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
| Date of proceedings | Company name | Province | Sector | Monitor | Liabilities (in millions) |
|---|---|---|---|---|---|
| 2023-03-27 | Magna Gold Corp. | Ontario | Mining, quarrying, and oil and gas extraction | KSV Restructuring Inc. | $37 |
| 2023-03-22 | Field Trip Health & Wellness Ltd., Field Trip Health Holdings Inc., Field Trip Health Canada Inc., Field Trip Digital Canada Inc. and Field Trip Health USA Inc. | Ontario | Health care and social assistance | Pricewaterhousecoopers Inc. | $46 |
| 2023-03-20 | Canada Drives Ltd. | British Columbia | Retail trade | Pricewaterhousecoopers Inc. | $92 |
| 2023-03-09 | Dynamic Technologies Group Inc. | Alberta | Arts, entertainment and recreation | FTI Consulting Canada Inc. | $32 |
| 2023-03-08 | CanWest Aerospace Inc. and Can West Global Airparts Inc. | British Columbia | Transportation and warehousing | FTI Consulting Canada Inc. | $7 |
| 2023-03-10 | LoyaltyOne, Co. | Ontario | Professional, scientific and technical services | KSV Restructuring Inc. | $1,405 |
| 2023-03-02 | Nordstrom Canada Retail, Inc. | Ontario | Retail trade | Alvarez & Marsal Canada Inc. | $501 |
| 2023-02-27 | Rambler Metals and Mining Canada and 1948565 Ontario Inc. | Newfoundland and Labrador | Mining, quarrying, and oil and gas extraction | Grant Thornton Limited | $21 |
| 2023-02-10 | BBB Canada Ltd. | Ontario | Retail trade | Alvarez & Marsal Canada Inc. | $480 |
| 2023-02-07 | Forex Inc., Forex Amos Inc., Wawa OSB Inc. | Quebec | Agriculture, forestry, fishing and hunting | Pricewaterhousecoopers Inc. | $447 |
| 2023-02-10 | Polar Holding Ltd. | Manitoba | Construction | Deloitte Restructuring Inc/Restructuration Deloitte Inc. | $33 |
| 2023-01-30 | Original Traders Energy Ltd. | Ontario | Wholesale trade | KPMG Inc. | $68 |
| 2023-01-26 | Acerus Pharmaceuticals Corporation | Ontario | Manufacturing | Ernst & Young Inc. | $48 |
| 2023-01-20 | Tehama Inc. | Ontario | Information and cultural industries | Deloitte Restructuring Inc/Restructuration Deloitte Inc. | $7 |
| 2023-01-20 | Les Investissements de L'Estrie inc. | Quebec | Construction | Raymond Chabot Inc. | $14 |
| 2023-01-12 | Inscape Corporation | Ontario | Manufacturing | Alvarez & Marsal Canada Inc. | $42 |
| 2022-09-29 | Sugarbud Craft Growers Corp. | Alberta | Agriculture, forestry, fishing and hunting | Alvarez & Marsal Canada Inc. | $19 |
| Sugarbud Craft Growers Corp. CCAA proceedings began in the third quarter of 2022, but some required information was not received by the OSB in time to include the filings in the third quarter report. These filings are included in third quarter data in the figure below. | |||||
Figure 1: Filings by regionFootnote *
| British Columbia: | 2 filings 13% |
| Alberta: | 1 filing 6% |
| Manitoba: | 1 filing 6% |
| Ontario: | 9 filings 56% |
| Quebec: | 2 filing 13% |
| Newfoundland and Labrador: | 1 filing 6% |
Filings by region
For the first quarter of 2021, the East Region and the West Region were both at 3 filings, and the Ontario Region was at 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 rose to 3 filings, and the East Region rose 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 rose to 2 filings.
For the second quarter of 2022, the West Region rose to 4 filings, the Ontario Region rose to 3 filings, and the East Region remained at 2 filings
For the third quarter of 2022, the West Region rose to 5 filings, the Ontario Region dropped to 2 filings, and the East Region rose to 4 filings.
For the fourth quarter of 2022, the West Region rose to 6 filings, the Ontario Region rose to 6 filings, and the East Region dropped to 3 filings.
For the first quarter of 2023, the West Region dropped to 4 filings, the Ontario Region rose to 9 filings, and the East Region remained at 3 filings.
For more information, see Table 10: Total CCAA Proceedings Filed by Province in Insolvency statistics in Canada—First Quarter 2023.
Figure 2: Filings by NAICS economic sectorFootnote *
The retail trade sector had the highest number of filings in the first quarter of 2023, with 3 filings.
Filings by NAICS economic sector
The sectors represented in the first quarter of 2023 are as below:
- The agriculture, forestry, fishing and hunting sector had 1 filing.
- The arts, entertainment and recreation sector had 1 filing.
- The construction sector had 2 filings.
- The health care and social assistance sector had 1 filing.
- The information and cultural industries sector had 1 filing.
- The manufacturing sector had 2 filings.
- The mining and, oil and gas extraction sector had 2 filings
- The professional, scientific and technical services sector had 1 filing.
- The retail trade sector had 3 filings.
- The transportation and warehousing sector had 1 filing
- The wholesale trade sector had 1 filing.
For more information, see Table 11: CCAA Proceedings Filed by NAICS Economic Sector, Canada, in Insolvency statistics in Canada— First Quarter 2023.
| Company name | Sector | Monitor | Outcome | Duration of the proceeding (in days) | Liabilities (in millions) |
|---|---|---|---|---|---|
| Homburg Invest Inc., Homburg Shareco Inc., Churchill Estates Development Ltd., Inverness Estates Development Ltd., CP Development Ltd. and North Calgary Land Ltd. | Real estate and rental and leasing | Deloitte Restructuring Inc | Concluded – compromise or arrangement completed | 3,703 | $1,998 |
| Broadacre Agriculture Inc. and Wigmore Farms Ltd. | Agriculture, forestry, fishing and hunting | Pricewaterhousecoopers Inc. | Terminated – no comromise or arrangement sanctioned by the court | 2,571 | $74 |
| Co-Op Atlantic, Co-Op Energy Ltd. and C A Realty Ltd. | Wholesale trade | KMPG Inc. | Terminated – no comromise or arrangement sanctioned by the court | 488 | $130 |
| Forme Development Group Inc. | Construction | KSV Restructuring Inc. | Terminated – no comromise or arrangement sanctioned by the court | 1,301 | $1 |
| Glenogle Energy Inc. | Mining, quarrying, and oil and gas extraction | Ernst & Young Inc. | Terminated – no comromise or arrangement sanctioned by the court | 814 | $72 |
| Eve & Co Incorporated, Natural Medco Ltd. and Eve and Co International Holdings Ltd. | Agriculture, forestry, fishing and hunting | BDO Canada Limited | Concluded – compromise or arrangement completed | 245 | $29 |
| Great Panther Mining Limited | Mining, quarrying, and oil and gas extraction | Alvarez & Marsal Canada Inc. | Terminated – no comromise or arrangement sanctioned by the court | 235 | $19 |
| iS5 Communications Inc. | Manufacturing | Grant Thornton Limited | Terminated – no comromise or arrangement sanctioned by the court | 57 | $15 |
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