CCAA Statistics—First Quarter of 2022

PDF version

Companies' Creditors Arrangement Act Statistics in Canada—First Quarter of 2022

503 KB, 6 pages

Sections

Definitions

CCAA
The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.
North American Industry Classification System (NAICS)
The NAICS is an industry classification system that classifies economic units that have similar production processes in the same industry. This is a supply-based or production- oriented economic concept

Highlights

Four Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the first quarter of 2022. Please refer to the CCAA Records List for additional details regarding each filing.
Date of Proceedings Company Name Province Sector Monitor Liabilities (in millions)
2022-03-25 Eve & Co Incorporated, Natural Medco Ltd. and Eve and Co International Holdings Ltd Ontario Agriculture, forestry, fishing and hunting BDO Canada Limited $29
2022-03-11 Canada Fluorspar (NL)Inc., Canada Fluorspar Inc. and Newspar (a General Partnership) Newfoundland and Labrador Mining, quarrying, and oil and gas extraction Grant Thornton Limited $127
2022-02-23 Trinity Ravine Community Inc Ontario Real estate and rental and leasing Deloitte Restructuring Inc. $29
2022-01-06 Rising Phoenix International Inc
10864285 Canada Inc. (M College of Canada)
11753436 Canada Inc.
Cdsq Immobilier Inc.
Collège De L'estrie Inc.
École D'administration Et De Secrétariat De La Rive Sud Inc.
9437-6845 Québec Inc.
9437-6852 Québec Inc.		 Quebec Educational services Richter Advisory Group Inc. $22

Filings by regionFootnote *

Filings by region

This line graph presents the number of filings per quarter under the Companies' Creditors Arrangement Act (CCAA), broken down by the East, Ontario and West Regions from the first quarter of 2020 to the first quarter of 2022. The note to the table explains that East Region includes New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Quebec; Ontario Region includes Ontario; and West Region includes Alberta, British Columbia, Manitoba, Northwest Territories, Nunavut, Saskatchewan, and Yukon.

The x-axis represents the quarters for the data points, starting at the first quarter of 2020 and continuing for each quarter until the first quarter of 2022.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 2 until it reaches 14. The legend on the right side of the chart shows that East Region is represented by a blue line with diamonds to mark data points; Ontario Region is represented by a purple line with squares for data points; and the West Region is represented by a green line with triangles for data points.

During the first quarter of 2020, the West Region was at 4 filings, the Ontario Region was at 5 filings, and the East Region was at 2 filings.

For the second quarter of 2020, the West Region increased to 12 filings, the Ontario Region increased to 10 filings, and the East Region increased to 5 filings. 

For the third quarter of 2020, the East Region increased to 7 filings, the West Region dropped to 4 filings, and the Ontario Region dropped to 4 filings.

For the fourth quarter of 2020, the East Region and the West Region both dropped to 1 filing, and the Ontario Region remained to 4 filings.

For the first quarter of 2021, the East Region and the West Region both increased to 3 filings, and the Ontario Region increased to 6 filings.

For the second quarter of 2021, the Ontario Region dropped to 2 filings, the West Region dropped to 2 filings, and the East Region dropped to 1 filing.

For the third quarter of 2021, the Ontario Region dropped to 1 filing, the West Region remained at 2 filings, and the East Region dropped to 0 filings.

For the fourth quarter of 2021, the West Region remained at 2 filings, the Ontario Region increased to 3 filings, and the East Region increased to 1 filing.

For the first quarter of 2022, the West Region dropped to 0 filings, the Ontario Region dropped to 2 filings, and the East Region increased to 2 filings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the fourth quarter of 2021, Ontario had 2 filings (50%), Quebec had 1 filing (25%), and Newfoundland and Labrador had 1 filing (25%).

For more information, see Table 10: Total CCAA Proceedings by Province in Insolvency statistics in Canada—First Quarter 2022.

Filings by NAICS economic sectorFootnote **

Filings by NAICS economic sector

This bar graph breaks down filings under the Companies' Creditors Arrangement Act (CCAA) by economic sector as defined by the North American Industry Classification System (NAICS). The data is for the first quarter of 2022. 

The x-axis represents the sectors, which had filings in the first quarter of 2022. There are 4 sectors represented, each shown with a blue vertical bar. The 4 sectors represented in the first quarter of 2022 are as below:

  1. The agriculture, forestry, fishing and hunting sector had 1 filing.
  2. The mining, quarrying, and oil and gas extraction sector had 1 filing.
  3. The real estate and rental and leasing sector had 1 filing.
  4. The educational services sector had 1 filing. 

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 2.

Four sectors had an equal number of filings this quarter: the agriculture, forestry, fishing and hunting sector; the mining, quarrying, and oil and gas extraction sector; the real estate and rental leasing sector; and the educational services sector.

For more information, see Table 11: CCAA Proceedings by NAICS Sectors in Insolvency statistics in Canada—First Quarter 2022.

Recently closed filesFootnote ***
Company Name Sector Monitor Outcome Duration of the Proceeding (in days) Liabilities (in millions)
The King Street Hospitality Group Inc Accommodation and food services MNP Ltd. Taken up under BIA 259 $45
IEC Ltd. Real estate and rental and leasing  Real estate and rental and leasing BDO Canada Limited Terminated - no compromise or arrangement sanctioned by the court 10 $849
Stornoway Diamond Corporation Mining, quarrying, and oil and gas extraction Deloitte Restructuring Inc Concluded - compromise or arrangement completed 58 $723
Ascent Industries Corp. Manufacturing Ernst & Young Inc. Concluded - compromise or arrangement completed 447 $11
Elcano Exploration Inc. Mining, quarrying, and oil and gas extraction BDO Canada Limited Concluded - compromise or arrangement completed 162 $18
Quattro Exploration and Production Ltd. Mining, quarrying, and oil and gas extraction BDO Canada Limited Taken up under BIA 147 $50
Carmen International Inc. Manufacturing Litwin Boyadjian Inc. Taken up under BIA 1,994 $55
Minéraux Maudore Ltée Mining, quarrying, and oil and gas extraction Deloitte Restructuring Inc Taken up under BIA 444 $31
Lutheran Church-Canada Other services (except public administration) Deloitte Restructuring Inc Concluded - compromise or arrangement completed 2,538 $280
Metcalfe & Mansfield Alternative Investments vii corp. In its capacity as issuer trustee of The Devonshire Trust Finance and insurance Deloitte Restructuring Inc Concluded - compromise or arrangement completed 2,081 $767
Fairwest Energy Corporation Mining, quarrying, and oil and gas extraction Pricewaterhousecoopers Inc. Terminated - no compromise or arrangement sanctioned by the court 3,235 $26
AAER Inc. Manufacturing Deloitte Restructuring Inc Concluded - compromise or arrangement completed 2,218 $14
 Report a problem
Date modified: