Business graph with arrows trending downwards
Business graph with arrows trending downwards
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CORPORATE RESTRUCTURING & INSOLVENCY

McMillan LLP is one of Canada’s leading corporate insolvency and restructuring law firms. We have an outstanding track-record of achieving successful outcomes for our clients in a broad range of financially challenging situations. Our highly skilled team includes top ranked lawyers known for their expertise and creative problem-solving, allowing McMillan to deliver the highest standards of transactional and structuring leadership and commercial advocacy. We have an earned reputation as thought-leaders in the industry.

We regularly work with financially challenged companies, boards of directors, Canadian and US financial institutions, lending syndicates, bondholders, investors, ad hoc and official creditors’ committees, court-appointed officers and major customers and suppliers of insolvent companies to deliver comprehensive solutions to the most challenging problems. We pride ourselves on working with clients to lead consensus around creative and practical solutions, while remaining strong advocates for their interests.

A focus on client needs is the foundation of the restructuring group’s service model. Client goals drive how we build the right legal team and leverage our own expertise and that of McMillan’s industry-focused specialists. Our restructuring and insolvency lawyers have led restructurings and distress M&A transactions in the mining, oil and gas, newspaper, paper, packaging products, forestry, consumer products, automotive, manufacturing, real estate, cannabis, advertising and media, biomedical, patent, and trademark and other intellectual property industries.

CROSS-BORDER RESTRUCTURING

In the global economy, businesses and corporate groups often span multiple countries and have capital providers, customers, suppliers and other stakeholders with businesses outside of their home jurisdiction. When a business that operates across borders becomes insolvent, the multijurisdictional nature of its business can add unexpected layers of legal and regulatory complexity. McMillan LLP’s restructuring and insolvency team specializes in facilitating corporate cross-border restructuring transactions and proceedings for a variety of stakeholders, with expertise in developing and executing creative and practical cross-border bankruptcy and restructuring strategies and solutions. The breadth of McMillan’s cross-border expertise in other specialized areas of business law, such as such as tax, public markets, private and public debt financing, and derivatives, offers our clients the comprehensive legal advice critical to optimal cross-border structuring.

McMillan’s corporate restructuring professionals work with clients to structure joint and parallel insolvency filings involving Canada and other countries and coordinate Canadian proceedings with US Chapter 11 and Chapter 15 cases. We frequently collaborate with international law firms in cross-border insolvency cases, leveraging our excellent relationships with bankruptcy and insolvency practitioners in the US and other jurisdictions. We have advised on Canadian and cross-border deal structures, sales processes, negotiation of sale terms and procuring court approval orders for distressed M&A transactions, recapitalization and refinancing transactions, including structure and documentation for existing and distressed debt facilities, and represented US creditors’ committees in Canadian proceedings.

CHALLENGED COMPANIES & DEBTOR MANDATES

Whatever the source of financial difficulty, enterprises require unbiased assistance from a restructuring law firm that understands the complicated landscape of legal options, risks, strategies and challenges facing a company in distress. McMillan’s restructuring and insolvency lawyers have experience representing and advising companies and boards of directors at all stages of restructuring, both in the boardroom and the courts. We know how to lead restructurings and develop and implement creative and pragmatic solutions tailored to our client’s most pressing needs. Our lawyers work closely with other restructuring professionals, stakeholders and investors, including financial advisors, investment bankers, equity and other fund managers, and in-house and foreign counsel, to deliver a seamless and coordinated approach to a company’s restructuring.

McMillan LLP works regularly with financially challenged companies, boards of directors, Canadian and US financial institutions, lending syndicates, bondholders, investors, ad hoc and official creditors’ committees, court-appointed officers and major customers and suppliers of insolvent companies. We advise on the formulation, approval and implementation of restructuring plans and arrangements, negotiate with key stakeholders and stakeholder groups, execute restructuring and downsizing initiatives to address troubled debt, and advise on asset sales effected through a restructuring proceeding.

Primary Contacts

View All Contacts
Adam C. Maerov
Office Management Partner, Calgary
Partner | Restructuring & Insolvency
Waël Rostom
Partner, Restructuring & Insolvency

Deals and Cases

Insights (56 Posts)

Featured Insight

Supreme Court of Canada Confirms: CCAA Super-Priority Charges Rank Ahead of CRA’s Deemed Trusts

Canada v. Canada North Group Inc. provided much needed clarity regarding the order of priority for unremitted source deductions in restructuring proceedings.

