Frank Turner
Nov. 18, 2016
The economic downturn being experienced by Western Canada’s oil and gas industry could lead to a spike in insolvencies and bankruptcies, according to an article in Lexpert. In his article, Anthony Davis examines the current economic climate and explores how Canadian energy companies may be forced to adopt new strategies in reaction to the crisis in the oil patch. Frank Turner, a partner in Osler’s Corporate Practice Group, explains why waiting out the crisis may not be feasible.
Frank tells Lexpert that in the past, a prime strategy for hurting energy companies was to “wait it out and hunker down,” but this time is different, he says. “In the past, prices have declined precipitously for a period of time, then rebounded sharply. But this is a more profound downturn than we have seen in the last ten years.”
Frank goes on to explain the various cycles that typically coincide with economic downturns. He also describes how Osler presented a series of seminars to help clients deal with the turbulent economy.
“Personal liability was a topic we got a lot of questions on,” Frank tells Lexpert. “There is concern for the things for which directors can be personally held liable for” when companies are faced with an uncertain financial landscape.
Read Anthony Davis’s full article “Breaking Point” in the November 2016 edition of Lexpert.