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Tushara Weerasooriya is a leading restructuring and insolvency lawyer. Her practice is focused on the transactional aspects of reorganizations under the Companies’ Creditors Arrangement Act, receiverships, workouts, and distressed M&A transactions. She acts for a wide range of clients, including debtors, secured lenders, hedge funds, private equity firms, purchasers and court officers.

Recognized in Best Lawyers in Canada (2021) as a leading lawyer in the area of insolvency and financial restructuring law, Tushara has advised on numerous high-profile and complex domestic, cross-border and international restructuring proceedings. In 2020, she became the automotive industry officer for the Insolvency Section of the International Bar Association and currently heads McMillan’s India country desk.

An experienced deal lawyer, Tushara also frequently represents private equity firms and financial institutions in a variety of financing transactions, including secured lending, sponsored finance and debtor-in-possession (DIP) financing.

A dedicated promoter of diversity initiatives both inside and outside the firm, Tushara chairs McMillan’s Inclusion and Diversity Council. She is also a past director of the Federation of Asian Canadian Lawyers.



Representative Matters

  • Acting for a Canadian private mining company in the refinancing of its $30 million credit facilities.
  • Acting for a Canadian public cannabis company in the compromise of US$195 million of debt under a British Columbia Business Corporations Act plan of arrangement
  • Acting for the appointing secured creditor in the receivership proceedings of 1404727 Ontario Inc. o/a Nissan of Muskoka
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Tailored Brands / Moores The Suit People
  • Acting for the appointing secured creditor in the receivership proceedings of B&W Heat Treating Canada ULC
  • Acting for the Court-appointed Receiver of Sage Gold Inc.
  • Advised multiple developers and operators in the face of unilateral government cancellations of renewable energy projects
  •  Acting for the proposal trustee in the Bankruptcy and Insolvency Act proposal proceedings of Donaldson & James Ltd. and The Agency Employment Services Ltd.
  • Acting for the acquisition financiers to the sponsor in the Companies’ Creditors Arrangement Act proceedings of Essar Algoma Inc.
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of SquareTwo Financial
  • Acting for the Liquidation Trustee in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Performance Sports Group
  • Acting for a major Canadian financial institution in the recovery of a $100 million swap claim from a foreign bank in liquidation
  • Acting for a Canadian public oil and gas company, with properties in South America, the Caribbean, India and South Asia, in the out-of-court restructuring of ~$400 million of debt
  • Acting for a British private equity firm in the distressed acquisition of mining assets in northern Ontario
  • Acting for the bank syndicate in the compromise of $500 million in debt under the Canada Business Corporations Act proceedings of Yellow Media Inc.
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Indalex Ltd.

Speaking Engagements

Insolvency of Crowdfunding Businesses, International Bar Association, Annual Conference

November, 2020

Deferral Agreements and Forbearance Agreements, Understanding Commercial Debt Financing, Law Society of Ontario

November, 2020

Recognizing the Early Warning Signs of Distress + Informal Workout Options, Canadian Bar Association

October, 2020

Restructuring tools to navigate uncharted waters amid Covid-19, International Bar Association, Webinar

June, 2020

All Eyes on the Resource Industry: The Implications of Third Eye v. Dianor, Annual Review of Insolvency Law

February, 2020

News


Media Mentions

  • “Sectors facing threat of bankruptcies in Canada”, The Business of Law – BNN, February 12, 2016
  • “FACL boosting its mentor opportunities” by Neil Etienne, The Canadian Lawyer, January 22, 2016
  • “Top bankruptcy strategies as uncertainty hits Canadian businesses”, The Business of Law – BNN, January 15, 2016

Rankings & Recognition

  • Recognized by the Best Lawyers in Canada (2021) as a leading lawyer in the area of Insolvency and Financial Restructuring Law
  • Recognized in the 2020 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Insolvency & Financial Restructuring: Financial Restructuring
  • Secured Finance Network 2017 40 Under 40
  • Recognized in Chambers Global 2012 as a leading lawyer in the area of Restructuring/Insolvency

Community Involvement

  • Officer of the Insolvency Section of the International Bar Association

Directorships & Affiliations

  • Board of Directors and Chair of the Mentorship Committee, Federation of Asian Canadian Lawyers, former director of the Federation of Asian Canadian Lawyers
  • Board of Directors and Co-Chair of Membership, International Women’s Insolvency & Restructuring Confederation (Ontario Network)

Education & Admissions

2005
Called to the Ontario bar
2004
LLB Osgoode Hall Law School
2000
B.Sc. (Honours) Queen's University

Publications

  • “Pre-Packs under the Companies’ Creditors Arrangement Act: Has the Push for Efficiency Undermined Fairness,” Annual Review of Insolvency Law (February 2017)
  • “Insolvency: Canada Law & Practice,”  Chambers Practice Guides (August 2016)

Insights by Tushara Weerasooriya (7 Posts)

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

Feb 23, 2021

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.

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

Nov 16, 2020

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

9 Things You Should Do Right Now to Protect Your Franchise System During the COVID-19 Pandemic

May 13, 2020

Tips to help franchisors mitigate risks that may result from the COVID-19 pandemic and how to prepare for future emergency business interruptions

Asking Lenders for Time to Deal with COVID-19 Problems

Mar 31, 2020

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

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

Mar 20, 2020

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

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

Jan 21, 2020

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

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

Feb 8, 2017

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