Rachel Nicholson



As a member of TGF’s Restructuring and Insolvency team, Rachel works closely with clients in distressed situations who seek her experience on a broad range of insolvency matters, including complex proceedings under the Companies’ Creditors Arrangement Act and Bankruptcy and Insolvency Act.

Rachel provides thoughtful and focused advice to her clients, which includes the enforcement of creditors’ rights and security, assisting debtors with in or out-of-court workouts, distressed investing and purchases, and acting for court-appointed monitors and receivers. She also has extensive experience with cross-border and international mandates with a particular depth in US proceedings. According to the Chambers and Partners Canada, 2023 Edition, Rachel is noted as “superb, practical and strategic”. She is a responsive professional and is passionate about providing quality advice to her clients and devising solutions that are innovative and forward-looking.

Rachel is an active leader in various industry associations. She is currently on the Social Media Committee of the Turnaround Management Association (TMA) Toronto Chapter, and previously served as Chair of the TMA Toronto Chapter’s Next Gen Committee. Rachel has also held various roles as a Director with the International Women’s Insolvency and Restructuring Confederation (IWIRC) - Ontario Network, and is a member of the International Insolvency Institute Next Gen Leadership Program. Within TGF, Rachel is a co-editor of TGF Topline, a quarterly publication that keeps readers up-to-date on restructuring and litigation cases, and is a member of the firm’s student committee. Rachel is regularly invited to speak on panels covering a broad range of insolvency topics.

Rachel was recognized in American Bankruptcy Institute's 40 under 40 program. She was named as “Up and Coming" by Chambers and Partners (2024), an “Associate to Watch” By Chambers and Partners (2023) and was also included in Best Lawyers®: Ones to Watch in Canada in Insolvency and Financial Restructuring Law (2023, 2024). She was an IWIRC Rising Star Semi-Finalist in 2018. 

Representative Mandates:

  • Counsel to the Pride Group in their CCAA proceedings, which have been recognized under Chapter 15 of the US Bankruptcy Code. The Pride Group is a trucking and logistics conglomerate that operates across Canada and the United States and is undergoing a restructuring of its secured liabilities in excess of $1.6 billion, involving over 20 lending institutions.
  • Counsel to two aircraft lessors in connection with the complex CCAA proceedings of Lynx Air, which involved providing advice on novel issues arising from the intersection of Canadian insolvency law and the Cape Town Convention and Aircraft Protocol.
  • Counsel to the applicants in the CCAA proceedings of Boreal Capital Partners Ltd. and its affiliates, a multi-residential development conglomerate with more than $55 million in secured debt, which successfully restructured under the CCAA.
  • Counsel to FTI Consulting Canada Inc. in its capacity as court-appointed monitor in the CCAA proceedings of Just Energy Group Inc. et. al., which successfully restructured funded debt of approximately $1 billion. These proceedings were recognized under Chapter 15 of the US Bankruptcy Code in the Southern District of Texas.
  • Counsel to A. Farber & Partners Inc., in connection with the receivership proceedings of Pure Global Cannabis and its subsidiaries (which was converted from a CCAA proceeding), involving one of the first receiverships in Canada where a receiver was appointed while the debtor company was still in possession of cannabis.
  • Counsel to JTI-Macdonald Corp., one of the largest tobacco companies in Canada, in its proceedings under the CCAA with a goal to achieve a global resolution of the myriad of litigation claims against it exceeding $500 billion. The two other largest tobacco companies have also filed for CCAA protection resulting in unprecedented industry-wide proceedings.
  • Counsel to Ernst & Young Inc. in its role as the court-appointed monitor of Performance Sports Group Ltd. and its subsidiaries, which debtors undertook dual plenary cross-border restructurings under the CCAA and Chapter 11 of the US Bankruptcy Code and successfully sold substantially all of their assets for US$575 million. This transaction was awarded the Turnaround Management Association’s 2018 Transaction of the Year – Large Company Award, and the Turnaround Atlas Awards – 2018 Restructuring Transaction Award.
  • Counsel to Ernst & Young Inc. in its capacity as the receiver of Mundo Media Ltd. and related companies, which proceedings were recognized in the US pursuant to Chapter 15 of the US Bankruptcy Code.
  • Counsel to BDO Canada Limited in its capacity as receiver of Unique Broadband Systems Ltd. and UBS-Axcera Inc., which proceedings were recognized in the US pursuant to Chapter 15 of the US Bankruptcy Code.
  • Canadian counsel to Charming Charlie Holdings Inc., et. al., which is a US specialty retailer that once operated almost 400 stores worldwide, in its recognition proceedings under the CCAA.
  • Counsel to the plan sponsor in Takata Corporation’s recognition proceedings under the CCAA, in respect of Takata’s foreign restructuring proceedings in the US and Japan. The Plan Sponsor purchased certain assets of Takata for approximately $1.58 billion.
  • Counsel to Endurance Energy Ltd. in connection with its proceedings under the CCAA, an Alberta-based oil and gas production company, which successfully sold its assets as part of its restructuring efforts.


Representative Mandates

JTI-Macdonald Corp.

TGF acts as counsel to the Applicant in its CCAA proceedings. JTIM’s CCAA proceedings are related to the CCAA filings of both Rothmans, Benso...

Performance Sports Group cross-border restructuring.

TGF represents the court-appointed monitor Ernst & Young in the cross-border restructuring of Performance Sports Group Ltd. and its subsidiaries. Performance Sports Group Ltd. and 17 of its subsidiaries entered into dual plenary cross-border proceedings

Endurance Energy Ltd.: CCAA proceedings for Endurance Energy Ltd

Represents Endurance Energy Ltd. in connection with its proceedings under the CCAA, an Alberta-based oil and gas production company, which successf...

Professional Involvement

Rachel is a member of:

  • Canadian Bar Association
  • Ontario Bar Association
  • Turnaround Management Association; previously served as Chair and Past Chair of the TMA (Toronto Chapter) NextGen Committee; Social Media Committee for TMA (Toronto Chapter)
  • Class XI of the NextGen Leadership Program for 2022, of International Insolvency Institute
  • International Women’s Insolvency & Restructuring Confederation (IWIRC); previously acted as Co-Director of Programs and Director of Website and Communications
  • The Advocates’ Society

Recent professional appearances include:


Bar Admissions

  • Ontario, 2015


  • J.D. (Western University), 2014
  • B.A. (Hons.), (Western University), 2011