Derrick Tay Partner Head - Corporate Restructuring Group


Speaks:  English

Year of Call: 1981 - Ontario

Primary phone: +1 416-369-7330

Fax: +1 416-862-7661

Email: derrick.tay@gowlingwlg.com

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Primary office:  Toronto



Derrick Tay

Derrick Tay is a senior partner in Gowling WLG's Toronto office and leads its corporate restructuring practice. He has been recognized by the major ranking organizations as a leading insolvency practitioner for over two decades. His primary focus and expertise is on the restructuring and reorganization of national and multi-national debtor corporations both in formal proceedings and out of court. Derrick also has extensive experience and expertise in all areas of insolvency and bankruptcy, including cross-border and international transactions, secured transactions, banking and stakeholder rights.

Derrick has acted in most of Canada's major restructurings and insolvencies in the last 25 years and is well recognized for his practical and creative approach to problem solving and getting the job done. 

Derrick both publishes and speaks regularly in this area of law and has taught bankruptcy and insolvency law at the University of Toronto and Corporate Finance at the University of Windsor law school.

Derrick is recognized as the only "eminent practitioner" in restructuring and insolvency in Chambers Canada 2016. 

Career & Recognition

Filter timeline:
  • 2018

  • 2017

  • 2016

  • 2015

    • Rankings & Awards
      December2015
      Who’s Who Legal: Canada 2015
    • Rankings & Awards
      November2015
      Chambers Canada 2016
    • Rankings & Awards
      November2015
      Legal 500 Canada 2016
    • Rankings & Awards
      September2015
      The Best Lawyers in Canada 2016
    • Rankings & Awards
      September2015
      The International Who’s Who of Business Lawyers 2015
    • Rankings & Awards
      September2015
      Lexpert 2015 Guide to the Leading US/Canada Cross-border Corporate Lawyers in Canada
    • Rankings & Awards
      July2015
      Canadian Legal Lexpert Directory 2015
    • Rankings & Awards
      July2015
      Lexpert's guide to Canada’s Leading Corporate Lawyers 2015
    • Rankings & Awards
      April2015
      Benchmark Canada: The Definitive Guide to Canada’s Leading Litigation Firms & Attorneys 2015
    • Rankings & Awards
      April2015
      Chambers Global 2015
    • Rankings & Awards
      February2015
      Legal 500 Canada 2015
    • Rankings & Awards
      February2015
      The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada 2015
  • 2014

    • Rankings & Awards
      October2014
      Who's Who Legal: Canada 2014
    • Rankings & Awards
      September2014
      Who’s Who Legal: The International Who’s Who of Business Lawyers 2014
    • Rankings & Awards
      September2014
      The Best Lawyers in Canada 2015
    • Rankings & Awards
      September2014
      Who's Who Legal — The International Who's Who of Insolvency and Restructuring Lawyers 2014
    • Rankings & Awards
      July2014
      Lexpert 2014 Guide to the Leading US/Canada Cross-border Corporate Lawyers in Canada
    • Rankings & Awards
      July2014
      Canadian Legal Lexpert Directory 2014
    • Rankings & Awards
      June2014
      Lexpert's guide to Canada’s Leading Corporate Lawyers
    • Rankings & Awards
      April2014
      Benchmark Canada: The Definitive Guide to Canada’s Leading Litigation Firms & Attorneys 2014
    • Rankings & Awards
      April2014
      Chambers Global 2014
    • Rankings & Awards
      March2014
      Gowlings wins two awards at the Benchmark Litigation Canada gala
    • Rankings & Awards
      February2014
      Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada 2014
  • 2013

    • Rankings & Awards
      December2013
      The Legal 500 Canada 2014
    • Rankings & Awards
      November2013
      Who's Who Legal: Canada 2013
    • Rankings & Awards
      October2013
      Lexpert 2013 Guide to the Leading US/Canada Cross-border Corporate Lawyers in Canada
    • Rankings & Awards
      September2013
      The Best Lawyers in Canada 2014
    • Rankings & Awards
      September2013
      Who's Who Legal – The International Who's Who of Insolvency Lawyers 2013
    • Rankings & Awards
      July2013
      Who’s Who Legal: The International Who’s Who of Business Lawyers 2013
    • Rankings & Awards
      July2013
      Canadian Legal Lexpert Directory 2013
    • Rankings & Awards
      April2013
      Chambers Global 2013
    • Rankings & Awards
      March2013
      Benchmark Canada 2013
    • Rankings & Awards
      February2013
      The Best Lawyers in Canada® 2013
    • Rankings & Awards
      February2013
      2013 Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada
  • 2012

    • Rankings & Awards
      December2012
      Who's Who Legal: Canada 2012
    • Rankings & Awards
      August2012
      Insolvency and Restructuring Expert Guide 2012
    • Rankings & Awards
      July2012
      Who’s Who Legal: The International Who’s Who of Business Lawyers 2012
    • Rankings & Awards
      July2012
      Canadian Legal Lexpert Directory 2012
    • Rankings & Awards
      June2012
      PLC Which Lawyer? 2012
    • Rankings & Awards
      April2012
      Chambers Global 2012
    • Rankings & Awards
      February2012
      The Best Lawyers in Canada 2012
    • Rankings & Awards
      February2012
      Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada 2012
    • Rankings & Awards
      2012
      Lexpert / ALM Guide to the Leading 500 Lawyers in Canada — Leading Lawyer in Insolvency and Financial Restructuring
    • Rankings & Awards
      2012
      IFLR (International Financial Law Review) 1000 - The Guide to the World's Leading Financial Law Firms—Leading lawyer in Restructuring and insolvency
  • 2011

