From the Fall 2006 issue of Nexus.
The Insolvency Institute of Canada (IIC) has recognized the pioneering contributions of a faculty alumnus, the Honourable James Farley, now retired, through a bursary in his name. The institute has established the bursary with a $25,000 donation to the faculty, which will be matched through the provincial Ontario Trust for Student Support (OTSS) program, for a total endowment of $50,000. The annual payout from the fund will be awarded to a student in the J.D. program who demonstrates both financial need and academic excellence in the areas of insolvency and corporate law.
"In good measure," says David Baird ('89) of Fasken Martineau, and a member of the IIC, "because of Jim's dedication and the high-profile cases he has presided over in Ontario, insolvency law is no longer a hidden form of commercial law."
Jim received his LLB ('66) and his MA ('68) from the Faculty of Law and was appointed, in 1989, to what is now called the Superior Court of Justice in Ontario. He is considered the founder and was, prior to his retirement, the supervising judge of the Commercial List. The list consists of the judges who preside over all insolvency cases and major commercial matters to be heard in Toronto and greatly aids in the timely assignment of expert judges and the hearing of these cases. Virtually all the major cases in Ontario insolvency and restructuring, up to 2006, bear the Farley stamp of pragmatism, sense of urgency, and powers of persuasion: Algoma Steel, Olympia & York, Eaton's, Air Canada, Stelco, and Cadillac-Fairview, among others.
The purpose of a restructuring is to maximize value for the company's shareholders. For them, and for the economies and people that rely on these companies, a going concern produces the greatest value. When insolvency law was in its newborn stage, Jim came up with innovative ideas to give judges authority to deal with matters not specifically covered by the insolvency statutes. A leading expert in restructuring over many years, he is also known for having devoted enormous amounts of personal time to these cases "when the fire was burning," says David. Jim has been a proponent of professional development for practitioners and students of insolvency and commercial law, speaking at many conferences.
Jim also presides, with David, over the annual Law Student Writing Awards program that IIC sponsors. In 2006, two Faculty of Law students, Ezgi Kaya and C. Warren Bell, placed first and third, respectively, among 16 entries in this competition. The Institute reserves the right to publish the papers, at a minimum on its website, and provides monetary prizes and other benefits to winning students.
The Insolvency Institute of Canada is a private-sector, not-for-profit organization comprised of trustees and lawyers dedicated to the recognition and promotion of excellence in the field of insolvency. It has also provided undergraduate fellowships and commissions research projects on important issues in Canada's insolvency and restructuring system.
