Patrick T. McCarthy

Patrick T. McCarthy QC

Senior Counsel

Executive Summary

Patrick McCarthy is Co-Chair of BLG’s Insolvency and Restructuring Group. Pat practises insolvency and restructuring law, with an emphasis on the energy industry and international and cross-border insolvency, and is recognized as one of the world’s leading lawyers in these fields by the foremost legal rankings publications. He represents monitors, receivers and trustees in bankruptcy in insolvency proceedings, as well as debtors, creditors and other stakeholders in national and international insolvencies and restructurings. He is responsible for managing and setting direction on large, complex, high-profile restructurings and insolvencies under the Companies’ Creditors Arrangements Act, the Bankruptcy and Insolvency Act, and other reorganization legislation.

In 2008, Pat was inducted as a Fellow of the American College of Bankruptcy, an honorary association of bankruptcy and insolvency professionals. He is one of only 10 Canadian members. Also in 2008, Pat was made a Fellow of the Insolvency Institute of Canada (IIC), an organization of senior international insolvency professionals from the legal, accounting and banking professions.  Pat was a founding member of the International Insolvency Institute (III), and served as one of the III’s delegates in connection with the development of UNCITRAL’s Legislative Guide on Insolvency Law.  He was appointed Queen’s Counsel in 1998.

Representative Work

  • Represented the court-appointed Canadian monitor in numerous cross-border restructuring proceedings involving US Chapter 15 recognition applications, including those commenced by Oil Sands Quest Inc. and the Canadian subsidiaries of SemGroup, L.P., Calpine Corporation, and Mirant Corporation.
  • Counsel to the monitor in numerous restructuring proceedings, including those commenced by OPTI Canada Inc., Agristar Foods Inc., Smoky River Coal Ltd., Skiing Louise Group, Canadian Airlines Corporation and Canadian Airlines International Ltd., and Bre-X Minerals Ltd.
  • Debtors’ counsel in a number of successful restructurings, including those of Canadian Superior Energy Inc., Darian Resources Ltd., Questerre Energy Corp., and Polaris Geophysical Inc.
  • Acted for the receiver of Three Sisters Mountain Village ULC, a resort property development company with extensive holdings in Canmore, Alberta.
  • Acted for creditors in connection with diverse companies including Rock Well Petroleum Inc., Enron Canada, Probe Exploration Inc., Meadow Lake Pulp, Fairmont Resort Properties Ltd. and Victoria Park Limited Partnership.
  • Represented a group of European bondholders in the Confederation Treasury Services Ltd. (CTSL) insolvency; in this capacity was an inspector in the CTSL’s bankruptcy and sat as a member of the CTSL creditors’ committee. CTSL creditors eventually recovered in excess of 100% of the principal amount of their claims.
  • Represented Blue Range Resource Corporation in its successful restructuring under the CCAA, which involved the first judicial consideration of eligible financial contracts in Canada.
  • Acted as co-counsel for the secured debenture holders in the restructuring of Trizec Corporation.
  • Acted for Paris-based Schlumberger in the bankruptcy of Chauvco Resources International Ltd., a Bermudian corporation conducting oil exploration in Gabon, West Africa, which involved proceedings in Canada, England, Bermuda and Gabon.
  • Represented the monitor of Solv-Ex Corporation in relation to simultaneous CCAA and US Chapter 11 reorganization proceedings commenced by Solv-Ex. Pat was instrumental in arranging for the first cross-border hearings between US and Canadian courts and the drafting of a protocol that has served as a precedent for coordinating subsequent Canada/US cross-border insolvency proceedings.

Publications & Presentations

  • Has prepared papers for and participated in programs and conferences for numerous organizations, including the American Bankruptcy Institute, the IIC, the III, the Canadian Association of Insolvency and Restructuring Practitioners, the Legal Education Society of Alberta, and the Canadian Bar Association’s Alberta branch.
  • Co-Author, with Evelyn H. Biery, of  “Treatment of Forward Contracts in Insolvency Cases:  A Comparison of US and Canadian Law,” Annual Review of Insolvency Law v.2, 2004.
  • Contributing Editor, Annual Review of Insolvency Law, 2003-present.

Rankings & Recognitions

  • Recognized as a leading energy lawyer in the 2016 edition of Lexpert®/Report on Business Special Edition on Energy.
  • Recognized in the 2017, 2016, 2015 and 2014 edition of The Legal 500 Canada as a leading lawyer (Restructuring and Insolvency​).
  • Recognized in the 2016 to 2018 editions of Chambers Canada – Canada’s Leading Lawyers for Business (Restructuring & Insolvency).​​​
  • Recognized in the 2016 editions of Benchmark Canada – The Definitive Guide to Canada’s Leading Litigation Firms & Attorneys as a "Litigation Star: Insolvency."
  • ​Recognized in the 2015, 2014 and 2013 editions of Benchmark Canada – The Definitive Guide to Canada’s Leading Litigation Firms & Attorneys as a "Local Litigation Star: Alberta" and a "Litigation Star: Insolvency."
  • Selected by peers for inclusion in the 2006 to 2018 editions of The Best Lawyers in Canada® (Insolvency & Financial Restructuring Law). Also named “Calgary Insolvency & Financial Restructuring Lawyer of the Year” in the 2012 edition of Best Lawyers®.
  • Recognized in the 2015, 2014 and 2013 editions of Chambers Global – The World’s Leading Lawyers for Business (Restructuring & Insolvency).
  • Recognized in the 2015, 2014 and 2013 editions of The Canadian Legal Lexpert® Directory (Insolvency & Financial Restructuring).
  • Recognized in the 2016 edition (and since 2012) of Who's Who Legal: Canada (Insolvency and Restructuring).
  • Martindale-Hubbell® AV® Preeminent™ 5 out of 5 Peer Review Rated.
  • Recognized in the 2011 editions of The Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada (Insolvency & Financial Restructuring), The Lexpert® Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada (Insolvency & Financial Restructuring), and the International Financial & Legal Review (IFLR) 1000 (Restructuring & Insolvency).