What Spergel does

Spergel (legal name: msi Spergel Inc.) is a Canadian Licensed Insolvency Trustee firm founded in 1989 and headquartered in Toronto, Ontario. The firm provides statutory insolvency, corporate restructuring, and business advisory services to incorporated businesses, sole proprietors, lenders, secured creditors, franchisors, and landlords across Canada. Core service lines include Division I Proposals, Companies' Creditors Arrangement Act (CCAA) monitorships, bankruptcy trusteeships, court-appointed receiverships, investigative receiverships, CRA debt negotiation, forensic fraud investigations, director liability reviews, and viability assessments. The firm also operates Spergel Corporate Finance, a sub-brand that facilitates financing solutions — including invoice discounting, asset-based lending, purchase order financing, government tax credit financing, term loans, equipment leasing, and commercial mortgages — through partner funders in Canada and the United States.

The firm operates 28+ physical offices across Ontario, Saskatchewan, and British Columbia, employing a team of Licensed Insolvency Trustees, Chartered Professional Accountants (CPAs), Chartered Insolvency and Restructuring Professionals (CIRPs), lawyers, and Certified Fraud Examiners (CFEs), led by Managing Partners Alan Spergel and Mukul Manchanda. Its go-to-market is sales-led and driven almost entirely by referrals from major banks, accountants, and lawyers, supplemented by court appointments and direct engagement from business owners. Spergel is a founding member of both ICIN (Independent Canadian Insolvency Network) and GRIP (Global Restructuring Insolvency Professionals), which extend its effective national and international reach through reciprocal referral arrangements. Revenue is generated on a professional-services fee basis through engagement-by-engagement assignments, with a free initial consultation offered as the top-of-funnel entry point. To date, the firm reports having assisted more than 1,500 companies in financial distress over its 30+ year operating history.

The business is privately held by its managing partners, with no disclosed parent company, outside institutional investment, or external funding. Operating wholly inside a regulated statutory framework defined by the Office of the Superintendent of Bankruptcy, Spergel's economic model is anchored by license-based exclusivity rather than technology or scale advantages.

Name

Spergel

Legal name

msi Spergel Inc.

Website

https://spergelcorporate.ca

Company type

Private

Founded year

1989

Operating status

Operating

Short description

Spergel is a Canadian Licensed Insolvency Trustee firm providing corporate restructuring, insolvency, and business advisory services to business owners and lenders across 28+ offices in Ontario, Saskatchewan, and British Columbia.

Ownership category

akta.pro rank

Product category

Insolvency and Restructuring Services

NAICS

Activities Related to Credit Intermediation (5223), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Loan Brokers (6163)

akta.pro primary industry

Insolvency & Turnaround Advisory (SME/Mid-Market Debtor-Side) (FSAEAFAK)

akta.pro secondary industries

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD), Bankruptcy, Restructuring & Insolvency Law (BPAHAAAH), Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)

Keywords

• Insolvency trustee services
• Corporate restructuring
• Business debt solutions
• Receivership services
• Creditor advisory

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices27 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Licensed Insolvency Trustee Services: Fees generated from acting as Licensed Insolvency Trustee in bankruptcy, proposal, and receivership proceedings. Services include Division I Proposals, CCAA monitors, court-appointed receivers, bankruptcy trustees, and proposal trustees.
2. Business Advisory and Consulting: Fees from financial advisory services including viability reviews, forensic investigations, cash flow forecasting, business restructuring consulting, and litigation support for secured lenders.
3. Spergel Corporate Finance: Financing facilitation services including invoice discounting, asset-based lending, purchase order financing, government tax credit financing, term loans, equipment leasing, and commercial mortgages through partner funders.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Spergel provides licensed insolvency trustee, corporate restructuring, and business debt consulting services to Canadian businesses and secured lenders. Core engagements include acting as Licensed Insolvency Trustee in Division I Proposals and bankruptcies, serving as CCAA Monitor or court-appointed Receiver, and delivering business advisory, viability reviews, forensic/fraud investigations, and CRA debt negotiation. Through Spergel Corporate Finance, the firm facilitates invoice discounting, asset-based lending, purchase order financing, government tax credit financing, term loans, equipment leasing, and commercial mortgages via partner funders.

Product overview

Spergel Corporate is a Licensed Insolvency Trustee firm providing corporate restructuring and insolvency services. The core offering is a suite of business debt solutions encompassing corporate restructuring, Division I Proposals, CCAA monitoring, and bankruptcy services. Supporting services include Spergel Corporate Finance (offering invoice discounting, asset-based lending, purchase order financing, equipment leasing, and commercial mortgages), lender advisory services, investigative receivership, and industry-specific solutions for sectors including agriculture, automotive, construction, distribution, film & media, food & beverage, healthcare, logistics, manufacturing, real estate, retail, and technology. The firm operates primarily in Ontario with offices across Canada.

Differentiator

Problem solved

Functional benefit

Brands

• Spergel Corporate Finance (SCF): Financing solutions for businesses including invoice discounting, asset-based lending, purchase order financing, and term loans.

