Best Restructuring & Insolvency Lawyers in Toronto

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.

Nazarian Law
Toronto, Canada

Founded in 2020
English
Nazarian Law is a distinguished legal practice based in Canada, recognized for its proficiency across multiple areas of law including business law, family law, and real estate matters. The firm's team is composed of seasoned attorneys who bring in-depth knowledge and practical experience to each...
Sanderson Entertainment Law
Toronto, Canada

Founded in 1983
English
Sanderson Entertainment Law, based in Toronto, Canada, has been exclusively serving clients in the arts and entertainment sectors for over 40 years. The firm offers a comprehensive range of legal services tailored to professionals in music, film, visual arts, and literature. Their expertise...

Founded in 2018
English
Vig Law Professional Corporation, located in the heart of the Greater Toronto Area, offers comprehensive legal services to individuals and corporations across Ontario. The firm specializes in real estate law, including property transactions, financing, construction, and commercial leasing, as well...

Founded in 2021
English
Sarju Eliyas Law Professional Corporation, located in Scarborough, Ontario, offers a comprehensive range of legal services tailored to meet the diverse needs of its clientele. The firm's areas of practice include real estate transactions, corporate law, immigration law, and estate planning. By...
De Krupe Law
Toronto, Canada

Founded in 2022
10 people in their team
English
Welcome to De Krupe Law Professional CorporationDe Krupe Law team is dedicated to providing exceptional legal services tailored to meet the unique needs of our clients. With a strong foundation of integrity and honesty, we have been serving the legal needs of individuals and businesses in Toronto,...
Konan Immigration Law Firm
Toronto, Canada

English
Konan Immigration Law Firm, headquartered in Toronto, Ontario, is a fully licensed and insured Canadian law firm specializing exclusively in immigration law. The firm offers comprehensive services encompassing temporary and permanent residence, business immigration, citizenship, and refugee...

Founded in 2010
English
Walker Law Professional Corporation, located in Toronto's financial district, specializes in civil and commercial litigation. The firm handles a wide range of disputes, including contract breaches, employment issues, real estate conflicts, and shareholder disagreements. Their team has represented...
Axess Law
Toronto, Canada

Founded in 2012
English
Axess Law, established in 2012, has redefined the delivery of legal services in Canada by integrating advanced technology with legal expertise. Specializing in real estate law, the firm offers a comprehensive suite of services, including property transactions, mortgage refinancing, and title...

English
Jahanshahi Business Law Firm stands out for its comprehensive expertise in business law, real estate transactions, and tax matters. The firm’s team of seasoned attorneys provides insightful counsel to entrepreneurs, established businesses, and individual clients, guiding them through the...
AS SEEN ON

About Restructuring & Insolvency Law in Toronto, Canada

Restructuring and insolvency law in Toronto is designed to help individuals and businesses facing financial distress. This area of law offers a framework for debt relief, asset protection, corporate reorganizations, and repayment plans. Whether you are a business trying to avoid bankruptcy or an individual overwhelmed by personal debts, these laws set out the procedures for fair and orderly resolution of financial difficulties. Toronto, as a major economic hub, sees a significant number of restructuring and insolvency cases, governed by both federal and provincial laws.

Why You May Need a Lawyer

Legal advice is vital when dealing with restructuring and insolvency matters. Some common situations where you may need a lawyer include:

  • Filing for personal bankruptcy or considering alternative debt solutions
  • Negotiating with creditors to restructure your business
  • Guiding your company through a formal insolvency process such as a proposal or receivership
  • Dealing with collection actions, wage garnishments, or foreclosure
  • Understanding your rights and obligations as a director or officer in an insolvent corporation
  • Contesting or enforcing security interests and priority claims
  • Managing cross-border insolvency issues

A lawyer can help protect your assets, explain the implications of each option, and ensure compliance with complex legal procedures.

