Financial Restructuring and Insolvency

Guide

2023 Business Insolvencies in Canada

Mar. 05, 2024 – As we predicted in earlier issues of Davies Insolvency Now , the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look at how...

Announcement

Davies Listed in GRR 100 for Seventh Straight Year

Dec. 14, 2023 – Davies is once again listed in the Global Restructuring Review (GRR) 100 , the top ranking publication for restructuring and insolvency practitioners, as it has been since the publication’s inception. Renowned globally for its innovative and strategic approach, the firm is involved in almost...

Guide

Business Insolvency on the Rise in Canada: Understanding the Role of AI

Oct. 12, 2023 – The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now , we examine the impact of this rolling recession by sector and region. We also look...

Announcement

Canadian Law Awards and Benchmark Litigation Canada Awards Recognize Davies

May 15, 2023 – Davies is honoured to be recognized at the 2023 Canadian Law Awards in the categories: Commercial Litigation Team of the Year, Insolvency and Restructuring Deal of the Year, Infrastructure and Projects Deal of the Year and Capital Markets Deal of the Year. These awards are a reflection of the...

Guide

Rolling Into 2023: Mild Slumps and Jumps in Insolvency Numbers

Mar. 09, 2023 – What does a “rolling recession” mean from an insolvency perspective? In this issue of Davies Insolvency Now , we look to the 2022 Q4 data from across Canada for answers. We also set out the court-supervised arrangement process under the Canada Business Corporations Act , an increasingly popular...

In the News

Natasha MacParland on the Fall of Cryptocurrencies

Jan. 05, 2023 – In a Canadian Lawyer article , partner Natasha MacParland  notes that the recent crypto bankruptcy cases present “novel” issues regarding the treatment of cryptocurrency assets and the relief available to stakeholders in insolvency proceedings. These cases have exposed “a gap in the...

Announcement

Global Restructuring Review Names Davies a Top 100 Firm

Dec. 21, 2022 – For the sixth consecutive year, Global Restructuring Review has recognized Davies among the top 100 law firms in the world for cross-border restructuring and insolvency work. Highlights of our notable work from the past year include representing FTI Consulting Canada Inc. in its capacity...

Guide

Financial Gloom and the Increase in Insolvency Filings

Nov. 16, 2022 – In this issue of Davies Insolvency Now , we highlight the significant data points in rising insolvency filing rates and provide a Canadian lens on the digital asset marketplace. With recent drops in crypto prices severely affecting several digital asset lenders and exchanges, we explore what this...

Announcement

Women in Business Law Recognizes Seven Davies Partners

Nov. 04, 2022 – The 2022 edition of Expert Guides’ Women in Business Law recognizes seven Davies partners as leading lawyers in their fields: Anita Banicevic – Competition and Antitrust Sandra Forbes – Competition and Antitrust Natasha MacParland – Insolvency and Restructuring ...

Announcement

Denis Ferland Elected President of the Insolvency Institute of Canada

Oct. 27, 2022 – Partner Denis Ferland  has been elected president of the Insolvency Institute of Canada (IIC). “I look forward to promoting the IIC as Canada’s leading insolvency and commercial restructuring organization and to ensuring that all members across the country are represented,” says Denis of his...

Bulletin

Citibank Gets Its Money Back

Sept. 15, 2022 – A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers , 520 F. Supp. 3d 390, that lenders who received almost $900 million mistakenly wired to them by Citibank (the administrative agent for a...

Guide

Canada’s Shifting Credit and Insolvency Landscapes

July 27, 2022 – In this issue of Davies Insolvency Now , against a backdrop of rising inflation and interest rates, we take a deep dive into the legislation that regulates rates of interest in Canada, drawing on recent court decisions to help parties avoid common pitfalls in structuring deals. We then review the...

Announcement

The Aldo Group Inc. Completes CCAA Restructuring

July 26, 2022 – Davies advised long-standing client The Aldo Group Inc. in its successful restructuring under the Companies’ Creditors Arrangement Act , first initiated in May 2020 when the company filed for protection amid COVID-19 shutdowns. Throughout the two-year process, Davies coordinated insolvency...

Guide

Insolvencies in 2021: A Look Back and the Road Ahead

Apr. 06, 2022 – As government supports recede and the focus shifts toward economic recovery, in this issue of Davies Insolvency Now , we take a deep dive into the implications of 2021 insolvency data for 2022, and explore the Canadian application of two key themes emerging from the 2022 World Development Report: ...

Guide

International Views: A Canadian Playbook for 2022

Feb. 09, 2022 – In 2022, we expect to see an uptick in restructurings and insolvencies as fiscal protections expire and businesses face continued cash shortfalls, mounting debt obligations, altered consumer behaviours and rising interest rates. Despite these challenges, while we recognize the immeasurable human...

