Derrick Tay Partner Head - Corporate Restructuring Group

Parle :  Anglais

Téléphone principal : +1 416-369-7330

Fax : +1 416-862-7661

Courriel :

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Bureau principal :  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.

Associations professionnelles

  • 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

Representative Work

  • 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

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