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Sep 17, 2021
Featured Insight

BILL 96 – Top 10 Impacts of the Revised Charter of the French Language on your Business and When to Expect Implementation of Such Revisions

Changes to Québec’s language laws are coming. Here is a top ten list of potential impacts, and the likely timeline and process for adoption.

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May 19, 2021
Featured Insight

Reverse Vesting Orders – A Powerful Tool for Maximizing Recovery in Complex Insolvencies

How reverse vesting orders (RVOs) offer another tool for realizing value for stakeholders in Companies' Creditors Arrangement Act (CCAA) proceedings.

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May 19, 2021
Featured Insight

Commercial Leases During the COVID-19 Lockdown: Where are we Headed?

Ontario has also passed legislation to protect commercial tenants.

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May 17, 2021
Featured Insight

End of the Bellatrix GasEDI Saga Marks Beginning of Market Fallout

The Alberta Court of Appeal's dismissal of Bellatrix's appeal leaves substantial uncertainty for natural gas market and all derivatives counterparties.

Read More
May 5, 2021
Featured Insight

Commercial Landlord and Tenant Insolvencies: The Need to Know for Sub-tenants

As the COVID-19 pandemic continues on, it is particularly important for sub-tenants and landlords to consider the ramifications of an insolvent head-tenant.

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Apr 13, 2021
Featured Insight

Supreme Court of Canada Confirms: Hypothecary Notices In Québec Receiverships Are Here To Stay

Supreme Court of Canada confirms: hypothecary notices in Québec receiverships are here to stay.

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Apr 6, 2021
Featured Insight

iAnthus Decision Changes the Landscape for Corporate Plans of Arrangement under the BCBCA by Permitting Third-Party Releases

The iAnthus decision affirmed by the Court of Appeal holds that a British Columbia company can use the BCBCA to restructure and obtain 3rd party releases.

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Feb 23, 2021
Featured Insight

Best Practices for Commercial Landlords Facing Tenant Insolvencies

Many commercial landlords are increasingly alarmed that COVID-19 may cause a surge in tenant bankruptcies or restructurings.

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Feb 4, 2021
Featured Insight

A Win for Landlords: Letters of Credit and the Autonomy Principle

Five takeaways from 7636156 Canada Inc. (Re), 2020 ONCA 681.

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Jan 4, 2021
Featured Insight

You should have said something: Supreme Court of Canada Holds That Failure to Correct a Mistaken Belief Violated the Duty of Honest Contractual Performance

The authors discuss the Supreme Court of Canada's recent decision in C.M. Callow Inc. v. Tammy Zollinger et. al. regarding the duty of faith.

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Dec 23, 2020
Featured Insight

‘But to What Effect?’ The Supreme Court of Canada Clarifies the Anti-deprivation Rule in Chandos

The authors discussion of the Supreme Court of Canada's decision in Chandos Construction affirming the anti-deprivation rule and consider its implications

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Nov 16, 2020
Featured Insight

Confidentiality Considerations When Choosing a Jurisdiction of Incorporation in Canada

Confidentiality Considerations When Choosing a Jurisdiction of Incorporation in Canada

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Aug 21, 2020
Featured Insight

The Splintering of Canadian Insolvency Law: Quebec Court of Appeal Confirms Expiry of Provincial Notice Periods are a Pre-Condition to Appointment of a BIA Receiver

The Quebec court of appeal's ruling in Séquestre de Media5 Corporation has profound implications for the enforcement of secured creditor remedies in Quebec.

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Aug 6, 2020
Featured Insight

Alberta’s New Liability Management Framework: A Teaser of What’s Coming

Government of Alberta announces changes to the regulatory regime that governs oil and gas liabilities.

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Aug 4, 2020
Featured Insight

Construction Trusts Can Apply to Funds Received by CCAA Monitor: the Court of Appeal’s Decision in Urbancorp

There is good news from the Ontario Court of Appeal for contractors dealing with insolvent owners

Read More
Jul 13, 2020
Featured Insight

Material Adverse Effect Clauses in a COVID-19 World

Review and analysis of recent developments where parties try to rely on MAE clauses as a mechanism to avoid closing a transaction.

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Jun 23, 2020
Featured Insight

Construction through COVID-19 in Canada: A Guideline for what each Province and Territory is Doing

How each Province is managing the impact of COVID-19 by restricting construction activities, suspending litigation time periods and recommending H&S practices

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Jun 11, 2020
Featured Insight

Has COVID-19 Lit the Fuse on Insolvencies in the Canadian Cannabis Industry?

We look at the recent market analysis of the Canadian cannabis industry and challenges in cannabis restructuring.

