CCAA Statistics in Canada Fourth Quarter of 2022

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

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Definitions

Highlights

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Definitions

The Companies' Creditors Arrangement Act (CCAA) :
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

Fifteen Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the fourth 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)
2022-12-22 LABORATOIRES BODYCAD INC. Quebec Manufacturing Raymond Chabot inc. $45
2022-12-20 DCL Corporation Ontario Manufacturing Alvarez & Marsal Canada Inc. $139
2022-12-05 Midnight Integrated Financial Inc., Tower Adventures Ltd., Booker Adventure Corp., and Comstock Adventure Corp. Alberta Finance and insurance Ernst & Young Inc. $0.1
2022-12-01 iS5 Communications Inc. Ontario Manufacturing Grant Thornton Limited $15
2022-11-30 Manitoba Clinic Medical Corp, and The Manitoba Clinic Holding Co. Ltd.. Manitoba Health care and social assistance Alvarez & Marsal Canada Inc. $72
2022-11-24 Lightbox Enterprises Ltd. British Columbia Retail trade Ernst & Young Inc. $12
2022-11-23 Springer Aerospace Holdings Limited And 1138969 Ontario Inc. Ontario Transportation and warehousing MNP Ltd / MNP Ltée $12
2022-11-21 Groupe Selection Inc. et al Quebec Real estate and rental and leasing Pricewaterhousecoopers Inc. $1,174
2022-11-07 Trichome Financial Corp.; Trichome JWC Acquisition Corp.; MYM Nutraceuticals Inc.; Trichome Retail Corp.; MYM International Brands Inc. and Highland Grow Inc. Ontario Manufacturing KSV Restructuring Inc. $125
Date of Proceedings Company Name Province Sector Monitor Liabilities (in millions)
2022-11-03 CANNAPIECE GROUP INC. Ontario Manufacturing BDO Canada Limited / BDO Canada Limitée $49
2022-10-31 Pure Gold Mining Inc. British Columbia Mining, quarrying, and oil and gas extraction KSV Restructuring Inc. $205
2022-10-05 Edward Collins Contracting Ltd., Classic Security Ltd., FGC Holdings Ltd., H & E Designs Ltd., and 51037 Newfoundland & Labrador Inc. Newfoundland and Labrador Construction Grant Thornton Limited $13
2022-10-20 Flowr Corporation Ontario Agriculture, forestry, fishing and hunting Ernst & Young Inc. $34
2022-10-17 Flower One Holdings Inc., FO Labour Management Ltd. & Flower One Corp. British Columbia Management of companies and enterprises Pricewaterhousecoopers Inc. $32
2022-10-04 Great Panther Mining Limited British Columbia Mining, quarrying, and oil and gas extraction Alvarez & Marsal Canada Inc. $19
2022-09-29* Xebec Adsorption Inc. Quebec Manufacturing Deloitte Restructuring Inc/Restructuration Deloitte Inc $243
2022-08-17* 9298-9524 Quebec Inc. and Relance D.P. Inc. Quebec Construction Mallette Syndics et Gestionnaires Inc. $13

*Xebec Adsorption Inc., 9298-9524 Quebec Inc. and Relance D.P. Inc. 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 *

Text version

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 fourth quarter of 2020 to the fourth quarter of 2022. The note to the table explains that East Region includes New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, and 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 fourth quarter of 2020 and continuing for each quarter until the fourth quarter of 2022.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 7. 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.

For the fourth quarter of 2020, the East Region was at 1 filing, the West Region at 1 filing, and the Ontario Region at 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.

For the second quarter of 2022, the West Region increased to 4 filings, the Ontario Region increased to 3 filings, and the East Region remained at 2 filings

For the third quarter of 2022, the West Region remained at 4 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.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the fourth quarter of 2022, British Columbia had 4 filings (27%), Alberta had 1 filing (7%), Manitoba had 1 filing (7%), Ontario had 6 filings (40%), Quebec had 2 filings (13%), and Newfoundland and Labrador has 1 filing (7%).

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

Figure 2: Filings by NAICS Economic SectorFootnote *

Text version

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 fourth quarter of 2022.

