Announcing the Winners of the Inaugural Canadian Insolvency Awards

2026 Canadian Insolvency Awards Winners

We’re pleased to officially announce the winners of the inaugural Canadian Insolvency Awards, following a memorable evening in Toronto that brought together leaders from across Canada’s insolvency and restructuring community.

This year’s awards recognized exceptional cases, initiatives, and outcomes, with a clear focus on execution, impact, and the teams behind the work. Winners were selected by an independent judging panel based on the strength of the matter, the results achieved, and the broader significance to the profession.

Restructuring of the Year
Canadian Tobacco Industry CCAA Proceedings

One of the most consequential restructurings in Canadian history, resolving nearly $1 trillion in asserted claims through coordinated CCAA plans implemented after six years of mediation and litigation. The proceedings culminated in a $32.5 billion global settlement addressing decades of public health claims while preserving ongoing operations and providing long-term compensation frameworks.

Monitors were EY for Rothmans, Benson & Hedges (Rothmans), Deloitte for JTI-Macdonald (JTI) and FTI for Imperial Tobacco (Imperial).

Counsel was McCarthy Tétrault for Rothmans, TGF for JTI and Osler for Imperial.

Counsel for the monitors was Cassels for EY, Blakes for Deloitte and Davies for FTI.

PwC was also appointed as Receiver of JTI-Macdonald TM Corp., with Torys acting as receiver’s counsel.

Representative and claimant counsel included Wagners as representative counsel for the pan-Canadian claimants, Klein Lawyers for the representative plaintiff in the British Columbia class action, Fishman Flanz and Chaitons for the Quebec class action plaintiffs, and SWS Litigation for the Ontario Flue-Cured Tobacco Growers’ Marketing Board.

Counsel to other key stakeholders included Bennett Jones for various provinces and territories, McMillan for Québec, Gowling WLG for Philip Morris International, Stikeman Elliott for certain British American Tobacco entities, Inch Hammond and Cozen O’Connor for Grand River Enterprises Six Nations Ltd., and Lax O’Sullivan for the court-appointed mediator, the Honourable Warren Winkler, K.C., along with additional counsel representing insurers and other stakeholders.

Social Interest Restructuring of the Year
Canadian Mental Health Association, Vancouver–Fraser Branch

A not-for-profit restructuring that ensured uninterrupted delivery of housing, employment, and mental health services to hundreds of vulnerable individuals. Through an NOI process and a carefully structured asset and service transition, core programs were preserved, employees retained, and continuity of care maintained across the Lower Mainland.

MNP was the proposal trustee. Counsel was Lawson Lundell for the debtor and Norton Rose Fulbright for the trustee.

Changemaker Award
My Mortgage Auction Corp.

A groundbreaking insolvency response to one of the largest Ponzi schemes in British Columbia history. The Trustee successfully pursued a single, consolidated clawback application against hundreds of net winners, establishing a new procedural roadmap for efficient and equitable recovery in fraud-driven bankruptcies.

PwC acted as Trustee. Counsel was Blakes for the Trustee.

Consumer Insolvency Initiative of the Year
BDO Canada, Gillian’s Place Financial Wellness Partnership

A community-based initiative providing free, trauma-informed insolvency guidance and financial education to survivors of gender-based violence. By embedding professional financial support within a trusted social service organization, the program helped vulnerable individuals regain financial stability alongside personal safety.

Each of these matters reflects the complexity, judgment, and creativity required in today’s restructuring environment, and the depth of collaboration across firms, stakeholders, and disciplines.

Outstanding Contribution Award
The Honourable Chief Justice Geoffrey B. Morawetz

Chief Justice Morawetz was recognized for a lifetime of leadership, scholarship, and judicial service that has had a lasting influence on Canadian insolvency law, including his work on the Commercial List and his contributions to the development of modern CCAA and BIA jurisprudence.

While awards were presented to a select group, the evening itself was a celebration of the insolvency and restructuring community as a whole. The quality of submissions and the conversations throughout the night underscored work that is worth recognizing and worth being proud of across the profession - congratulations to all!

Additional photos and in-depth post-event coverage exploring the winning cases, outcomes, and teams will be published in the coming days.

Thank you again to our judges, sponsors, finalists, and everyone who joined us to make the inaugural Canadian Insolvency Awards such a meaningful evening for the community.