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in the windup and resolution of Hollinger and its subsidiaries■ Counsel to Grant Thornton LLP, court-appointed Receiver of Blockbuster Canada■ Represented GE Capital Aviation Services, Inc., a principal stakeholder in the CCAA restructuring proceedings of Air Canada, Canada’s largest airline ■ Counsel to Ernst & Young Inc., court-appointed Monitor in the restructuring of Stelco, one of the largest steel companies in Canada■ Counsel to the Insolvency Institute of Canada as intervenor in an appeal to the Supreme Court of Canada in Indalex, following a Court of Appeal decision that significantly changed the pension and restructuring landscape in Canada ■ Counsel for KPMG Inc.
as court-appointed Receiver of the Portus group of companies ■ Counsel to Ernst & Young Inc., court-appointed Monitor of JTI Macdonald Corp.
Following a three-year attempt at reorganization under Chapter 11 bankruptcy, the firm announced it would close all 216 stores and liquidate its inventories and real estate.
It was expected the asset liquidation would result in creditors being paid only a portion of their claims while stockholders of the company would receive nothing.
The person appointed as liquidator, either by the company directors/shareholders or by the creditors, sells off the company's ASSETS for as much as they will realize.
The proceeds of the sale are used to discharge any outstanding liabilities to the creditors of the company.
Restructuring & Insolvency:5 partners; 10 lawyers in practice group■ Counsel to the court-appointed Monitor of Performance Sports Group Ltd. in connection with its proceedings under the CCAA, an Alberta-based oil and gas production company, which successfully sold its assets as part of its restructuring efforts■ Counsel to Guest Logix Inc.
The quality of these relationships and the flexibility of a focused boutique allows TGF to build a team of professionals for each mandate, comprised of leaders within a practice area together with support from those having the right level of experience to ensure efficiency.
With the recent addition of retired Justice Frank Newbould, QC as Counsel to the firm, TGF’s reputation as a litigation and restructuring powerhouse has been further solidified.
When a company goes into liquidation it could be for one of 3 reasons; In some cases the company has gotten into so much debt that the Directors and Shareholders decide the only way to pay off these debts is by entering into creditors voluntary liquidation.
If you owe money to a creditor and do not pay them back or arrange a payment plan they may initiate a compulsory winding up order from the High court, if they have a claim this will order you to go into compulsory liquidation to pay back the debts.
Thornton Grout Finnigan LLP (‘TGF’) is a Canadian law firm with an office located in Toronto, Ontario, practicing exclusively in two areas: ■ Insolvency & Restructuring ■ Commercial Litigation The firm’s reputation and expertise is reflected in the series of high profile retainers it has enjoyed over the years and its wide range of clients including banks and other lenders, private and public companies, regulatory agencies, court-appointed officers and other representative counsel roles.