Kelly Bourassa
Partner | Calgary
Calgary: 403-260-9697

Kelly is head of the Restructuring & Insolvency group in Calgary. She is an experienced insolvency lawyer who advises clients on all aspects of commercial reorganizations, work-outs, receiverships and other enforcement of security.

Kelly has represented many different parties affected by the insolvency process, including debtors, purchasers, lending syndicates, secured and unsecured creditors, receivers, monitors and trustees.


Some of the cases on the public record in which Kelly has been involved include representing:

  • The debtors, as Canadian counsel, in the multi-jurisdictional (sauvegarde/Chapter 11/CCAA) restructuring proceedings of the CGG Group (oil and gas services)

  • The debtors in the CCAA proceedings of Lightstream Resources Ltd., 1863359 Alberta Ltd., LTS Resources Partnership, 1863360 Alberta Ltd. And Bakken Resources Partnership (oil and gas)

  • The lending syndicate in the CCAA proceedings of Endurance Energy Ltd. (oil and gas)

  • As Canadian counsel, the lending syndicate in the cross-border Companies Creditors' Arrangement Act (CCAA / Chapter 15) restructuring proceedings of the Sanjel Group (oil and gas services)

  • As Canadian counsel, the agent to the lending syndicate in the cross-border (CCAA/Chapter 11) restructuring proceedings of the Quicksilver Canada entities (oil and gas)

  • The lending syndicate in the receivership proceedings of Spyglass Resources Corp. et al. and Twin Butte Energy Ltd. (oil and gas)

  • The senior secured lender in the receiverships of COGI Limited Partnership and Redwater Energy Corp. (oil and gas)

  • As Canadian counsel, the lending syndicate in the Canada/U.S. cross-border restructuring proceedings of the Parallel Energy group and Argent Energy group (oil and gas)

  • The senior secured lender in the Canada/U.S. cross-border receivership proceedings of Strata Energy Services Inc. and Strata Services International Inc. (oil and gas services)

  • The senior secured lender in connection with a more than C$150-million debt investment in Laricina Energy Ltd., a major Canadian oil sands development and production company (oil sands exploration and production)

  • The debtors in the CCAA proceedings of Bloom Lake General Partner Limited, Quinto Mining Corporation, 8568391 Canada Limited, Cliffs Québec Iron Mining ULC (formerly, Cliffs Québec Iron Mining Limited), Bloom Lake Railway Company Limited and The Bloom Lake Iron Ore Mine Limited Partnership (mining)

  • The court-appointed receivers of Hyperion Exploration Corp., Phenomenome Discoveries Inc. et al., Ivanhoe Energy Inc., Palliser Oil & Gas Corp., Waldron Energy Corporation, Solara Exploration Ltd., Argosy Energy Inc., and Trafina Energy Ltd. (oil and gas)


Kelly is recognized as a leading lawyer in the following publications:

  • Chambers Global: The World's Leading Lawyers for Business - 2014-2018 (Restructuring & Insolvency)

  • Chambers Canada: Canada's Leading Lawyers for Business - 2017 and 2018 (Restructuring & Insolvency)

  • The Legal 500 Canada - 2016-2018 (Recommended - Restructuring & Insolvency)

  • The Best Lawyers in Canada - 2015-2018 (Insolvency and Financial Restructuring)

  • Who's Who Legal - 2017 (Restructuring & Insolvency)

  • IFLR 1000: The Guide to the World's Leading Financial Law Firms - 2017 Edition (Restructuring & Insolvency)

  • Benchmark Canada: The Definitive Guide to Canada's Leading Litigation Firms and Attorneys - 2014, 2015 and 2017 (National Litigation Star: Insolvency; Provincial Litigation Star: Alberta - Insolvency)

  • The Canadian Legal Lexpert Directory - 2013-2018 (Insolvency & Financial Restructuring)

  • Euromoney Expert Guides Rising Star - 2017 (Insolvency and Restructuring)

Kelly was awarded the first Annual Honourable Lloyd Houlden Research Fellowship from the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) for her working paper on eligible financial contracts in Canadian insolvency legislation.

