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| Bankruptcy, Insolvency & Restructuring |
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Stikeman Elliott has the depth and breadth of experience to handle the most complex insolvencies and corporate restructurings. In Canada, large corporate insolvencies typically proceed under the federal Companies' Creditors Arrangement Act (CCAA). Unlike its counterpart in the United States, Chapter 11, the CCAA does not set out a detailed statutory structure, instead relying on general provisions that are subject to interpretation by the courts. A high level of expertise is required to meet the unique challenges of these situations, which, in addition to "pure" insolvency law, typically involve confronting insolvency-related issues in numerous other areas of the law. Stikeman Elliott's bankruptcy, insolvency and restructuring team draws its significant depth from practitioners who are experienced not just in insolvency law, but also in the insolvency-related issues that arise in these other areas, including litigation, banking, securities, tax, M&A, pensions, employment and regulatory law.
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Stikeman Elliott is recognized as a leader in corporate restructurings, reorganizations and insolvencies. The size and complexity of matters received by this group is such that it can fairly be said that no other firm in Canada can boast of the depth of hands-on experience that Stikeman Elliott practitioners have acquired in successfully guiding complex commercial restructurings to a successful conclusion. In a practice area noted for tight deadlines, conflicting agendas and complex business and legal issues, our ability to respond quickly, negotiate effectively and craft workable solutions greatly benefits our clients. An example of this is our work with Air Canada. The IFLR 1000 describes one example of the "starring advisory role" of Stikeman Elliott as follows: "An important part of the restructuring saw [Stikeman Elliott] help arrange, inside 24 hours, the largest ever Canadian debtor-in-possession financing." We have delivered results for our clients in many other high-profile cases that have explored new frontiers in the insolvency world.
National & International Rankings and Achievements
Stikeman Elliott's experience in major insolvencies is reflected in leading reputational surveys. Internationally, in the 2008 edition of The World's Leading Lawyers for Business, Chambers Global writes that the group "has the ability to run some of the most difficult files" and notes that the team is "always bringing out the right people when needed." Our group is further noted by Chambers for being involved in the lead role on the biggest restructuring deal in Canadian history, Air Canada. Chambers Global ranks Toronto partners David Byers, Sean Dunphy, Liz Pillon and Ashley Taylor as leading Canadian lawyers in this field. Sean Dunphy is ranked in Euromoney's Guide to the World's Leading Insolvency and Restructuring Lawyers. The 2008 edition of IFLR 1000 notes that Stikeman Elliott has "a very strong business sense which they meld with outstanding legal skills" and provides "terrific value for the client." The publication further cites Sean Dunphy and David Byers as leading lawyers in the sector, with Liz Pillon and Ashley Taylor given special mention as new leaders on the horizon.
Domestically, the Lexpert/American Lawyer 2007 and 2008 editions of the Guide to the Leading 500 Lawyers in Canada list Toronto partners David Byers and Sean Dunphy in the Insolvency and Financial Restructuring practice area. The 2008 Canadian Legal Lexpert Directory ranks David Byers and Sean Dunphy among the "most frequently recommended" insolvency litigators in the Toronto market and Ashley Taylor as "repeatedly recommended." Sean Dunphy is also ranked as "most frequently recommended" in the corporate restructuring field. Jean Fontaine is listed as a "consistently recommended" insolvency practitioner in the Montréal market.
Representative Services
- Act for debtors, creditors, accounting firms, trustees under indentures and other stakeholders.
- Advise on solvent and insolvent corporate reorganizations and restructurings involving both public and private debt conversions.
- Negotiate with syndicates of international creditors.
- Guide clients through the intricacies of debtor in possession (DIP) financing.
- Advise on enforcement of security, and acquisition and divestiture of insolvent or distressed businesses
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Recent Group Activities
Toronto lawyer speaking at insolvency conference
December 11-12 / David Byers will be a co-lecturer at Mitigating Insolvency Risks in Toronto.
Insolvency lawyer speaking on U.S Bankruptcy Code
December 11-12 / Elizabeth Pillon will speak on The U.S. Bankruptcy Code: The Latest Developments at the Advanced Program in Corporate Insolvency and Restructuring at the Osgoode Professional Development Centre in Toronto.
Toronto lawyer speaking at insolvency conference
January 22-23 / Sean Dunphy will speak on Successfully Managing Cross-Border Insolvencies & Restructurings at the Advanced Insolvency & Restructuring Law course in Toronto.
ABCP Restructuring
Stikeman Elliott is acting for a group of seven foreign bank asset providers in the $32 billion third party asset-backed commercial paper CCAA restructuring, the largest restructuring in Canadian history. The plan of arrangement was recently sanctioned by the Ontario Superior Court of Justice.
AbitibiBowater refinancing
The firm acted as Canadian counsel in AbitibiBowater group's US$1.4 billion refinancing transactions.
Paper available on Pensions at Work
Ashley Taylor, a member of the Insolvency Group, and Andrea Boctor, a member of the Employment, Labour & Pensions Group, co-authored a paper on "Pensions at Work: Employer Insolvency and the Pension Plan" which was presented at the OBA Pensions and Benefits Programme on February 5, 2008.
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Representative Transactions |
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