66 Wellington St W, Suite 5300, TD Bank Twr, Toronto, ON
Year called to bar: 1982 (ON)
Paul Steep is a counsel in the firm’s Litigation group. Carries on a commercial litigation practice with specific focus on securities litigation, including class actions. Has an active trial and appeal practice and has been involved in corporate governance claims, business valuation disputes, oppression remedy claims, banking litigation, and securities and commercial contractual disputes before all levels of Ontario courts. Maintains a significant practice in the area of securities enforcement and related proceedings before the OSC and appears before other administrative tribunals, including the CPSO. Member of the American College of Trial Lawyers. Admitted to the Ontario Bar in 1982.
Nortel Networks Corporation (Nortel Canada) is the Canadian parent company of what was one of the largest telecommunications businesses in the world. In early 2009, formal insolvency proceedings were commenced in Canada, the United States and England, among other places. Nortel’s worldwide business was liquidated through a number of Court-approved sales of its business units and a US$4.5-billion sale of its residual patents, resulting in US$7.3 billion of global sale proceeds to be allocated amongst the Nortel debtor companies in Canada, the United States and Europe.
On June 30, 2017, Stelco Inc. (Stelco), formerly U.S. Steel Canada Inc., emerged from Companies’ Creditors Arrangements Act (CCAA) proceedings through the implementation of a CCAA plan. This involved the compromise of more than $2 billion of debt and the restructuring of approximately $2 billion of pension and benefit obligations.