Announcement

Global Restructuring Review Names Davies a Top 100 Firm

Nov. 19, 2021 – For the fifth consecutive year, Global Restructuring Review has recognized Davies among the top 100 law firms in the world for cross-border restructuring and insolvency work. Our team is consistently called upon by organizations in Canada and around the globe to solve their most challenging...

Guide

Q2 2021 Insolvencies: Crunching the Numbers and Keeping Good Faith

Oct. 21, 2021 – Most of us have stopped asking, “When will it be over?” and have started wondering how we can live with COVID-19 – and how it will change our behaviour from now on. In the context of restructuring, as we saw during the recent Canadian federal election, bankruptcy and insolvency have become topics...

Announcement

Davies Earns Six Tier 1 Rankings in IFLR1000 2022

Aug. 30, 2021 – International Financial Law Review has again recognized Davies’ financial and corporate law practices with Tier 1 rankings in the following areas: Capital Markets: Ontario M&A: Canada M&A: Ontario M&A: Québec Restructuring and Insolvency: Québec Our Project Development: Infrastructure...

Bulletin

Monetizing Public Listings in Receiverships

June 21, 2021 – The Commercial List of the Ontario Superior Court of Justice recently granted an order structurally similar to a reverse vesting order in the receivership proceedings of Vert Infrastructure Ltd. (Vert). This first-of-its-kind order was granted on the motion of Vert’s receiver, KSV Restructuring...

Guide

Davies Restructuring Review 2021: Issue 2

June 17, 2021 – Canada’s economy has continued to fare surprisingly well since we published the first issue of our 2021 Restructuring Review in March, despite continuing pandemic restrictions. However, insolvency-related concerns, such as long-term unemployment and the continued struggles of locked-down...

Bulletin

A One-in-a-Billion (-Dollar) Mistake

Mar. 23, 2021 – Last year, Citibank made what was likely the costliest bank error in history. To the astonishment of many observers, a U.S. federal court in New York, in a decision released on February 16, 2021, allowed the recipients of Citibank’s mistaken largesse to keep the money. The story has attracted...

Guide

Davies Restructuring Review 2021: Issue 1

Mar. 02, 2021 – Although 2020 may be behind us, the economic conditions and lockdowns caused by the COVID-19 pandemic still linger. With the emerging picture for Canada in 2021 looking to largely resemble that of 2020, many are wondering how long struggling businesses and their creditors can hold their breath...

Guide

Canadian Insolvency Trends in 2020: A Pandemic Year in Numbers

Dec. 17, 2020 – The economic conditions caused by the COVID-19 pandemic are unprecedented: unemployment is up, consumer confidence is down, countless businesses have permanently closed and many others are barely holding on. Yet the number of bankruptcies of individuals and small and medium-sized businesses has...

Announcement

Davies Named a Top 100 Firm by Global Restructuring Review

Dec. 02, 2020 – For the fourth consecutive year, Davies has been recognized by Global Restructuring Review among the top 100 law firms in the world in the areas of cross-border restructuring and insolvency. The recognition caps off a year of outstanding work for our clients on high-profile cross-border...

Announcement

Davies Drives First Ever Going Concern Sale of Insolvent Cannabis Producer

Sept. 04, 2020 – In an industry first, Davies has facilitated a going concern asset sale of an insolvent cannabis company that saw a complete transfer of the business to a third party in record time. The successful transaction was unique in both structure and speed, and pivoted on the creativity and experience of...

Announcement

Three Wins for Davies at IFLR1000 Canada Awards 2020

June 11, 2020 – Davies is proud to have won awards across three categories at the IFLR1000 Canada Awards 2020, announced on June 11. The firm was named “Restructuring and Insolvency Team of the Year” for our groundbreaking work on a number of complex and high-profile cross-border restructurings and insolvencies...

Bulletin

Canadian Government’s Proposed Extension of Time Limits Due to COVID-19

May 27, 2020 – As part of the federal government’s response to the COVID-19 pandemic, the Department of Finance recently published a draft legislative proposal , the Time Limits and Other Periods Act (COVID-19) (Proposal), that, if implemented, would provide for an automatic six-month suspension of time limits...

Bulletin

COVID-19: Preserving Your Business in a Pandemic

Mar. 27, 2020 – There is abundant information circulating about the extreme financial toll that the COVID-19 pandemic is expected to take on businesses across the globe. Here we address what creditors and debtors can do now to manage risk and preserve their value through this crisis . What Creditors Can Do Now ...

