22 LEXPERT
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2019
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WWW.LEXPERT.CA
MacKay-Dunn, QC, R. Hector FARRIS LLP
(604) 661-9307 hmackay-dunn@farris.com
Mr. MacKay-Dunn has over 30 years of practice experience providing legal
advice to high-growth public and private companies over a broad range of
industry sectors including energy, mining, life sciences, health, and technol-
ogy, advising on corporate domestic and cross-border public and private
securities offerings, mergers and acquisitions and international partnering
and corporate governance.
Macaulay, David J. Bennett Jones LLP
(403) 298-3479 macaulayd@bennettjones.com
Mr. Macaulay represents domestic and international developers of commer-
cial energy projects, with an emphasis on structuring power projects, pipeline
and mining joint ventures, and oil & gas projects in Canada, Australia and
Mexico. He is Co-head of the firm's Power and Renewable Energy
practice group.
Lyons, Catherine A. Goodmans LLP
(416) 597-4183 clyons@goodmans.ca
Ms. Lyons counsels private- and public-sector clients in planning and environ-
mental law. She focuses on permitting, allocation of environmental risks and
costs and social licence matters for energy clients such as Brookfield Asset
Management, Enwave, Ontario Power Generation, Atlantic Power, Recurrent
Energy and SkyPower.
Litton, KayLynn G. Norton Rose Fulbright Canada LLP
(403) 267-8192 kaylynn.litton@nortonrosefulbright.com
Ms. Litton is a partner in the Calgary office and practises primarily in the
energy area. She regularly assists clients on a broad range of corporate and
commercial matters, including domestic and international acquisitions and
divestitures, joint-venture projects, midstream contracts, corporate reorgan-
izations, Aboriginal consultation and general contractual matters.
Lewis, QC, Gregory D. Norton Rose Fulbright Canada LLP
(604) 641-4923 greg.lewis@nortonrosefulbright.com
Mr. Lewis, who is the leader of the firm's Canadian infrastructure practice,
focuses on commercial transactions and financings in energy, infrastructure
and other sectors. His experience includes hydro, co-generation and LNG
projects and public-private partnerships.
Lenz, QC, Kenneth T. Bennett Jones LLP
(403) 298-3317 lenzk@bennettjones.com
Mr. Lenz is the Co-head of the firm's Litigation Department and has signifi-
cant experience in special situations involving corporate and shareholder
disputes, class proceedings, claims against directors and officers and man-
aging corporate reorganization and the realization of assets. He is also widely
recognized as an expert in corporate insolvency issues.
LEXPERT-RANKED LAWYERS
being undertaken, and potential environmental
risks," she says, including obligations at closure
time for mines, for example. Lenders must con-
sider environmental obligations that will accrue
to a particular company at the end of day, as a
super-charge from a regulator will affect the abil-
ity of lenders to recover.
"So, more due diligence will be done," as it
should be, says Cooper. "Does the mining com-
pany have a closure plan? What are the types of
obligations that will occur at the end of the life
of the mine, and is there comfort that there's ad-
equacy in that regard? Has a peer review been
done? Do we need something else, to give com-
fort that that's enough?" Regulators are referring
to the decision and the enhanced powers they be-
lieve it gives them, she adds.
From a policy perspective, the decision in Red-
water was the right one, says Osler's Denstedt, as
the public purse was the last to have to pay for
Redwater's cleanup. e policy behind the deci-
sion was that if lenders have the ability to do due
diligence on the companies they lend money to,
during bankruptcy proceedings they should not
be able to disclaim the assets that have no value or
that have liabilities attached that could have been
discovered during due diligence. is could have
a chilling affect on lending in situations where it's
harder to discover liabilities, he adds.
"I think that may be underestimating the im-
portance of the decision," Cooper says, and how it
may translate to other regulators across Canada.
"With some matters I'm dealing with [regard-
ing] insolvency, regulators in Ontario have been
looking at Redwater, and thinking they have en-
hanced powers now." e Supreme Court's com-
mentary in this decision indicates that its ruling
in the Redwater matter "applies across the board,
to all sorts of insolvency situations," and suggests
that the environment takes priority where assets
are limited, she notes.
is makes it important for lenders to take
a hard look "at the nature of the business that's
"THERE'S STILL A LOT OF UNCERTAINTY
OVER HOW THE ENVIRONMENTAL
ASSESSMENT PROCESS IS GOING TO
WORK UNDER BILL C-69. WHAT WILL
THE REGULATORY SYSTEM LOOK
LIKE AND HOW WILL IT WORK?
HOW WILL IT IMPACT INVESTMENT?
I THINK WITH INVESTORS THERE'S
A WAIT-AND-SEE ATTITUDE."
Shawn Denstedt
Osler, Hoskin &
Harcourt LLP, Calgary
