How One Company in Canada is Proactively Managing COVID-19

Posted On: 6th May 2020
How One Company in Canada is Proactively Managing COVID-19

We’ve all seen the headlines over the past few weeks highlighting a disrupted global supply chain, distraught business owners and a shell-shocked workforce. While it’s hard to escape the negative press cycle, there are businesses out there finding innovative ways to survive and move forward.

Discover how one family-run business (the “Company”)—which was deemed essential—is proactively addressing the problems. They identified the specific difficulties and impacts from a financial and human perspective and swiftly made the changes needed.

Click here to read more.

Posted By: Allan Nackan

Posted On: 6th May 2020

Allan Nackan is a Partner with the Insolvency & Restructuring practice of Farber.

His practice focuses on corporate insolvency and restructuring, distressed financial advisory services, fraud investigations and forensic accounting.

Allan is a Fellow of INSOL International, having successfully graduated from their Global Insolvency Practice Course, which is the pre-eminent advanced educational qualification focusing on international insolvency. Allan is one of only six INSOL Fellows in Canada.

He acts as court-appointed receiver and interim receiver; as monitor or financial advisor in Companies’ Creditor Arrangement Act (CCAA) and Chapter 11 proceedings; as a trustee under Bankruptcy & Insolvency Act (BIA) proposals; and as a Trustee in Bankruptcy for a wide variety of corporations and their creditors. He applies his analytical skills to help major financial institutions and other lenders with risk and feasibility studies and fullfills various financial advisory roles.

Notable assignments include: restructuring or liquidation of retail chains such as Tabi International, Clothing for Modern Times (Urban Behaviour & Costa Blanca), The Tall Girl Shop and Movie Gallery Canada (aka Hollywood Video); the restructuring and sale of the largest movie production studio in Toronto; and successfully managing the operations, restructuring or liquidation of numerous manufacturing, distribution, retail, technology, real estate and media businesses. Broad industry experience also includes cosmetics, textiles, automotive parts, car dealerships; automobile leasing, transport & logistics, media, advertising, printing, software, music, and food distribution industries.

Allan’s cross-border insolvency experience includes acting as financial advisor to the Superintendent of Financial Services representing Ontario Pension Benefit Guarantee Fund, a major stakeholder in CCAA/Chapter 11 filings by Nortel Networks Limited; Chapter 15 proceedings for liquidation of US retail operations of The Tall Girl Shop; and representing a numerous US-secured lenders in Canadian insolvency proceedings.

Allan acted as Court-appointed Receiver and Trustee in Bankruptcy of securities firms, and as such was involved in Ashley vs. Marlow Group Private Portfolio Management Inc., a precedent setting case in Ontario on Part XII of the Bankruptcy and Insolvency Act, governing securities firm bankruptcies. He has led numerous insolvency and forensic proceedings to trace and recover assets in US, Canada, the Caribbean and internationally.

Prior to immigrating to Canada from South Africa, Allan practised as a Chartered Accountant in the areas of management consulting and international tax planning. In 1995, he became a licensed Trustee in Bankruptcy, and has since managed many successful restructurings and insolvency engagements for corporations in a wide range of industries. Practice specialties also include retail insolvencies, securities firms, forensic accounting & fraud investigations, and cross border restructuring.

Allan has co-chaired numerous educational seminars for professional associations and has spoken on topics including: “Retail Industry & Restructuring,” “Fraud: Prevention and Recovery,” “Know Your Client/Due Diligence,” and “A Practical Guide to Survive & Thrive.” He has published numerous articles on insolvency and restructuring as well as forensic accounting and fraud investigations in publications such as Law Times, Secured Lender, Rebuilding Success, Advanced Manufacturing, The Bottom Line, Plant magazine, and The Globe & Mail.

Allan was Past-President and currently serves on the board of the Ontario Association of Insolvency & Restructuring Professionals and is an active participant on the Commercial List Users Committee sub-committee that drafts Model Orders used in insolvency proceedings. He is also an active participant on various INSOL International committees.

Allan is the creator of RESOLVE™, an innovative mobileApp for insolvency professionals. This application for iPad, iPhone, Android and other smart devices, includes the full text of the various Canadian and international restructuring statutes and other news and information pertinent to practitioners.

Allan also has a passion for sleight of hand magic as seen on www.reshuffle.ca.