Show Past:
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Co-author: Liens and Insolvency: Beware of the Nuances
Professional Insight, Bankruptcy & Restructuring, Financier Worldwide, July 2017.
Co-author: Restructuring Challenges in the Oil and Gas Sector: The Treatment of Regulatory Orders Post-Redwater
Alberta Law Review, Energy Law Edition, Vol. 54, No. 2, pp. 383-415, Alberta Law Review Society, 2016.
Co-author: AER Seeks to Hold Directors, Officers Personally Liable for Obligations of Insolvent Corporate Licensees
Commercial Insolvency Reporter, Vol. 28, No. 5, pp. 45-47, June 2016.
Blakes Bulletin on Financial Services and Restructuring & Insolvency, May 20, 2016.
Blakes Bulletin on Energy, Oil & Gas, and Restructuring & Insolvency, May 9, 2016.
Blakes Bulletin on Capital Markets, Mergers & Acquisitions, Oil & Gas, Private Equity, Tax, and United States, March 14, 2016.
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Speaker: Managing Enterprise Risk: Spotlight on D&O Liability
Blakes Business Class Seminar, Toronto, Ontario, December 6, 2017.
Speaker: ABI Cross-Border Insolvency Program 2017
American Bankruptcy Institute, New York, New York, November 7, 2017.
Co-presenter: Restructuring and Insolvency: Recent Canada - US Developments
Blakes Business Class Seminar, New York, New York, June 8, 2017.
Co-presenter: Energy Marketing and Credit Group Insolvency Primer
Energy Marketing and Credit Group Lunch and Learn, Calgary, Alberta, June 6, 2017.
Co-speaker: Insolvency on the Construction Project
Construction Dispute Resolution Series, Blakes Business Class Seminar, Calgary, Alberta, May 25, 2017.
Speaker: Legal & Judicial Case Analysis
2017 Insolvency & Restructuring Exchange, Canadian Association of Insolvency and Restructuring Professionals, Toronto, Ontario, May 15, 2017.
Co-presenter: Corporate Reorganization: What Business Lawyers Need to Know
CBA Skilled Lawyer Series 2017, Canadian Bar Association, Calgary, Alberta, May 9, 2017.
Moderator: Annual Debt Panel
Association of Corporate Growth, Calgary, Alberta, April 21, 2017.
Speaker: Disengagement CCAAs - Cause for Concern?
Annual Review of Insolvency Law Conference, Montréal, Quebec, February 16-17, 2017.
Co-presenter: Canada/US Cross-Border Insolvency
Canadian Bar Association, Insolvency Section, Calgary, Alberta, February 8, 2017.
Co-presenter: Restructuring and Insolvency: A Cross-Country Year in Review
Blakes Business Class Seminar, January 26, 2017.
Presenter: Recent Restructuring Challenges in the Oil and Gas Sector: The Evolution of Environmental Liability Post-Abitibibowater
Canadian Energy Law Foundation, 55th Annual Jasper Research Seminar, Jasper, Alberta, June 15-18, 2016.
Panellist: Drilling Down: Turmoil in Oil & Gas
Turnaround Management Association Annual Conference, Scottsdale, Arizona, October 5 - 7, 2015.
Moderator: Globalization of Insolvency Practice: Lessons from Canada and Abroad
Insolvency Institute of Canada, Annual Conference & General Meeting 2015, Niagara-on-the-Lake, Ontario, September 24 - 26, 2015.
Moderator: Pitch Perfect: Everything you need to know to make a winning pitch
TMA Network of Women Panel, Turnaround Management Association, 15th Annual Northwest Cross-Border Conference, Portland, Oregon, September 11, 2015.
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Quoted: Recognition and Distressed Energy Article by: Julius Melnitzer
Lexpert (Online), US/Canada Cross-Border Guide, Nov 18, 2016.
Interviewed: Breaking Point
Interviewed by Anthony Davis, Lexpert (Online), 2016 Special Edition on Energy, October 28, 2016
Quoted: Ruling means more costly orphan wells; Bankrupt firm can continue to abandon wells
Article by: Julius Melnitzer, National Post, June 8, 2016.
Quoted: Distressed M&A deals are rising in the Canadian oil patch. That's not entirely a bad thing
Article by: Anthony Davis, Lexpert Special Edition, May 27, 2016.
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