100 King St W, Suite 1600, 1 First Cdn Pl, Toronto, ON
Year called to bar: 1993 (ON)
Cliff Prophet is a partner and leader of Gowling WLG’s Restructuring and Insolvency National Practice Group. Cliff practises in the area of restructuring and insolvency, with a focus on litigation. His experience includes significant retainers for Canadian financial institutions, creditors, monitors, receivers, trustees in bankruptcy, and corporate debtors. Cliff represents clients before all levels of court and has been involved in some of the most significant insolvencies of recent years, including the CCAA proceedings involving the Canadian asset-backed commercial paper market and the Sino-Forest and Essar Algoma insolvencies. In 2017, Cliff was successful in the Court of Appeal for Ontario on an appeal by Essar Global Fund Limited from a trial decision granting judgment to his client, the monitor in oppression proceedings involving the Port of Algoma. Cliff is qualified as a solicitor in England and Wales and spent two years practising in London, where he advised a range of clients in relation to substantial multi-jurisdictional M&A transactions. He is a member of the Insolvency Institute of Canada. He has been recognized in Chambers Global, Chambers Canada, The Canadian Legal Lexpert® Directory, TheBest Lawyers in Canada, and TheLegal 500 Canada.
On November 30, 2018, Essar Steel Algoma Inc. (“ESAI”) concluded its comprehensive restructuring under the Companies’ Creditors Arrangement Act by way of the sale of substantially all of its assets to Algoma Steel Inc. (“ASI”).