WWW.LEXPERT.CA
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2019
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LEXPERT 31
Shapiro, Elliot Norton Rose Fulbright Canada LLP
(514) 847-4516 elliot.shapiro@nortonrosefulbright.com
As Co-Chair of Norton Rose Fulbright's Canadian Corporate Finance and
Securities team, Mr. Shapiro's transaction-oriented and cross-border
practice focuses on corporate and securities law, public and private M&A,
Board advisory, governance and disclosure, and private equity and venture
capital transactions. He also works on commercial licensing, technology
transfer and collaboration arrangements.
Scott, QC, Darlene W. Dentons Canada LLP
(780) 423-7306 darlene.scott@dentons.com
Ms. Scott provides legal advice to a broad range of institutional and
corporate clients on commercial matters, including sales, leasing,
development, and acquisition of real estate, business and shares. She has
represented lenders and borrowers in financing and secured transactions for
more than 30 years, and chaired the Banking and Finance Group in Edmonton
for over 10 years.
Sanderson, QC, Chris W. Lawson Lundell LLP
(604) 631-9183 csanderson@lawsonlundell.com
Mr. Sanderson focuses on regulation and government relations regarding
project development and transportation infrastructure primarily in the energy
sector. Clients include utilities, pipelines, shippers and governments. He
has appeared frequently before diverse energy regulators and at all levels of
Courts including the Supreme Court of Canada. He is a Director of BC Hydro
and Power Authority.
Sananes, Solomon Norton Rose Fulbright Canada LLP
(514) 847-4411 solomon.sananes@nortonrosefulbright.com
Mr. Sananes practises in the area of corporate finance and securities
(including both private placements and public financings), mergers &
acquisitions, and corporate governance. In corporate financing, he acts in
numerous Canadian and Canadian/US cross-border offerings of debt, equity
and derivative instruments on behalf of issuers, selling shareholders
and underwriters.
Rubenstein, Gale Goodmans LLP
(416) 597-4148 grubenstein@goodmans.ca
Ms. Rubenstein's practice focuses on the areas of commercial insolvency,
restructuring and pensions, with an emphasis on financial institutions both
domestic and international, including life insurers, property and casualty
insurers and deposit-taking institutions. She also advises on pension and
employee matters to a diverse clientele, and is a director of Hydro One.
Roy, Christian B. Norton Rose Fulbright Canada LLP
(418) 640-5028 christian.roy@nortonrosefulbright.com
Mr. Roy is local chair of the litigation group in the Québec office. His
practice focuses primarily on corporate restructuring, bankruptcy, insolvency
and realization of bank guarantees. His services are often retained by
companies with restructuring needs and by court-appointed officers, financial
institutions, secured and unsecured creditors and purchasers of assets from
distressed companies.
LEXPERT-RANKED LAWYERS
started in February 2016, was fully resolved by
the end of the year.
"So there's the ability to run a much quicker
process under the CCAA," Bourassa says.
Bourassa has seen great success, she says, with
CCAA proceedings with Chapter 15 proceedings
in the US. "From my own experience, we've been
able to incorporate the Canadian principles" espe-
cially in cases where there are not enough assets
to pay secured creditors, as Canadian proceedings
value them more. "In a few cases … it allowed us to
avoid some of the rules that would be common-
place in a Chapter 11 proceeding, because they're
not part of the Canadian regime. So we've been
able to streamline the US proceedings."
Other foreign jurisdictions can come into play
in international restructurings, sometimes with
struggles to coordinate regimes. MacFarlane re-
calls the winding up of the business of Maple
Bank GmbH in Canada. It was the first autho-
rized foreign bank liquidation in Canada and was
liquidated by German regulators, he says.
"We had two different systems; in Canada,
it was the Winding-up and Restructuring Act,
but the Germans wanted to apply their system
in Canada," he says. Borden Ladner Gervais,
acting for the liquidator, was adamant that the
CCAA should be used. "We ended up working
out a protocol with the Germans, so the two sys-
tems did work in the end, and quite effectively.
But you just have to work out a protocol, and
that's what largely happens between US cases
and Canadian cases: that the lawyers, monitor,
judges work out a cross-border protocol that
helps run the two cases smoothly."
Several international cases involving mining
companies have used the CCAA regime, includ-
ing Crystallex International Corporation, he
says. Crystallex has operations in Venezuela and
chose Canada to restructure; "that's still ongo-
ing." Great Basin Gold Limited also restructured
in Canada; based in Vancouver, it has mining as-
sets in Africa. "Canada is used quite frequently for
such cases. For companies that have head offices
in Toronto or Vancouver, it gives them the legal
basis to file in Canada."
MacFarlane is seeing more coordination of the
Canadian and American regimes, and Wagner,
too, notes that international companies, stake-
holders and advisors are seeing more examples of
successful restructurings under the CCAA.
"ey're becoming more familiar with the flex-
ibility, optionality and efficiencies of our CCAA
regimes and the effect of our Canadian orders,"
she says. "is is leading to more discussion and
consideration at the initial strategizing stage, as
there's a recognition of what can be done under
our CCAA, and a desire to take advantage of
these benefits."