    • Rankings & Awards
      May2011
      Lexpert/ American Lawyer Guide to the Leading 500 Lawyers in Canada , 2011
    • Rankings & Awards
      May2011
      Who’s Who Legal - The International Who’s Who of Business Lawyers , 2011
    • Rankings & Awards
      March2011
      PLC Which Lawyer? 2011
  • 2010

    • Rankings & Awards
      2010
      Lexpert Guide to the Leading US/Canada Cross-border Litigation Lawyers in Canada
    • Rankings & Awards
      2010
      Guide to the World's Leading Lawyers — The Best of the Best 2010
  • 2009

    • Rankings & Awards
      2009
      Recognized as "the most highly nominated lawyer in Canada" in The International Who's Who of Insolvency & Restructuring Lawyers
  • 1981

    • Qualifications (Year of Call/Admission, etc.)
      1981
      Year of Call, Ontario
  • 1979

    • Education
      1979
      University of Toronto, JD
    • Rankings & Awards
      Lexpert / ALM Guide to the Leading 500 Lawyers in Canada—Most frequently recommended for Insolvency and Financial Restructuring

Memberships

  • American Bankruptcy Institute
  • Canadian Bar Association
  • Editorial Board, Insol International Insolvency Review
  • Former Adjunct Professor, University of Toronto
  • Insolvency Institute of Canada
  • International Bar Association
  • Law Society of Upper Canada
  • Nortel Networks, as Canadian counsel to the company in connection with its filing under the Companies' Creditors Arrangement Act (CCAA), the filing of its U.S. subsidiaries under Chapter 11 of the United States Bankruptcy Code, and the filing of other subsidiaries under administration in the U.K. pursuant to the Insolvency Act 1986
  • Canadian Counsel to the Official Unsecured Creditors’ Committee in the matter of the Chapter 11 and CCAA restructuring proceedings of the SemGroup and its affiliates
  • Xerium Technologies, Inc. and its international subsidiaries as Canadian counsel in its successful pre-packaged Plan under Chapter 11 of the U.S. Bankruptcy Code, which was recognized and given effect to in Canada
  • Grace Canada Inc., in its proceedings under section 18.6 of the CCAA
  • Babcock & Wilcox Inc., in its proceedings under section 18.6 of the CCAA
  • Masonite Corporation, as counsel to the monitor, in respect of its successful emergence from proceedings under the Companies' Creditors Arrangement Act (CCAA) and Chapter 11 of the U.S. Bankruptcy Code
  • Quebecor World Inc. (now World Color Press Inc.) in its successful emergence from creditor protection under the CCAA in Canada and, in respect of certain U.S. subsidiaries, Chapter 11 of the U.S. Bankruptcy Code
  • Aeroplan Canada Inc., as counsel to the company in its participation as lender in a $600 million secured credit facility to Air Canada
  • Iovate Health Sciences Inc., as principal shareholder, in respect of the CCAA and US cross-border proceedings involving MuscleTech Research & Development Inc., the first Canadian / U.S. commercial case utilizing Chapter 15 of the U.S. Bankruptcy Code
  • Ravelston Corporation Limited, as counsel to the company and to Lord Black of Crossharbour in seeking protection under the CCAA and the appointment of a receiver
  • Delaware Street Capital, LLC as counsel in its acquisition of the Slater Steel plant in Hamilton, Ontario
  • Cerberus Capital Management, L.P. as counsel in connection with the Air Canada plan of arrangement under the CCAA
  • Teleglobe Inc. and its subsidiaries (as Canadian counsel) in connection with insolvency proceedings in Canada, the United States and numerous other countries
  • The Loewen Group Inc., which was involved in concurrent CCAA and Chapter 11 filings, requiring the reorganization of over $4 billion of debt for over 86 subsidiaries in the United States and 120 subsidiaries in Canada
  • Confederation Life Insurance Company as court-appointed representative counsel for the subordinated debtholders
  • Algoma Steel Inc., as counsel to the existing syndicate of lenders who also provided a $50 million DIP facility
  • Cineplex Odeon Corporation as counsel to Oaktree Capital Management LLC, one of the sponsors of a restructuring plan under the CCAA
  • Laidlaw Inc., as counsel to the court-appointed monitor
  • Counsel to a major bondholder in the Canadian Airlines restructuring
  • Various federal environmental regulators in the Royal Oak Mines Inc. proceedings
  • First mortgage bondholders in the Toronto SkyDome restructuring
  • A $2.5 billion lending syndicate in Olympia & York’s restructuring
  • Approximately $300 million of subordinated debtholders in Royal Trust Corporation’s restructuring
  • A lending syndicate in the Central Guarantee Trust Restructuring

Client work