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Apr 9, 2020
Featured Insight

Project Management Amid COVID-19 – The Triage

Best practices for construction project management during the COVID-19 pandemic, and other force majeure circumstances.

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Apr 8, 2020
Featured Insight

The Impact of COVID-19 on the Construction Industry: A Reference Guide to the Changed Landscape

Contractual clauses, Permits & Inspections, Health & Safety, Labour, Litigation, Arbitration & Court Procedures,
Limitation Periods, Liens & Holdbacks

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Apr 3, 2020
Featured Insight

Asking Lenders for Time to Deal with COVID-19 Problems

Guide for borrowers to discussing loan defaults and additional credit support with lenders.

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Mar 31, 2020
Featured Insight

Opportunities in Challenging Times: The Failing Firm Provision of Canada’s Competition Act

This bulletin analyzes the failing firm merger provision of Canada's Competition Act in anticipation of the negative economic impact of COVID-19.

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Mar 30, 2020
Featured Insight

Supreme Court of Canada Grants Leave to Appeal in “Canada North” CCAA Priming Charges vs. Payroll Deductions Case

Canada North, CCAA, payroll deductions, deemed trust, priority, Companies' Creditors Arrangement Act, Supreme
Court of Canada

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Mar 27, 2020
Featured Insight

Unbearable Lite-ness: Lenders’ Remedies in the Age of Missing Covenants

The author discusses the recent trend toward borrower-friendly loan documents and the remedies available to lenders in Canada.

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Mar 23, 2020
Featured Insight

Where the Restructuring Meets the Road: the Intersection Between Insolvency Proceedings and Construction Law

COVID-19 will strain the construction industry. This bulletin explores how insolvency and restructuring concepts interact with construction law.

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Mar 20, 2020
Featured Insight

Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?

Restructuring options and challenges in the time of COVID-19.

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Mar 20, 2020
Featured Insight

Coronavirus – A Preparedness and Response Guide for Canadian Businesses

What steps should corporations take to mitigate the risks posed by COVID-19 to the health and safety of their workforce and contractual obligations.

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Mar 9, 2020
Featured Insight

Lost in Transition: Working Through the Silence Surrounding Leasehold Interests in the Construction Act’s Transition Provisions

Lost in Transition - Working through the Silence Surrounding Leasehold Interests in the Construction Act's Transition Provisions

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Feb 27, 2020
Featured Insight

Challenges and Opportunities for Canadian Investors in Brazilian Insolvency Proceedings: Lessons from the IBA’s 2019 Global Restructuring Conference

The authors discuss unique aspects of Brazil's insolvency regime relevant for Canadian investors, including the role of equity, DIP loans, and jurisdiction.

Read More
Jan 21, 2020
Featured Insight

Amendments to the CCAA, BIA and CBCA Now in Force

Authors discuss changes in 2019 to Canadian corporate and restructuring statutes and their possible implications for insolvency practice in Canada

Read More
Nov 19, 2019
Featured Insight

Alberta Court of Appeal Ranks CCAA Super-priority Charges Ahead of CRA’s Deemed Trust, but Uncertainty Remains

Alberta Court of Appeal held super-priority charges granted in a Companies' Creditor Arrangement Act proceeding may take priority over statutory deemed trusts claims advanced by the Crown

Read More
Oct 22, 2019
Featured Insight

Court Counsels Engagement with Creditor before Ruling on Proofs of Claim

Court offers guidance on approach to an appeal from a notice of disallowance or determination of a claim by a trustee under section s. 135(4) of the BIA.

Read More
Sep 16, 2019
Featured Insight

Supreme Court of Canada Denies Leave to Appeal in “Virginia Hills” Linear Property Tax Case: Northern Sunrise County, et al. v. Bank of Nova Scotia, et al., 2019 SCC 38587

The Supreme Court has confirmed that the Alberta Municipal Government Act does not grant a municipality a special lien for unpaid linear property taxes.

Read More
Sep 4, 2019
Featured Insight

Canadian Corporate & Restructuring Legislation: Changes Could be on the Way

Bill C-97 (the “Bill”) was introduced in Parliament to implement the federal budget tabled by the Liberal government on March 19, 2019.

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May 10, 2019
Featured Insight

Alberta Court of Appeal Dismisses Property Tax Appeal: Municipalities are Not Secured Creditors for Taxes Assessed on Pipelines, Wells and Other Linear Property

The Alberta Court of Appeal has dismissed an appeal brought by three municipalities (the "Municipalities") seeking status as secured creditors entitled to special priority for payment of linear property taxes.

Read More
Mar 14, 2019
Featured Insight

Environmental Obligations Cannot be Ignored Even in Bankruptcy: Orphan Wells Association v Grant Thornton Ltd.