Announcement

FCF Co., Ltd. Acquires Bumble Bee Foods

Feb. 10, 2020 – Davies acted as Canadian counsel for FCF Co., Ltd. in its US$928-million acquisition of all the assets of Clover Leaf Foods and Bumble Bee Foods, North America’s largest branded shelf-stable seafood companies, under a sale proceeding conducted under the Companies’ Creditors Arrangement Act and...

Announcement

Davies Named to Global Restructuring Review’s Top 100 List

June 20, 2019 – For the third year running, the Global Restructuring Review has named Davies among the top 100 law firms in the world in the areas of cross-border restructuring and insolvency. Over the past year, Davies’ Financial Restructuring & Insolvency group has played a key role in many groundbreaking...

Announcement

Natasha MacParland Wins 2019 TMA Toronto Women of Excellence Award

May 31, 2019 – We are proud to announce that Natasha MacParland has been chosen as the recipient of the 2019 Turnaround Management Association’s Toronto Women of Excellence Award – “Today’s Leader. ” Well respected as a pre-eminent practitioner in her field, Natasha regularly leads complex, high-profile...

Announcement

Imperial Tobacco Canada Obtains Creditor Protection

Mar. 22, 2019 – Davies is acting for FTI Consulting Canada Inc. in its capacity as court-appointed monitor of Imperial Tobacco Canada Limited and its affiliated corporation, Imperial Tobacco Company Limited, in proceedings under the Companies' Creditors Arrangement Act and Chapter 15 of the U.S. Bankruptcy...

Announcement

Davies Lawyers Unrivalled in Chambers Global 2019

Feb. 19, 2019 – Chambers and Partners has once again recognized Davies as a top Canadian law firm in the 2019 edition of Chambers Global: The World’s Leading Lawyers for Business . This year’s guide recognizes 39 Davies lawyers with 45 rankings, including 16 lawyers ranked Band 1 – more than any other law firm...

Bulletin

Top Court Rules Bankrupt Corporations Can’t Evade Environmental Obligations

Feb. 05, 2019 – In a landmark decision released on January 31, 2019, the Supreme Court of Canada (SCC) ruled in Orphan Well Association v Grant Thornton Ltd. that the environmental remediation obligations of a bankrupt oil and gas company must be fulfilled in priority over all other claims, including secured...

Article

Why the Cannabis Act Should Make Company Stakeholders Nervous

Nov. 28, 2018 – The following op-ed was originally published in The Globe and Mail . Last month, Canada became the first G7 country to legalize recreational cannabis nationwide, fulfilling the promise first announced by the Liberal government on the campaign trail in 2015. In the months leading up to...

Bulletin

Callidus Capital Corporation v HMQ: Last Word Goes to the Secured Creditor

Nov. 14, 2018 – The Supreme Court of Canada (the SCC) has overturned the decision rendered by a majority of the Federal Court of Appeal (the FCA) in Callidus Capital Corporation v Her Majesty the Queen . The case originated out of a motion filed in the Federal Court (the FC) by Callidus Capital Corporation...

Announcement

Two Davies Partners Selected as Restructuring Thought Leaders by Who’s Who Legal

Aug. 28, 2018 – Davies partners Natasha MacParland and Robin Schwill have been recognized as “Thought Leaders in Restructuring” in Who’s Who Legal: Thought Leaders – Restructuring & Insolvency 2018 . Davies’ Financial Restructuring & Insolvency practice is widely recognized for its domestic and international...

Announcement

Davies Ranked in Global Restructuring Review’s Top 100 List

Aug. 02, 2018 – For the second straight year, Davies has been chosen by the Global Restructuring Review as one of the top 100 law firms in the world in the areas of cross-border restructuring and insolvency. Widely recognized as one of Canada’s leaders in the sector, Davies Financial Restructuring & Insolvency...

Announcement

Twenty-nine Davies Partners Named Leaders in Cross-Border Law

June 22, 2018 – The 2018 Lexpert Guide to US/Canada Cross-Border Lawyers in Canada features 29 Davies lawyers, across seven practice areas, who are recognized for their industry-leading cross-border practices. The new publication from Lexpert is a single all-encompassing cross-border guide, featuring lawyers...

Bulletin

Tax Court Finds That Broker Fees on a Private Company Sale Were GST/HST-Taxable

May 10, 2018 – The Tax Court of Canada recently released its decision in Barr v. The Queen , 2018 TCC 86, which considered whether share-sale commissions were exempt from HST. The taxpayer was the sole shareholder of a Canadian company. He had retained two brokers for the sale of his company or its assets....

Bulletin

The Cannabis Frenzy

Apr. 06, 2018 – While the Canadian capital markets were volatile in 2017, market activity in the Canadian cannabis sector has achieved unprecedented highs. The $245-million investment by Constellation Brands, a NYSE-listed producer of beer, wine and spirits, in TSX-listed Canopy Growth in the fall of 2017...

