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Ian Aversa

Partner Admitted to the Ontario Bar: 2008

Ian Aversa is a partner in the Financial Services Group at Aird & Berlis. His practice focuses on insolvency and restructuring law with an emphasis on both the litigation and commercial aspects of corporate restructurings, reorganizations, refinancings, liquidations, security enforcement, receiverships, proceedings under the Companies’ Creditors Arrangement Act and the Bankruptcy and Insolvency Act, and the purchase and sale of distressed assets and businesses.

As a corporate solicitor and litigator, Ian has the expertise required to guide his clients through all aspects of a restructuring file. He designs and formulates acquisition, divestiture and recovery strategies, negotiates and drafts complex commercial agreements and regularly appears on behalf of clients before the Ontario Superior Court of Justice, including the Commercial List and the Bankruptcy Court.

Ian advises companies in financial distress, financial institutions, secured and unsecured creditors, bondholders, landlords, court-appointed officers, liquidators, purchasers, investors, financiers and other major stakeholders on domestic and cross-border insolvency and restructuring matters. His experiences span a wide range of industries, including banking and financial services, technology, retail, steel, mining, shipping, automotive, aviation, fashion and apparel, construction and real estate.

A frequent writer and presenter, Ian has authored a number of insolvency-related publications and is often invited to speak at industry conferences. Ian is an executive member of the National Insolvency Law Section of the Canadian Bar Association and an executive member of the Insolvency Law Section of the Ontario Bar Association.

Other Languages

French

Professional Involvement

Memberships

  • American Bankruptcy Institute 
  • Canadian Bar Association
  • INSOL International
  • The Advocates' Society
  • Toronto Lawyers Association
  • Turnaround Management Association

Representative Matters

Counsel to Grant Thornton Limited, in its capacity as the court-appointed trustee of Textbook Student Suites (525 Princess Street) Trustee Corporation, Textbook Student Suites (555 Princess Street) Trustee Corporation, Textbook Student Suites (Ross Park) Trustee Corporation, 2223947 Ontario Limited, MC Trustee (Kitchener) Ltd., Scollard Trustee Corporation, Textbook Student Suites (774 Bronson Avenue) Trustee Corporation, 7743718 Canada Inc., Keele Medical Trustee Corporation, Textbook Student Suites (445 Princess Street) Trustee Corporation and Hazelton 4070 Dixie Road Trustee Corporation.

Counsel to Grant Thornton Limited, in its capacity as the proposal trustee in the insolvency proceedings commenced by Coupgon Inc. under the Bankruptcy and Insolvency Act.

Counsel to The Corporation of the City of Sault Ste. Marie in the cross-border insolvency proceedings commenced by Essar Steel Algoma Inc. et al. under the Companies’ Creditors Arrangement Act.

Counsel to a significant creditor in the insolvency proceedings commenced by Target Canada Co. et al. under the Companies’ Creditors Arrangement Act.

Counsel to MNP Ltd., in its capacity as the proposal trustee in the insolvency proceedings commenced by Besra Gold Inc. under the Bankruptcy and Insolvency Act.

Canadian counsel to the Nortel Trade Claims Consortium in the cross-border insolvency proceedings commenced by Nortel Networks Corporation et al.

Counsel to KSV Kofman Inc., in its capacity as the court-appointed receiver of Mady Steeles 2011 Ltd.

Counsel to The Fuller Landau Group Inc., in its capacity as the proposal trustee in the insolvency proceedings commenced by Canadian Industrial Distributors Inc. under the Bankruptcy and Insolvency Act.

Counsel to Grant Thornton Limited, in its capacities as the court-appointed interim receiver and receiver of Ebersole Excavating Inc. and D&S Railway Construction Inc.

Counsel to KSV Kofman Inc., in its capacity as the court-appointed receiver and receiver and manager of Goudas Food Products and Investments Limited.

Counsel to Bank of Montreal, the senior secured creditor in the insolvency proceedings commenced by KK Precision Inc. under the Companies’ Creditors Arrangement Act.

Counsel to Grant Thornton Limited, in its capacities as the court-appointed monitor, receiver and manager and trustee in bankruptcy in the insolvency proceedings commenced by Redstone Investment Corporation and Redstone Capital Corporation under the Companies’ Creditors Arrangement Act.

Counsel to Grant Thornton Limited, in its capacity as the court-appointed monitor of Silver Streams Homes Inc. and certain related entities under the Companies’ Creditors Arrangement Act.

