Patrick McCarthy is a partner in our Calgary office. He graduated from the
University of Windsor with a Bachelor of Laws in 1975, after obtaining a Bachelor
of Arts from the University of Calgary, and was admitted to the Alberta Bar
Areas of Practice
- Mr. McCarthy practices insolvency and restructuring law, with an emphasis
on international and cross-border insolvency.
- He is co-chair of Borden Ladner Gervais Insolvency and Restructuring
- Pat has an active insolvency practice, representing receivers, trustees
in bankruptcy, and monitors in insolvency proceedings as well as debtors,
creditors and other stakeholders in national and international insolvencies
and restructurings, and is responsible for managing and setting direction
on large, complex, high profile restructurings and insolvencies.
- Pat was named by LEXPERT as one of the Leading 500 Lawyers in Canada.
As well, Pat has received LEXPERTs highest ranking as a leading
practitioner in the insolvency area. He was also named as a leading
practitioner in the insolvency field by Euromoneys International Financial
Law Review. Pat was appointed to the Insolvency Institute of Canada in 1996,
an organization for Canadian insolvency professionals from the legal, accounting
and banking professions. Pat was appointed to the board of directors of the
Institute in 1999.
- Pat is also a founding member of the International Insolvency Institute,
a newly formed organization of senior international insolvency professionals.
- After initially conducting a general commercial litigation practice, Pats
focus shifted increasingly to insolvency matters during the turbulent 1980's
in Calgary. Since 1992, Pat has restricted his practice to insolvency and
- Acted for the monitor in Companies Creditors Arrangement Act (CCAA)
proceedings commenced by Canadian Airlines Corporation and Canadian Airlines
- Acted for the receiver in the Smoky River Coal Ltd. liquidation, a case
involving what is believed to be the first use of s. 14.06 of the Bankruptcy
and Insolvency Act to allow the disclaimer of property (consisting of open-pit
and underground coal mines, as well as plant facilities) having significant
- Acted for the monitor in CCAA proceedings commenced by Bre-X Minerals Ltd,
and its sister companies Bresea Resources Ltd. and Bro-X Resources Ltd., and
subsequently for the Interim Receiver of Bresea. In that capacity, advised
the Interim Receiver regarding several hostile takeover bids for Bresea, believed
to be the first such takeover bids launched in Canada for a corporation in
- Represented a group of European bondholders in the Confederation Treasury
Services Ltd. insolvency, and in that capacity sat as a member of the CTSL
creditors committee and an inspector in the bankruptcy of CTSL. Creditors
of CTSL eventually recovered in excess of 100% of the principal amount of
- Represented Blue Range Resource Corporation in its restructuring under the
CCAA, which involved the first judicial consideration of the eligible
financial contract amendments to the CCAA.
- Acted as co-counsel for the secured debenture holders in the restructuring
of Trizec Corporation.
- Acted for Paris-based Schlumerger in the bankruptcy of Chauvco Resources
International Ltd., a Bermudian corporation conducting oil exploration in
the west African nation of Gabon, which involved insolvency proceedings in
Canada, England, Gabon and Bermuda.
- Represented the monitor of Solv-Ex Corporation in relation to simultaneous
CCAA and U.S. Chapter 11 reorganization proceedings commenced by that corporation.
In that capacity arranged for what are believed to be the first cross-border
hearings between U.S. and Canadian courts, and drafted a cross border protocol
to coordinate the Canadian and U.S. proceedings which has served as a precedent
for subsequent Canada/U.S. cross border insolvency proceedings.
Professional and Community Activities
Pat has prepared papers for and participated in numerous insolvency and advocacy
programs and conferences for various organizations, including the American Bankruptcy
Institute, the Insolvency Institute of Canada, the Canadian Insolvency Practitioners
Association, the Legal Education Society of Alberta, the Alberta branch of the
Canadian Bar Association, the Canadian Institute, and has been an instructor
at the University of Calgary Faculty of Law.
Practice areas to which Patrick T. McCarthy Q.C. belongs:
- Commercial Litigation
- Financial Services
- Insolvency and Restructuring