Jessica Vickerman | Bankruptcy and Insolvency Law
Angela D’Alessandro’s practice area includes commercial litigation, debtor / creditor’s rights, and bankruptcy and insolvency. She also handles corporate criminal law.
Angela worked on a precedent-making Companies Creditors’ Arrangement (CCAA) case that went as far as the Ontario Court of Appeal, which denied leave to appeal a decision of the Superior Court approving a secured creditor-led plan of arrangement involving Bob-Lo Island in the Detroit River. Under the plan, the assets of the debtor companies would be sold to and vested in an affiliate of the secured creditor who proposed the plan, and no proceeds would be payable to the unsecured creditors. The decision is noteworthy because it not only suggests that secured creditors may take a leading role in a restructuring process that has traditionally been directed by debtor companies, but also because it creates an opportunity for the CCAA to be used as an effective shortcut by secured creditors to enforce their security.