Local Laws Overview

Restructuring and insolvency in Toronto is mainly governed by federal legislation such as the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA), supported by provincial laws including the Personal Property Security Act (PPSA) in Ontario. The BIA deals with personal and small business bankruptcies, consumer proposals, and receiverships, providing options for rehabilitation or orderly liquidation of assets. The CCAA caters to larger corporations, allowing flexible restructuring under court supervision. The PPSA governs the creation and priority of security interests in personal property. Ontario's courts, particularly those in Toronto, have specialized expertise in these matters and oversee many high-profile cases.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring refers to legal processes that allow individuals or businesses to reorganize their affairs, debts, and assets with the goal of continuing operations or regaining financial stability. Insolvency is a state where an individual or company cannot pay debts as they become due, often leading to bankruptcy or similar proceedings.

Do I have to declare bankruptcy if I cannot pay my debts?

No, bankruptcy is only one of several options. Alternatives include consumer proposals, debt consolidation, or informal arrangements with creditors. Consulting a lawyer or licensed insolvency trustee will help you identify the best solution for your situation.

How does a consumer proposal work?

A consumer proposal is a legal process under the BIA where you propose to pay creditors a portion of what you owe over a set period. If the majority of creditors accept the proposal, it becomes legally binding, and you receive protection from collection actions.

Can my business avoid bankruptcy through restructuring?

Yes, companies can pursue restructuring through business proposals under the BIA or larger reorganizations under the CCAA. Both allow businesses to negotiate terms with creditors and continue operations while repaying debts.

What happens to my assets if I file for bankruptcy?

In personal bankruptcy, some assets are exempt from seizure under federal and provincial law. The remainder may be used to repay creditors. The specifics depend on Ontario exemption laws and the structure of your bankruptcy filing.

How are creditors paid during insolvency proceedings?

Creditors are paid according to the priority rules set out in insolvency legislation. Secured creditors usually have first claim to specific assets, while unsecured creditors are paid from remaining funds on a proportional basis.

What is a licensed insolvency trustee?

A licensed insolvency trustee is a federally regulated professional authorized to administer insolvency proceedings, including bankruptcies and proposals. They play a key role in guiding individuals and businesses through insolvency processes.

Could directors or officers of a company be held personally liable during insolvency?

Yes, directors and officers can be held personally liable in certain circumstances, such as failure to remit employee source deductions or goods and services tax. Legal advice is essential to understand these risks.

How long does bankruptcy remain on my credit report in Ontario?

A first-time bankruptcy will typically stay on your credit report for six to seven years after discharge. Subsequent bankruptcies will remain for a longer period.

What are the first steps I should take if I am facing insolvency?

It is important to gather all financial records, make a list of creditors and assets, and seek immediate legal or professional advice. Acting early can provide more options for resolving your financial challenges.

Additional Resources

If you are seeking information or assistance with restructuring and insolvency in Toronto, consider reaching out to the following:

  • Office of the Superintendent of Bankruptcy Canada (OSB) - Offers general information and regulates insolvency professionals
  • Ontario Ministry of the Attorney General - Provides resources on Ontario insolvency law and court procedures
  • Licensed Insolvency Trustees - The primary professionals authorized to manage bankruptcies and proposals
  • Ontario Bar Association - Can help you find experienced restructuring and insolvency lawyers in Toronto
  • Community legal clinics - Some offer free or low-cost legal assistance for those who qualify
  • Credit counseling agencies - Offer debt management advice and support, including options besides bankruptcy

Next Steps

If you believe you may need help with a restructuring or insolvency matter in Toronto, it is best to act quickly. Start by reviewing your financial situation and gathering relevant documents. Consider scheduling consultations with one or more licensed insolvency trustees and experienced lawyers to evaluate your options. Most professionals offer initial consultations, during which you can discuss your circumstances and potential solutions. Taking proactive steps will give you more control over your financial future and help you achieve the best possible outcome under Ontario and Canadian insolvency law.

Lawzana helps you find the best lawyers and law firms in Toronto through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Toronto, Canada - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.