Counsel to BDO Canada Limited, in its capacity as the court-appointed monitor of BioExx Specialty Proteins Ltd. and BioExx Proteins of Saskatoon Inc. under the Companies’ Creditors Arrangement Act.

Counsel to The Toronto-Dominion Bank, the senior secured creditor in the receivership proceedings involving 450477 Ontario Limited o/a Chartrand Equipment.

Counsel to KSV Kofman Inc., in its capacity as the court-appointed liquidator in the winding-up proceedings of Diversinet Corp. under the Ontario Business Corporations Act.

Counsel to the senior secured creditor in the insolvency proceedings commenced by Ghana Gold Corporation and certain related entities under the Companies’ Creditors Arrangement Act.

Counsel to Ernst & Young Inc., in its capacity as the court-appointed receiver of Pine Tree Resorts Inc. and 1212360 Ontario Limited o/a the Delawana Inn.

Counsel to the debtors in the cross-border insolvency proceedings commenced by The John Forsyth Shirt Company Ltd., Forsyth Holdings, Inc. and Forsyth of Canada, Inc. under the Companies’ Creditors Arrangement Act.

Counsel to the debtor in the insolvency proceedings commenced by Extreme Fitness, Inc. under the Companies’ Creditors Arrangement Act.

Counsel to a secured creditor and the purchaser of certain assets in the receivership proceedings involving Amaizeingly Green Products, L.P. and Amaizeingly Green Products GP Ltd.

Counsel to the senior secured creditor in the insolvency proceedings commenced by The Futura Loyalty Group Inc. under the Companies’ Creditors Arrangement Act.

Counsel to the debtors in the insolvency proceedings commenced by PCAS Patient Care Automation Services Inc. and 2163279 Ontario Inc. under the Companies’ Creditors Arrangement Act.

Counsel to the debtors in the insolvency proceedings commenced by Vanguard Shipping (Great Lakes) Ltd. and Vanship Ltd. under the Companies’ Creditors Arrangement Act.

Counsel to Bank of Montreal, the senior secured creditor in the receivership proceedings involving Newtek Automotive Inc. and Newtek Automotive Midwest, Inc.

Counsel to Business Development Bank of Canada, the senior secured creditor in the proceedings involving Priyance Hospitality Inc. o/a the Radisson Plaza Mississauga Toronto Airport.

Counsel to A. Farber & Partners Inc., in its capacity as the court-appointed monitor of Cantar Pool Products Limited/Produits de Piscines Cantar Limitee under the Companies’ Creditors Arrangement Act.

Representative counsel to certain investors in the insolvency proceedings involving Edgeworth Properties Inc. and certain related entities under the Companies’ Creditors Arrangement Act.

Counsel to a significant landlord in the insolvency proceedings commenced by Priszm Income Fund et al. under the Companies’ Creditors Arrangement Act.

Canadian counsel to certain current and former employees of Nortel Networks Inc. in the cross-border insolvency proceedings commenced by Nortel Networks Corporation et al.

Counsel to Grant Thornton Limited, in its capacity as the court-appointed receiver of Tires Direct Distribution Inc.

Counsel to the senior secured creditor in the receivership proceedings involving Linea Marketing Group Inc.

Represented Liquidation World Inc. in connection with the consideration of various strategic alternatives resulting in a sale of all of its outstanding shares to Big Lots, Inc. by way of a plan of arrangement. Under the terms of the agreement, Big Lots acquired all outstanding shares of Liquidation World, thereby acquiring Liquidation World's 89 Canadian stores in the process. This transaction was completed on July 18, 2011.

Counsel to A. Farber & Partners Inc., in its capacity as the court-appointed receiver of Tabi International Corporation.

Counsel to Bank of Montreal, a secured creditor in the receivership proceedings involving Barber Glass Industries Inc.

Counsel to the court-appointed receiver and manager of Burlington Technologies Inc.

Counsel to the liquidator in the insolvency proceedings involving Movie Gallery Canada, Inc.

Counsel to the purchaser of certain assets in the bankruptcy proceedings involving Rtica Corporation.

Counsel to the court-appointed receiver of C.O.R.E. Digital Pictures Inc. et al.

Counsel to the purchaser of certain assets in the insolvency proceedings involving Great Lakes Fish Corporation and Kingsville Fishermen's Company Ltd.

Counsel to the DIP lender in the insolvency proceedings commenced by Maxtech Manufacturing Inc. under the Companies’ Creditors Arrangement Act.

Counsel to the debtors in the insolvency proceedings commenced by Extreme Retail (Canada) Inc. and Extreme Properties Inc. (d/b/a Buck or Two) under the Companies’ Creditors Arrangement Act.

