s counsel in restructuring proceedings relating to Seanix Technology, Pacific Salmon Industries and NEMI Northern Energy & Mining.
Edward Sellers is chair of the insolvency and restructuring practice group at Osler Hoskin & Harcourt LLP and an “undoubted leader”. He is very well known for his advice to the board of directors of Nortel Networks in Nortel’s global restructuring, as well as Canwest Global Communications and Magna Entertainment in their restructurings. Steven Golick earned an international reputation for acting on behalf of General Motors Canada in a successful out of court restructuring, in coordination with US Chapter 11 restructuring of General Motors Corp, where he worked alongside the “brilliant” Marc Wasserman. Robert Anderson in Alberta is “tremendously well respected”, and Martin Desrosiers in Quebec is a “real asset to his clients”.
Jay Carfagnini is a “stand out practitioner” and heads an “incredibly strong” corporate restructuring group at Goodmans LLP. His “unrivalled track record” incorporates some of the largest restructurings in Canada, including that of Nortel Networks. Robert Chadwick was described as the “cream of the crop”, was picked out as “from the very top drawer” and Gale Rubenstein is “without peer” for insurance related work having acted as senior counsel to the liquidators of Confederation Life Insurance Company, Sovereign Life Insurance Company and Northumberland General Insurance Company. Fred Myers also worked on the Nortel Networks insolvency proceedings, as well as those of Abitibibowater and Stelco, and his litigation skills are much revered.
McCarthy Tétrault LLP has four highly rated partners selected. Kevin McElcheran in Toronto is “much sought after” for his advice to all stakeholders, as well as for his work as insolvency advisor in complex securitisation and derivatives transactions. The “technically outstanding” Philippe Bélanger in Montreal represents secured lenders and borrowers in major restructurings and insolvencies, and from the same office Sylvain Vauclair, co-leader of the national bankruptcy and restructuring group, is extremely well regarded. Sean Collins heads the bankruptcy and restructuring group in Calgary and scores highly in our research.
John Sandrelli is managing partner of the Vancouver office of Fraser Milner Casgrain LLP, one of the most highly regarded individuals in this year’s research, and “very well known in the market”. He is joined by the “phenomenal” Alex MacFarlane, chair of the Toronto insolvency and restructuring group and widely recognised as Canadian Counsel for the official committee of unsecured creditors of Nortel Networks. Also in Toronto, Shayne Kukulowicz is national co-chair of the practice group and highly rated by clients and peers alike and he is selected alongside fellow co-chair David Mann; “one of the leading experts in Alberta”.
Fasken Martineau DuMoulin LLP sees four partners selected for inclusion in this edition, led by John Grieve, head of the firm’s global insolvency and restructuring group. “One of the finest lawyers in Vancouver”, he is described as “one of the pre-eminent debtor counsels in the country” and has worked for clients such as Royal Bank of Canada, HSBC Bank Canada, PricewaterhouseCoopers and KPMG. Alain Riendeau performs particularly well in the Quebec research, and is “top drawer for all types of restructuring work”. In Toronto, Jonathan Levin is “fantastically knowledgeable”, while Aubrey Kauffman is former chair of the Ontario Bar Association’s insolvency section and particularly well known for his bankruptcy expertise.
Derrick Tay leads the insolvency and restructuring team at Norton Rose OR LLP and is highly rated for debtor and creditor work. He advised Nortel Networks Corporation and Nortel Networks Limited in connection with its international insolvency proceedings. Alongside him in the Toronto office, Tony Reyes was also acclaimed for his work as Canadian counsel to Nortel Networks in connection with its filing under the CCAA, and Mario Forte is a “restructuring lawyer of the highest calibre”.
Andrew Kent is one of three nominees from McMillan LLP, and chairs its financial services and restructuring practice. Described as a “technical wizard”, he was repeatedly cited as one of the country’s leading practitioners. Also in Toronto, Sheryl Seigel is “very well known in the market”, and is membership chair of the business bankruptcy committee of the ABA Section of Business Law. Max Mendelsohn was placed “in a class of his own” by our sources. Described as “one of a kind”, he has addressed the standing committee on banking, trade and commerce of the Senate of Canada on legislative insolvency reform, as well as representing investment bankers in matters relating to Air Canada claims.