The x-axis represents the sectors, which had filings in the fourth quarter of 2022. There are 10 sectors represented, each shown with a blue vertical bar. The sectors represented in the fourth quarter of 2022 are as below:

  1. The agriculture, forestry, fishing and hunting sector had 1 filing.
  2. The construction sector had 1 filing.
  3. The finance and insurance sector had 1 filing.
  4. The health care and social assistance sector had 1 filing.
  5. The management of companies and enterprises sector had 1 filing.
  6. The manufacturing sector had 5 filings.
  7. The mining and, oil and gas extraction sector had 2 filings.
  8. The real estate and rental and leasing sector had 1 filing.
  9. The retail trade sector had 1 filing.
  10. The transportation and warehousing 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 6.

[Text in margin] The manufacturing sector had the highest number of filings in the fourth quarter of 2022, with 5 filings.

For more information, see Table 11: CCAA Proceedings Filed by NAICS Economic Sector, Canada, in Insolvency statistics in Canada— Fourth Quarter 2022.

Recently closed filesFootnote *

Company Name Sector Monitor Outcome Duration of the Proceeding (in days) Liabilities (in millions)
Société en commandite Tilly de Laval et Promotions Anne Delisle Inc Accommodation and food services Lemieux Nolet Inc. Concluded – compromise or arrangement completed 1692 $10
Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd. Finance and insurance Ernst & Young Inc. Taken-up under BIA 65 $250
ILTA Grain Inc. & NGP Grain Holdings, Inc. Agriculture, forestry, fishing and hunting Pricewaterhousecoopers Inc. Terminated – no compromise or arrangement sanctioned by the court 1004 $12
Bellatrix Exploration Ltd Mining, quarrying, and oil and gas extraction Pricewaterhousecoopers Inc. Terminated – no compromise or arrangement sanctioned by the court 1085 $563
9227-1584 Québec inc. et 9336-9262 Québec inc. Construction KPMG Inc. Concluded – compromise or arrangement completed 836 $17
Motovan Corporation, Motorcycle Tires and Accessories LLC, 9348069 Canada inc., 4295862 Canada inc., Moncy Holding Comp. Inc., Moncy Financ. Serv. Comp. Inc., Nichols Motorcycle Supply Inc., Moncy LLC Wholesale trade KPMG Inc. Taken-up under BIA 556 $104
GFA World Other Services Pricewaterhousecoopers Inc. Terminated – no compromise or arrangement sanctioned by the court 837 $0.1
Magasin Laura (P.V.) inc. / Laura's Shoppe (P.V.) Inc. Retail trade KPMG Inc. Concluded – compromise or arrangement completed 703 $78
Atis Group Inc. et al, 10422916 Canada Inc.,8528853 Canada Inc.,9060642 Canada Inc.,9092455 Canada Inc.,Distributeur Vitro Clair Inc.,Solarcan Architectural Holding Limited,Vitrerie Lévis Inc., et al.  Manufacturing Raymond Chabot Inc. Terminated – no compromise or arrangement sanctioned by the court 301 $97
Ardenton Capital Corporation and Ardenton Capital Bridging Inc. Finance and insurance KSV Restructuring Inc. Concluded – compromise or arrangement completed 329 $724
Coalspur Mines (Operations) Ltd. Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc Concluded – compromise or arrangement completed 262 $591
Plus Products Inc. Management of companies and enterprises Pricewaterhousecoopers Inc. Concluded – compromise or arrangement completed 351 $16
Otso Gold Corp., Otso Gold OY, Otso Gold AB, 2273265 Alberta Ltd. Mining, quarrying, and oil and gas extraction Deloitte Restructuring Inc Terminated – no compromise or arrangement sanctioned by the court 203 $70
Trinity Ravine Community Inc Real estate and rental and leasing Deloitte Restructuring Inc Terminated – no compromise or arrangement sanctioned by the court 231 $29
Sproutly, Inc. and Toronto Herbal Remedies Inc. Agriculture, forestry, fishing and hunting BDO Canada Limited / BDO Canada Limitée Terminated – no compromise or arrangement sanctioned by the court 81 $6
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