Tushara Weerasooriya 

Tushara Weerasooriya

Toronto
Brookfield Place, Suite 4400
181 Bay Street
Toronto, Ontario M5J 2T3

t: 416.865.7890
e: tushara.weerasooriya@mcmillan.ca

overview

Tushara is a partner in the firm's Restructuring group. She is a passionate advocate for her clients and takes a client-first approach to service by crafting timely, creative and practical solutions for her clients.

After practicing law at McMillan for 8 years, Tushara took a brief sabbatical in 2013 to travel the world, learn new skills and to rejuvenate. She followed her sabbatical with a year-long engagement as in-house derivatives counsel at a prominent financial institution. Tushara rejoined McMillan at the end of 2015 energized and excited to return to the restructuring practice.

Her practice involves all aspects of insolvency law including reorganizations, bankruptcies, receiverships, workouts, the purchase and sale of distressed businesses, lending transactions and DIP financing.

Tushara is an active promoter of diversity initiatives both inside and outside of the firm. In particular, she is a dedicated advocate for the advancement of women and visible minorities in the legal field.

Representative Matters

  • Acting for a Canadian private mining company in the refinancing of its $30 million credit facilities.
  • Acting for a Canadian public cannabis company in the compromise of US$195 million of debt under a British Columbia Business Corporations Act plan of arrangement
  • Acting for the appointing secured creditor in the receivership proceedings of 1404727 Ontario Inc. o/a Nissan of Muskoka
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Tailored Brands / Moores The Suit People
  • Acting for the appointing secured creditor in the receivership proceedings of B&W Heat Treating Canada ULC
  • Acting for the Court-appointed Receiver of Sage Gold Inc.
  • Acting for a German alternative energy company in the negotiation of [$150 million] compensation claim with Ontario government
  • Acting for the proposal trustee in the Bankruptcy and Insolvency Act proposal proceedings of Donaldson & James Ltd. and The Agency Employment Services Ltd.
  • Acting for the acquisition financiers to the sponsor in the Companies’ Creditors Arrangement Act proceedings of Essar Algoma Inc.
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of SquareTwo Financial
  • Acting for the Liquidation Trustee in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Performance Sports Group
  • Acting for a major Canadian financial institution in the recovery of a $100 million swap claim from a foreign bank in liquidation
  • Acting for a Canadian public oil and gas company, with properties in South America, the Caribbean, India and South Asia, in the out-of-court restructuring of ~$400 million of debt
  • Acting for a British private equity firm in the distressed acquisition of mining assets in northern Ontario
  • Acting for the bank syndicate in the compromise of $500 million in debt under the Canada Business Corporations Act proceedings of Yellow Media Inc.
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Indalex Ltd.

Publications

‘But to What Effect?' The Supreme Court of Canada clarifies the anti-deprivation rule in Chandos
9 Things You Should Do Right Now to Protect Your Franchise System During the COVID-19 Pandemic
Asking Lenders for Time to Deal with COVID-19 Problems
Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?
Challenges and Opportunities for Canadian Investors in Brazilian Insolvency Proceedings: Lessons from the IBA's 2019 Global Restructuring Conference
Pre-Packs under the Companies' Creditors Arrangement Act: Has the Push for Efficiency Undermined Fairness
Broken Break Fee: Investor's Claim for a Break Fee Denied in CCAA Proceeding
Insolvency: Canada Law & Practice,
Recent Development in Insolvency & Financial Restructuring
The Use of Releases in CCAA Restructuring Proceedings: How Wide is the Net?

News

McMillan Recognized for 114 Rankings in the 2021 Edition of Best Lawyers in Canada
62 McMillan Lawyers Recognized in the 2020 Canadian Legal Lexpert Directory
McMillan Highlighted in both Lexpert's Top 10 Deals and Top 10 Business Decisions
McMillan LLP Announces 13 Equity Partner & Partner Promotions
Tushara Weerasooriya Named a Winner of 2017 CFA 40 Under 40 Awards
Tushara Weerasooriya discusses mentorship in the legal profession with Canadian Lawyer
McMillan lawyers are well represented in the 2013 Chambers Global Directory
McMillan Lawyers are well represented in the 2012 Chambers Global Directory
McMillan Lawyers are well represented in the 2011 Chambers Global Directory
McMillan wins three Zenith Pro Bono Awards

Education

  • Osgoode Hall Law School, LL.B. - 2004
  • Queen's University, B.Sc. (Hons.) - 2000

Year Of Call

  • Called to the Ontario bar - 2005

Practices

challenged companies/debtor mandates
court officer representations
cross-border restructuring
financial services
investments and acquisitions
lending syndicates/secured creditors
security enforcement
structured finance, securitization and derivatives
fintech