At Stikeman Elliott LLP, Sean Dunphy is co-head of the insolvency and restructuring group in Toronto and a “big player in the market”. He acted as lead restructuring counsel on the restructurings of Abitibibowater and Air Canada. David Byers is viewed as “one of the best litigators in the country” who has acted for lenders and debtors in court supervised restructurings. Jean Fontaine is head of the bankruptcy, insolvency and restructuring groups in the Montreal office and was repeatedly recommended to researchers.
Richard Orzy leads the national bankruptcy and restructuring practice at Bennett Jones LLP and is one of the most heavily nominated individuals in our research overall, garnering votes from Canada and worldwide. He has worked on the proceedings relating to Nortel Networks, OPTI Canada and AbitibiBowater and is the “go to person” for many clients we canvassed. Kevin Zych acted as counsel to the bondholders in Nortel and is a “top tier practitioner” in the eyes of our sources.
At Davies Ward Phillips & Vineberg LLP, Jay Swartz is “the Godfather of insolvency law in Canada”. Well known as president and director of the Insolvency Institute of Canada, he is one of the most highly recommended lawyers in our research. Denis Ferland scores highly in Quebec and is particularly well known for his litigation expertise.
Two nominees are selected from Thornton Grout Finnigan LLP. Robert Thornton is a “very prominent expert” who acted as counsel to Ernst & Young, the court-appointed monitor in the restructuring of the Canadian AbitibiBowater entities, and also gained favourable reviews for his work as lead restructuring counsel to Hollinger. Fellow founding partner James Grout is also internationally recognised, and has advised the Ontario Securities Commission on insolvency matters as well as representing the Securities and Exchange Commission in cross-border proceedings.
In Montreal, Denis St-Onge of Gowling Lafleur Henderson LLP is a “very effective litigator”, and he is joined in this edition by John McLean from the Vancouver office who is recognised for his work in relation to bankruptcy, CCAA proceedings, foreclosures and creditor and debtor rights.
Two lawyers are selected from Torys LLP in this edition. Tony DeMarinis is co-chair of the restructuring and insolvency practice and very well regarded in Toronto and beyond. He appears alongside Scott Bomhof, who is feted for his work on aviation related proceedings in particular having represented United Airlines in its Canadian restructuring proceedings and key aircraft lessors in the insolvency of Canada 3000 Airlines.
Howard Gorman of Macleod Dixon LLP is the “premier expert in Alberta” in the eyes of our sources. He acted as to the Air Canada ad hoc unsecured creditors’ committee as well as to the ad hoc committee of Calpine Canada Bondholders and to the monitor of Rancher’s Beef.
Gerald Kandestin leads the insolvency department at Kugler Kandestin and is one of the most highly recommended practitioners in Montreal. A member of the Insolvency Institute of Canada, Insol International and the American Bankruptcy Institute, he is also president of the Montreal branch of the Turnaround Management Association.
Also in Quebec, Avram Fishman of Fishman Flanz Meland Paquin LLP is described as “absolutely top drawer”. His track record includes acting as one of the lead counsel in the matter of Castor Holding, as well as representing major aircraft lessors in the restructuring of Air Canada.
Kenneth Rosenberg of Paliare Roland Rosenberg Rothstein LLP in Toronto has a “fast growing reputation in this sector” and appears for the first time in this edition.
Bruce Leonard at Cassels Brock & Blackwell LLP is “hugely well known and widely respected in this field”. He worked on the reorganisation cases of Air Canada and Nortel Networks, and is a former chair of the International Bar Association’s committee on insolvency and creditors’ rights.
Jean-Yves Fortin at Davis LLP in Montreal is widely recognised for the quality of his practice, and is a former vice-president of the Insolvency Institute of Canada.
David Gruber at Farris Vaughan Wills & Murphy LLP was repeatedly commended for his work on behalf of monitors, trustees and receivers, as well as for creditors.
At Heenan Blaikie LLP, Justin Fogarty was praised for his “strategic creativity in complex insolvency matters”, and his “innovation and experience” are much praised by his clients.