Counsel to the stalking horse bidder in the insolvency proceedings commenced by Nexient Learning Inc. and Nexient Learning Canada Inc. under the Companies’ Creditors Arrangement Act.

Counsel to the debtor in the cross-border insolvency proceedings commenced by The Tall Girl Shop Ltd.

Counsel to the senior secured creditor in the proceedings involving Applied Energy Systems Inc., DDR North America Inc., Flexible Eutectic Sales Ltd., Flexible Eutectic Sales (USA) Ltd., DDR Americas Inc. and DDR Americas Ltd.

Counsel to the senior secured creditor in the proceedings involving Rotoflex International Inc.

Counsel to Grant Thornton Limited, in its capacity as the court-appointed receiver of North American Charters Group Inc., 1401277 Ontario Limited o/a North American Charters 2000 and NAC Air, LP.

Selected Publications

"Pre-Bankruptcy Payment to Secured Creditor Escapes Statutory Deemed Trust," co-authored with Jeremy Nemers and Mark Strychar-Bodnar, Aird & Berlis LLP Financial Services Flash, January 8, 2016.

"Court of Appeal Confirmation: The ‘Interest Stops Rule’ Applies in CCAA Proceedings," co-authored with Jeremy Nemers and Alyssa Gebert, Aird & Berlis LLP Financial Services Flash, October 21, 2015.

"2015 Annual Cross Country Check-Up (Ontario)," co-authored with Jeremy Nemers, presented at the 11th Annual Pan-Canadian Insolvency & Restructuring Law Conference in Winnipeg, Manitoba, September 11, 2015.
 
"Mid-Market Technical Update," presented at the CAIRP 2015 Insolvency and Restructuring Forum in Toronto, Ontario, June 15, 2015.

"Real Estate Development and Investment Companies Having Trouble Finding Shelter Under the CCAA," co-authored with James Desjardins, Collateral Matters Newsletter, May 2013.

"Business Development Bank of Canada v. Pine Tree Resorts Inc. and 1212360 Ontario Limited: A Unified Test for Granting Leave to Appeal under Section 193(e) of the BIA," Financial Services Flash, May 23, 2013.

"Bill C-331: An Act to Amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans)," Collateral Matters Newsletter, December 2011.

“No Shortcut to an Injunction: Royal Bank of Canada v. Rastogi,” co-authored with Aaron Collins and Miranda Spence, National Banking Law Review, October 2011.

"The Sale of Assets by a Receiver: A Cautionary Tale," co-authored with Nathaniel Erskine-Smith, Collateral Matters Newsletter, March 2011.

"Update on Bill C-501: An Act to Amend the Bankruptcy and Insolvency Act and Other Acts (Pension Protection)," Aird & Berlis LLP Collateral Matters Newsletter, September 2010.

"Update on Bill S-216: An Act to Amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act in Order to Protect Beneficiaries of Long Term Disability Benefits Plans," Aird & Berlis LLP Collateral Matters Newsletter, September 2010.

"Insolvency and Tax Aspects of the Purchase and Sale of a Distressed Business in Canada," co-authored with Steven Graff and Jack Bernstein, Tax Notes International, March 2010.

"Changing a Corporate Name in the Context of an M&A of a Financially Distressed Business," co-authored with Morli Shemesh, Corporate Financing, Volume XV, No. 3.

"When Things Go Bad – Practical Remedies for Landlords and Tenants in Dealing with Bankruptcy, Insolvency, Trustees and Receivers: The Choices Available to an Insolvent Tenant," co-authoured with Steven Graff, March 2009.

"New Rules for the Lending Industry: The Mortgage Brokerages, Lenders and Administrators Act, 2006," co-authored with Cameron Paulikot and Ben Wong, Aird & Berlis LLP Collateral Matters Newsletter, December 2008.

"Limitation Periods on Guarantees," Aird & Berlis LLP Banking Law Newsletter, October 2008.

"Vicarious Liability of Vehicle Lessors and Rentors," Aird & Berlis LLP Banking Law Newsletter, December 2007.  

"Perspectives on Insolvency from the Bench, the Bar and the Regulator," Canadian Institute’s 7th Annual Advanced Insolvency Law & Practice, January 2007.

Insolvency Case Law Digest, co-authored with Gregoire Major, Office of the Superintendent of Bankruptcy Canada, 2005-2006.  

Education

  • LLB, LLL, University of Ottawa, 2007
  • B.Comm. (Finance), McGill University, 2003