Industries

automotive
banking
private equity - buyouts & venture capital investment

Directorships and Professional Associations

  • Board of Directors and Chair of the Mentorship Committee, Federation of Asian Canadian Lawyers, former director of the Federation of Asian Canadian Lawyers
  • Board of Directors and Co-Chair of Membership, International Women’s Insolvency & Restructuring Confederation (Ontario Network)

Community Involvement

  • Board of Directors and Chair of the Mentorship Committee, Federation of Asian Canadian Lawyers
  • Board of Directors and Programs Committee Co-Chair, International Women’s Insolvency & Restructuring Confederation (Ontario Network)

Awards & Rankings

  • Recognized by the Best Lawyers in Canada (2021) as a leading lawyer in the area of Insolvency and Financial Restructuring Law
  • Recognized in the 2020 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Insolvency & Financial Restructuring: Financial Restructuring 
  • Commercial Finance Association 2017 40 Under 40
  • Recognized in Chambers Global 2012 as a leading lawyer in the area of Restructuring/Insolvency

Media Mentions

vcard

Tushara is a partner in the firm's Restructuring group. She is a passionate advocate for her clients and takes a client-first approach to service by crafting timely, creative and practical solutions for her clients.

After practicing law at McMillan for 8 years, Tushara took a brief sabbatical in 2013 to travel the world, learn new skills and to rejuvenate. She followed her sabbatical with a year-long engagement as in-house derivatives counsel at a prominent financial institution. Tushara rejoined McMillan at the end of 2015 energized and excited to return to the restructuring practice.

Her practice involves all aspects of insolvency law including reorganizations, bankruptcies, receiverships, workouts, the purchase and sale of distressed businesses, lending transactions and DIP financing.

Tushara is an active promoter of diversity initiatives both inside and outside of the firm. In particular, she is a dedicated advocate for the advancement of women and visible minorities in the legal field.

  • Acting for a Canadian private mining company in the refinancing of its $30 million credit facilities.
  • Acting for a Canadian public cannabis company in the compromise of US$195 million of debt under a British Columbia Business Corporations Act plan of arrangement
  • Acting for the appointing secured creditor in the receivership proceedings of 1404727 Ontario Inc. o/a Nissan of Muskoka
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Tailored Brands / Moores The Suit People
  • Acting for the appointing secured creditor in the receivership proceedings of B&W Heat Treating Canada ULC
  • Acting for the Court-appointed Receiver of Sage Gold Inc.
  • Acting for a German alternative energy company in the negotiation of [$150 million] compensation claim with Ontario government
  • Acting for the proposal trustee in the Bankruptcy and Insolvency Act proposal proceedings of Donaldson & James Ltd. and The Agency Employment Services Ltd.
  • Acting for the acquisition financiers to the sponsor in the Companies’ Creditors Arrangement Act proceedings of Essar Algoma Inc.
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of SquareTwo Financial
  • Acting for the Liquidation Trustee in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Performance Sports Group
  • Acting for a major Canadian financial institution in the recovery of a $100 million swap claim from a foreign bank in liquidation
  • Acting for a Canadian public oil and gas company, with properties in South America, the Caribbean, India and South Asia, in the out-of-court restructuring of ~$400 million of debt
  • Acting for a British private equity firm in the distressed acquisition of mining assets in northern Ontario
  • Acting for the bank syndicate in the compromise of $500 million in debt under the Canada Business Corporations Act proceedings of Yellow Media Inc.
  • Acting for the debtor-in-possession lender in the in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Indalex Ltd.
March 31, 2020
Asking Lenders for Time to Deal with COVID-19 Problems

Restructuring Bulletin, COVID-19 Bulletin

March 20, 2020
Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?

Restructuring, Bankruptcy and Insolvency Bulletin

February 2017
Pre-Packs under the Companies' Creditors Arrangement Act: Has the Push for Efficiency Undermined Fairness

Annual Review of Insolvency Law
Co-authored with Tushara Weerasooriya, Adam Maerov, and Caireen Hanert

February 2017
Broken Break Fee: Investor's Claim for a Break Fee Denied in CCAA Proceeding

Litigation Insolvency and Restructuring Bulletin

August 2016
Insolvency: Canada Law & Practice,

Chambers Practice Guides

June 2011
Recent Development in Insolvency & Financial Restructuring
The Canadian Legal Lexpert Directory 2011
February 2011
The Use of Releases in CCAA Restructuring Proceedings: How Wide is the Net?
Co-Authored: Adam C. Maerov, Tushara Weerasooriya and Ahsan Mirza
Developments in Insolvency and Restructuring Law and Practice Over the Past Year and Emerging Trends, Ontario Bar Association