Environmental Obligations Cannot be Ignored Even in Bankruptcy

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Feb 22, 2019
Featured Insight

Supreme Court of Canada Allows Redwater Appeal: Regulator entitled to super-priority for abandonment and reclamation costs

Supreme Court of Canada Allows Redwater Appeal: Regulator entitled to super-priority for abandonment and reclamation costs

Read More
Jan 31, 2019
Featured Insight

The Queen v. Callidus Capital Corporation Overturned; Lenders Breathe a Sigh of Relief, But For How Long?

The decision, released in July 2017, was overturned on November 8, 2018 by the Supreme Court of Canada, offering sought-after certainty for secured lenders.

Read More
Nov 12, 2018
Featured Insight

Finance Proposes Amendments to Limit Holding Company – Input Tax Credit Claims (“ITC”) and Seeks Consultations on Further Possible Changes

Dept of Fin proposed amendments describing conditions for when taxable acquisitions imports of property or services by holding companies could make ITC claims

Read More
Aug 7, 2018
Featured Insight

No Strata Supermajority Needed to Hire Realtor, B.C. Supreme Court Confirms

The B.C. Supreme Court recently confirmed that a strata council only needs a simple majority of owners to authorize the council to hire a realtor to solicit.

Read More
Jun 11, 2018
Featured Insight

Out with the old and in with the new: transitioning from Ontario’s old Construction Lien Act to the new Construction Act

An update to our December 2017 article, where some of the most significant substantive changes to the Construction Lien Act (the "CLA") are considered.

Read More
Feb 14, 2018
Featured Insight

2018 Annual Review of Insolvency Law’s 15th Conference

McMillan is a proud sponsor of the 2018 Annual Review of Insolvency Law's 15th Conference presented by the Insolvency Institute of Canada in Vancouver BC taking place February 8 - 9.

Details
February 8, 2018 - February 9, 2018
Featured Insight

Redwater Energy – Take 3

Redwater Energy - Take 3

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Nov 9, 2017
Featured Insight

Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust

Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust

Read More
Nov 2, 2017
Featured Insight

Appeal Dismissed: Decision of the Alberta Court of Appeal in Re Redwater Confirms Paramountcy of BIA

Appeal Dismissed: Decision of the Alberta Court of Appeal in Re Redwater Confirms Paramountcy of BIA

Read More
Apr 25, 2017
Featured Insight

The US Trust Indenture Act, Out of Court Restructurings and the Marblegate Decision

The US Trust Indenture Act, Out of Court Restructurings and the Marblegate Decision

Read More
Apr 4, 2017
Featured Insight

The Enforceability of Make-Whole Clauses in Bankruptcy

The Enforceability of Make-Whole Clauses in Bankruptcy

Read More
Mar 30, 2017
Featured Insight

Broken Break Fee: Investor’s Claim for a Break Fee Denied in CCAA Proceeding

Broken Break Fee: Investor's Claim for a Break Fee Denied in CCAA Proceeding

Read More
Feb 8, 2017
Featured Insight

Post Up: Creditor Ordered to Deposit Security for Costs in British Columbia Bankruptcy Proceeding

Post Up: Creditor Ordered to Deposit Security for Costs in British Columbia Bankruptcy Proceeding

Read More
Oct 26, 2016
Featured Insight

Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta

Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta

Read More
Jun 4, 2016
Featured Insight

Update: Barafield Realty Ltd. v. Just Energy (B.C.) Limited Partnership

Update: Barafield Realty Ltd. v. Just Energy (B.C.) Limited Partnership

Read More
Jun 2, 2016
Featured Insight

New Rules for Asset Sales by Insolvent Producers (at least for now)

New Rules for Asset Sales by Insolvent Producers (at least for now)

Read More
May 24, 2016
Featured Insight

Compromise with the Alberta Energy Regulator: Navigating a Receivership in Alberta’s Oil Patch

Compromise with the Alberta Energy Regulator: Navigating a Receivership in Alberta's Oil Patch

Read More
Jan 28, 2016
Featured Insight

The Supreme Court of Canada Confirmed Today the Paramountcy of theBankruptcy and Insolvency Act over License Denial Regimes

The Supreme Court of Canada Confirmed Today the Paramountcy of the Bankruptcy and Insolvency Act over License Denial Regimes

Read More
Nov 19, 2015
Featured Insight

Assigning Contracts in Canadian Insolvency Proceedings

Assigning Contracts in Canadian Insolvency Proceedings

Read More
Jul 18, 2014