Corporate Restructuring of A Resort Business
Bonita Lewis-Hand was counsel for a resort company that owned a golf course and inn. Secured creditors were on the verge of commencing foreclosure and receivership proceedings. Bonita thwarted the secured creditors by arranging for the company to file for creditor protection pursuant to the Companies’ Creditors Arrangement Act. Over the course of 18 months, she kept the secured creditors at bay, negotiated with other creditors, and used the additional time to help the company improve cash flow. She took novel approaches to issues that arose.
Thanks to Bonita’s efforts, the company was ultimately sold at a much higher price than would have been recovered had the secured creditors been allowed to foreclose on their security.
Corporate Restructuring of a Construction Company
Bonita Lewis-Hand was counsel for a construction company that was facing receivership. She devised a strategy that allowed the company to carry on business and restructure its secured and unsecured debts. Bonita devised a way to address cash flow problems, resolve disputed claims, and resolve construction bonds that were outstanding on various projects.
Her strategy was a success and today the company continues to be one of the leading companies in its field.
Tax Debt restructuring for Individuals
Bonita Lewis-Hand was counsel for a tax debtor who was assessed $2.2 million in tax debt. Canada Revenue Agency was taking steps to collect the debt. Bonita recognized problems with the tax assessments that CRA was seeking to collect.
Thanks to Bonita’s efforts, the tax debt was reduced approximately 90% to approximately $275,000!
Acquisition of Insolvent Companies
Bonita was lead counsel for a purchaser of a dozen insolvent companies that were involved in a similar business. The matter was complex in that the companies were in receivership and facing severe cash flow problems. The purchase involved a combination of the purchase of assets in some of the target companies, and the purchase of shares in other target companies. It also involved provincial regulators in two provinces, collective agreements for some of the target companies, a dozen leases in two provinces, and a few hundred employees
The completion of the acquisition was done under a tight timeline. Bonita and her team were able to complete the acquisition within four weeks of the date of the start of the receivership.