S. Richard Orzy: Lawyer with Bennett Jones LLP

S. Richard Orzy

Partner, Co-Head of Restructuring and Insolvency
Toronto,  ON  Canada

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Practice Areas

  • Restructuring & Insolvency
    Contact InfoTelephone: 416.777.5737
    Fax: 416.863.1716
    University University of Toronto, B.A., 1977; York University, M.B.A., 1981
    Law SchoolOsgoode Hall Law School, J.D., 1981
    Admitted1983, Ontario

    Rick Orzy is the leader of the national Restructuring and Insolvency practice, one of the most active practices in Canada. His practice covers the entire range of restructuring, insolvency and bankruptcy, acting for creditors and debtors.

    In addition, Rick is especially noted for his pre-eminent practice representing bondholders of all types, major foreign creditors, high-yield investors, secondary market investors, indenture trustees and creditors' committees in many of Canada's largest insolvencies, currently and recently including, among others:
    •Yellow Media Inc.
    •Nortel Networks
    •OPTI Canada
    •Tamerlane Ventures
    •SkyLink Aviation
    •Catalyst Paper
    •Gateway Casinos & Entertainment
    •Quebecor World
    •Canadian Non-bank Asset-backed Commercial Paper (ABCP)
    •Stelco Inc.
    •Tembec Inc.
    •Parmalat Canada
    •Teleglobe Inc.
    •Calpine Canada
    •Ivaco Inc.
    •AT&T Canada Inc.
    •Doman Industries Limited
    •Laidlaw Inc.
    •SR Telecom Inc.
    •Port Townsend Paper Corporation
    •Vicwest Corporation

    He also regularly acts for foreign banks and other financial institutions, insurance companies, and for debtors or monitors in many complex restructurings, including TerreStar, Tahera Diamond, St. Marys Paper, Brute Manufacturing, Cygnal Technologies, Retrocom Growth Fund, Protana, MDS Proteomics, Cantar Pool Products and Distinctive Designs Furniture.

    A substantial portion of his practice involves cross-border matters, including restructurings in countries such as the United States, the United Kingdom, Venezuela, Nicaragua, Honduras, Panama, Bermuda, Norway, Australia and Italy. He has acted as Canadian counsel in significant U.S.-based restructurings and as insolvency counsel to the Toronto Stock Exchange.

    He regularly lectures and writes articles on insolvency and restructuring topics and issues. Rick has been recognized repeatedly as a leading Canadian and international bankruptcy and restructuring practitioner, by many publications and surveys, including the following:
    •Selected as a Band 1 Canadian practitioner in Chambers Global: The World's Leading Lawyers for Business 2014;
    •Selected as one of The Best of the Best 2014 worldwide (top restructuring and insolvency experts in the world) by Legal Media Group's Guide to the World's Leading Lawyers;
    The 2014 Lexpert Guide to the Leading U.S./Canada Cross-Border Corporate Lawyers in Canada;
    The 2013 Lexpert Guide to the Leading U.S./Canada Cross-Border Litigation Lawyers in Canada;
    PLC Restructuring and Insolvency multi-jurisdictional guide 2012/2013;
    The 2014 Lexpert/American Lawyer: Guide to the Leading 500 Lawyers in Canada;
    The Canadian Legal Lexpert Directory 2014;
    The 2013 Who's Who Legal: International Who's Who of Business Lawyers;
    The 2015 Best Lawyers in Canada in the area of insolvency and financial restructuring;
    The Lexpert Guide to the 100 Most Creative Lawyers in Canada;
    2011 International Who's Who of Insolvency and Restructuring Lawyers;
    PLC Cross-border Restructuring and Insolvency Handbook;
    •Euromoney's Expert Guide of Insolvency and Restructuring Lawyers; and
    2014 IFLR 1000:The Guide To The World's Leading Financial Law Firms.

    He is a member of the Insolvency Institute of Canada, INSOL International, the American Bankruptcy Institute and the Insolvency Lawyers' Association (U.K.), a director of a number of charitable organizations, is the President of a charitable foundation, and was recently President of a Toronto Children's Aid Society and family services agency.

    Rick holds M.B.A. and J.D. degrees from the Joint Program at York University (Schulich School) and Osgoode Hall Law School and a B.A. (Commerce and Economics) from the University of Toronto.

    News & Events

    Rick Orzy in Lexpert on Conflicting Priorities in Insolvency Courts

    April 2014 In the Lexpert article by Brian Burton, Balancing Act, Rick Orzy comments on how environmental claims against insolvent companies can conflict with the restructuring efforts in a CCAA proceeding.

    Rick Orzy in the Financial Post on Legal Protection for Mining Companies

    March 04, 2014 In the Financial Post article by Drew Hasselback, For Insolvent Mining Companies, the Legal Process Can Prove Useful, Rick Orzy comments on the benefits of insolvent mining companies seeking court protection from creditors.

    Fourth Annual ABA International/Israel Bar Association Joint Conference

    May 2013 Rick Orzy speaks at Law, Business and Technology, the Fourth Annual ABA International/Israel Bar Association Joint Conference held in Eilat, Israel. Rick presents, Exposure to the Insolvency of High-Tech Counterparties - Risks and Practical Strategies.


    2015, IFLR 1000: The Guide to the World's Leading Financial Law Firms

    S. Richard Orzy, recognized as one of Canada's leading insolvency and financial restructuring lawyers

    2014, Lexpert Guide to the Leading U.S./Canada Cross-border Litigation Lawyers in Canada

    S. Richard Orzy, recognized as one of Canada's leading cross-border litigators

    2014, IFLR 1000: The Guide to the World's Leading Financial Law Firms

    S. Richard Orzy, recognized as a leading lawyer in the area of Restructuring and Insolvency


    New Concerns for Bondholders, Lenders and Other Creditors Following SCC's Indalex Decision

    February 12, 2013 On February 1, 2013, the Supreme Court of Canada (SCC) released its much-awaited decision in the Indalex case. While the central issue in Indalex was the priority of wind-up deficiencies in defined benefit pension plans versus court-ordered debtor-in-possession (DIP) financing charges under the Companies' Creditors Arrangement Act (Canada) (CCAA), the SCC also considered whether claims for wind-up deficiencies are covered by deemed trusts under the Ontario Pension Benefits Act (PBA). This issue is of particular importance to lenders, bondholders and other creditors both in the ordinary course and in an insolvency or restructuring.


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    Office Information

    S. Richard Orzy

    3400 One First Canadian Place
    TorontoON M5X 1A4


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