Products and services

• Spergel Corporate Finance Financing facilitation sub-brand connecting Canadian and U.S. businesses with institutional and private funders offering invoice discounting, asset-based lending, purchase order financing, government tax credit financing, term loans, equipment leasing, and commercial mortgages. Targeted at businesses seeking non-bank capital solutions.
• Debt Solutions for Incorporated Businesses Insolvency and restructuring solutions for incorporated Canadian businesses in financial distress, addressing CRA tax debt, HST issues, employee amounts owing, and other liabilities while protecting both corporate and personal assets. Delivered by Licensed Insolvency Trustees.
• Debt Solutions for Sole Proprietors Strategic debt-resolution services for sole proprietors in financial distress, including negotiation with the CRA, landlords, and secured lenders, and trustee-led solutions under the Bankruptcy and Insolvency Act.
• CRA Debt Assistance Comprehensive Canada Revenue Agency debt assistance for businesses, including director liability reviews, Section 160 assessments, HST issues, payroll liabilities, employee amounts owing, CRA audits, and objections.
• Lender Negotiation Services Negotiation services between business owners and their secured lenders, leveraging Spergel's 30+ year relationships with major Canadian banks and lenders to develop consensual workout solutions outside of formal proceedings where feasible.
• Business Restructuring Formal and informal corporate restructuring services, including Division I Proposals under the Bankruptcy and Insolvency Act, CCAA monitorship, financial advisory, cash flow forecasting, and shareholder dispute resolution.
• Business Wind-Down and Insolvency Wind-down and liquidation services for insolvent businesses, including voluntary wind-up and bankruptcy filings under trustee oversight.
• Lender Business Advisory Advisory services for secured lenders, including business viability reviews, monitoring under forbearance agreements, cash flow forecasting, forensic investigations, and litigation support.
• Insolvency Services for Lenders Trustee-led insolvency appointments for secured lenders, including interim receivership, investigative receivership, and receiver/manager appointments.
• Investigative Receivership Court-ordered investigative receivership engagements to help secured creditors recover funds, mitigate losses, and protect business assets in cases of suspected financial irregularities.
• Consulting to Asset-Based Lenders Strategic consulting engagements for asset-based lenders, focused on recovering funds, avoiding losses, and managing distressed borrower situations while protecting business assets.
• Remedies for Landlords Trustee-supported remedies for commercial landlords facing tenant financial distress or broken lease terms, including legal advice referrals and trustee-led enforcement actions.
• Remedies for Franchisors Trustee-supported remedies for franchisors in financial disputes with franchisees, including legal advice, dispute resolution, court proceedings assistance, and franchise fee dispute resolution.
• Estate Litigation Trustee Independent monitoring and trustee role during estate litigation, providing cost-effective third-party oversight for all stakeholders in contested estate proceedings.
• Fraud Investigations Forensic investigations into suspected fraud and financial irregularities, delivered by Certified Fraud Examiners and supported by Spergel's investigative receivership practice.
• Director Liability Review Review of directors' personal liability exposures and obligations related to business debt, with strategic advice on mitigating legal issues, including in the context of insolvency proceedings.
• Tax Services Tax-related advisory including CRA negotiations, tax appeals, and assistance with issues arising under the Income Tax Act, delivered by CPAs and trustee staff.

Quantifiable outcome

• Successfully helped over 1500 companies overcome financial distress
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• ICIN (Independent Canadian Insolvency Network)coreStrategic or Co-development PartnerFounding member of ICIN, a Cross-Canada network of independent insolvency firms providing quality insolvency and restructuring services on a national basis in a cost-effective manner.
• GRIP (Global Restructuring Insolvency Professionals)coreStrategic or Co-development PartnerFounding member of GRIP, connecting insolvency firms across Canada and Europe to provide international restructuring expertise.
• Various Funders (Institutional and Private)minorOthersSpergel Corporate Finance works with institutional and private funders in Canada and the United States to provide invoice discounting, asset-based lending, purchase order financing, and other financing solutions.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• FTI Consulting Canada: FTI Consulting's Restructuring practice provides insolvency advisory, lender services, and forensic work to Canadian companies and creditors, competing for similar restructuring and investigative receivership engagements as Spergel.
• Deloitte Restructuring (Canada): Deloitte Canada's Restructuring practice serves as monitor, receiver, and trustee in major CCAA proceedings and corporate restructurings, competing with Spergel for lender-side mandates and large insolvency engagements.
• BDO Canada: BDO Canada's Restructuring & Recovery practice is one of Canada's largest corporate restructuring and insolvency services providers, offering trustee, receiver, monitor, and advisory services to SMEs and mid-market companies — Spergel's direct competitive set at the national level.
• Alvarez & Marsal Canada: Alvarez & Marsal is a global restructuring advisory firm with significant Canadian operations, acting as monitor, receiver, and CRO in distressed and insolvency situations — directly comparable to Spergel's court-appointed mandates.

Direct peers

• Farber Financial Group: Farber is a Canadian insolvency and restructuring firm providing trustee, advisory, and corporate recovery services to SMEs and business owners — a direct peer to Spergel's core debtor-side practice across multiple provinces.
• KSV Advisory: KSV Advisory is a Toronto-based boutique restructuring and insolvency firm that acts as monitor, receiver, and trustee in CCAA and bankruptcy proceedings — a close direct competitor to Spergel in the Ontario mid-market segment.
• Aird & Berlis LLP (Restructuring Group): Aird & Berlis is a Toronto-based law firm with a dedicated Restructuring & Insolvency group acting for debtors, lenders, and court-appointed roles — a comparable Ontario restructuring practice that competes for similar mandates.
• Boale Wood & Company: Boale Wood is a Licensed Insolvency Trustee firm based in Western Canada offering corporate and personal insolvency services, comparable to Spergel's restructuring and proposal trustee work in BC and Saskatchewan.
• McMillan LLP (Restructuring): McMillan's Restructuring & Insolvency group acts for lenders, debtors, and court-appointed roles in Canadian restructurings and insolvency proceedings — overlapping with Spergel's lender advisory and receivership engagements.
• Richter LLP (Restructuring): Richter's Restructuring & Insolvency group in Montreal/Toronto provides corporate restructuring, trustee, and advisory services to mid-market Canadian companies — overlapping with Spergel's CCAA, proposal, and receivership practice.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/msi-spergel-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spergel