Announcement

Davies Lawyers Peerless in Chambers Global 2018

Feb. 16, 2018 – Davies’ status as a leading Canadian law firm has once again been confirmed by Chambers and Partners in its annual publication Chambers Global: The World’s Leading Lawyers for Business . The 2018 edition of the guide recognizes 40 Davies lawyers with 46 rankings, including 15 lawyers ranked Band...

Announcement

Davies Advises on Five of Lexpert’s Top 10 Deals of 2017

Feb. 06, 2018 – Lexpert Magazine has identified Davies as a key player in five of the Top 10 Deals of 2017, including the merger of Potash Corp. of Saskatchewan Inc. with Agrium Inc. to form Nutrien Ltd., which was recognized as Deal of the Year. Davies was also profiled for acting in the following top...

Announcement

Restructuring & Insolvency Leaders

Dec. 22, 2017 – The 2018 edition of Who’s Who Legal: Restructuring & Insolvency has named four Davies partners as leading practitioners in the field. Denis Ferland , Natasha MacParland , Robin Schwill and Jay Swartz were recognized for their industry-leading expertise in Restructuring & Insolvency law. ...

Announcement

Forty-nine Davies Lawyers Recognized in Who’s Who Legal: Canada

Oct. 24, 2017 – Law Business Research’s Who’s Who Legal: Canada 2017 names 49 Davies partners as leading lawyers, including eight Most Highly Regarded practitioners, across 18 different practice areas. Who’s Who Legal nominees are selected on the basis of comprehensive, independent surveys conducted among...

Bulletin

U.S. Treasury Will Scale Back Debt-Equity and Certain Other Regulations

Oct. 10, 2017 – On the basis of an executive order by President Trump to reduce the burden of tax regulations, the Secretary of the Treasury (Secretary) identified on June 22, 2017, eight regulations from January 1, 2016, to be reviewed (June Report). The Secretary has now provided final recommendations (October...

Bulletin

Liquidating CCAAs and Pension Deemed Trust Priorities

Sept. 14, 2017 – The very clearly written decision of Québec Superior Court Justice Stephen Hamilton in the Bloom Lake and Wabush Mines Companies’ Creditors Arrangement Act (CCAA) proceedings is certain to be the topic of current discussion in the Canadian insolvency and secured lending communities. See the...

Announcement

Davies Earns Top Marks in The Canadian Legal Lexpert Directory 2017

May 05, 2017 – The Canadian Legal Lexpert Directory 2017 has recognized 91 Davies lawyers as leading practitioners, with 33 achieving the highest ranking of Most Frequently Recommended in at least one area of specialization. Our firm is also recognized as Most Frequently Recommended in 16 practice areas. ...

Announcement

Davies Wins Motion on Exclusion of Liability Clause

Apr. 19, 2017 – Davies represented Urbancorp’s court-appointed monitor in the Superior Court of Justice on April 13, 2017, in the matter of five insolvent Urbancorp entities against certain homebuyers who filed for damages during the resulting Companies’ Creditors Arrangement Act proceedings. The issue on the...

Announcement

Davies Lawyers Unmatched in Chambers Global 2017

Mar. 27, 2017 – Davies’ status as a leading Canadian law firm has once again been confirmed by Chambers and Partners in its annual publication Chambers Global: The World’s Leading Lawyers for Business . Davies has the highest percentage of Band 1 lawyer rankings as well as the highest percentage of overall...

Bulletin

Ontario Court of Appeal Denies Leave to Appeal Nortel Allocation Decision

May 04, 2016 – On May 3, 2016, the Court of Appeal for Ontario released its decision (Leave Decision) denying leave to appeal from Justice Newbould’s allocation of the proceeds of sale of the remains of the Nortel Networks group of companies (Allocation Decision). The main points arising from the decision...

Announcement

Davies Lawyers Continue to Lead in Chambers Global 2016

Mar. 23, 2016 – Davies’ status as a leading Canadian law firm has once again been confirmed by Chambers and Partners in its annual publication, Chambers Global: The World ’ s Leading Lawyers for Business . Davies has the highest percentage of Band 1 lawyer rankings of any Canadian law firm. The 2016 edition...

Announcement

Davies Continues as a Leader in Chambers Global 2015

Mar. 18, 2015 – Davies Ward Phillips & Vineberg LLP has again been recognized as one of Canada’s leading law firms by Chambers and Partners in its 2015 annual publication, Chambers Global: The World’s Leading Lawyers for Business . Davies has the highest percentage of lawyer rankings as well as the highest...