CCAA Statistics in Canada – Fourth Quarter of 2023

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

Eighteen Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the Office of the Superintendent of Bankruptcy (OSB) in the fourth quarter of 2023. Please refer to the CCAA Records List for additional details regarding each filing.

Date of Proceedings Company Name Province Sector Monitor Liabilities (in millions)
2023-12-22 Trees Corporation, Ontario Cannabis Holdings Corp., Miraculo Inc., 2707461 Ontario Ltd., OCH Ontario Consulting Corp., and 11819496 Canada Inc. Ontario Retail trade FTI Consulting Canada Inc. $13
2023-12-20 Candesto Enterprises Corp., D3 Infrastructure Services Inc., and Safe Roads Alberta Ltd. Alberta Construction Alvarez & Marsal Canada Inc. $10
2023-12-20 13517985 Canada Inc. Quebec Retail trade KPMG Inc. $51
2023-12-18 Myra Falls Mine Ltd. British Columbia Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. $325
2023-12-15 Contract Pharmaceuticals Limited, CPL Canada Holdco Limited, Contract Pharmaceuticals Limited Canada, Glasshouse Pharmaceuticals Limited Canada and Glasshouse Pharmaceuticals LLC Ontario Manufacturing KSV Restructuring Inc. $71
2023-12-14 Duvaltex Inc., Duval Acquisition Inc., Duvaltex (US), Inc., Duvaltex (Canada) Inc., Duvaltex (America), Inc., Les Lainages Victor Ltée et Armfoam Inc. Quebec Manufacturing Ernst & Young Inc. $81
2023-12-07 Free Rein Resources Ltd. Alberta Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. $18
2023-11-30 Wolverine Energy and Infrastructure Inc., Wolverine Equipment Inc., Wolverine Construction Inc., HD Energy Rentals Ltd., In-Line Production Testing Ltd., BHW Employment Services Inc., Flo-Back Equipment Inc., Liberty Energy Services Ltd., and Western Canadian Mulching Ltd. Alberta Other services (except pubic administration) Ernst & Young Inc. $96
2023-11-23 Mastermind GP Inc. Ontario Retail trade Alvarez & Marsal Canada Inc. $62
2023-11-15 Corporation minière Monarch, Moulin aurifère Beacon Inc., La société minière Louvem Inc., 11306448 Canada Inc. Quebec Mining, quarrying, and oil and gas extraction PricewaterhouseCoopers Inc. $36
2023-11-10 Tergeo Minéraux Critiques Inc., Alliance Magnésium Métallurgie Inc., Alliance Magnésium Inc., Alliance Magnésium Mines Inc. Quebec Mining, quarrying, and oil and gas extraction Raymond Chabot Inc. $113
2023-11-14 MAV Beauty Brands Inc; Marc Anthony Cosmetics Ltd; Marc Anthony US Holdings, Inc; Marc Anthony Cosmetics USA, Inc; MAC Pure Holdings, Inc.; MAV Midco Holdings, LLC; Renpure, LLC; Onesta Hair Care, LLC Ontario Wholesale trade Alvarez & Marsal Canada Inc. $133
2023-11-09 Simply Green Home Services Inc. Ontario Retail trade KPMG Inc. $403
2023-11-02 Harbour Grace Ocean Enterprises Ltd. and Laurenceton Holdings Ltd. Newfoundland and Labrador Manufacturing PricewaterhouseCoopers Inc. $13
2023-10-27 Stornoway Diamonds (Canada) Inc. et 11272420 Canada Inc. Quebec Mining, quarrying, and oil and gas extraction Deloitte Restructuring Inc/Restructuration Deloitte Inc $308
2023-10-30 Ignite Holdings Inc., Ignite Services Inc., Ignite Insurance Corporation Ontario Finance and insurance KPMG Inc. $67
2023-10-10

Quebec Parmentier Inc., 9465-0850 Quebec Inc., 9490-0388 Quebec Inc., 9440-5818 Quebec Inc., 9440-5776 Quebec Inc., 9450-8405 Quebec Inc,

Propur Inc., Marketing SEQ Inc., Gessam Inc. and Legupro Inc.

Quebec Management of companies and enterprises MNP LTD / MNP LTÉE $63
2023-10-10 Tacora Resources Inc. Ontario Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. $413

Figure 1: Filings by regionFootnote *

By province:

British Columbia:
1 filings
5.5%
Alberta:
3 filings
17%
Ontario:
7 filings
39%
Quebec:
6 filing
33%
Newfoundland
1 filing
and Labrador: 5.5%
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 2021 to the fourth quarter of 2023. 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 fourth quarter of 2021 and continuing for each quarter until the fourth quarter of 2023.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 10. 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 2021, the East Region had 1 filing, the West Region was at 2 filings, and the Ontario Region had 3 filings.

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

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

For the third quarter of 2022, the East Region increased to 4 filings, the West Region increased to 5 filings, and the Ontario Region dropped to 2 filings.

For the fourth quarter of 2022, the East Region dropped to 3 filings, the West Region increased to 6 filings, and the Ontario Region increased to 6 filings.

For the first quarter of 2023, the East Region remained at 3 filings, the West Region dropped to 4 filings, and the Ontario Region increased to 9 filings.

For the second quarter of 2023, the East Region increased to 5 filings, the West Region increased to 5 filings, and the Ontario Region dropped to 6 filings.

For the third quarter of 2023, the East Region increased to 6 filings, the West Region dropped to 3 filings, and the Ontario Region dropped to 5 filings.

For the fourth quarter of 2023, the East Region increased to 7 filings, the West Region increased to 4 filings, and the Ontario Region increased to 7 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 2023: British Colombia had 1 filing (5.5%), Alberta had 3 filings (17%), Ontario had 7 filings (39%), Quebec had 6 filings (33%), and Newfoundland and Labrador had 1 filing (5.5%).

For more information, see Table 10: Total CCAA Proceedings Filed by Province in Insolvency statistics in Canada —Fourth Quarter 2023.

Figure 2: Filings by NAICS economic sectorFootnote **

The Mining, quarrying, and oil and gas extraction sector had the highest number of filings in the fourth quarter of 2023, with 6 filings.

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 2023.

The x-axis represents the sectors, which had filings in the fourth quarter of 2023. There are 11 sectors represented, each shown with a blue vertical bar. The 11 sectors represented in the fourth quarter of 2023 are as below:

  1. The construction sector had 1 filing.
  2. The finance and insurance sector had 1 filing.
  3. The management of companies and enterprises sector had 1 filing.
  4. The manufacturing sector had 3 filings.
  5. The mining, quarrying, and oil and gas extraction sector had 6 filings.
  6. The other services (except oil and gas extraction) sector had 1 filing.
  7. The retail trade sector had 4 filings.
  8. The wholesale trade 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 7.

For more information, see Table 11: CCAA Proceedings Filed by NAICS Economic Sector, Canada, in Insolvency statistics in Canada — Fourth Quarter 2023.

Recently closed filesFootnote ***

Company Name Sector Monitor Outcome Duration of proceeding (days) Liabilities (millions)
Foundation Mortgage Corporation and Foundation Mortgage "2" Corporation Construction Ernst & Young Inc. Terminated – no compromise or arrangement sanctioned by the court 2,087 $31
1357686 Alberta Ltd. Construction Ernst & Young Inc. Terminated – no compromise or arrangement sanctioned by the court 661 $18
Reitmans (Canada) Limited Retail trade Ernst & Young Inc. Concluded – compromise or arrangement completed 983 $162
Sanjel Corporation, Sanjel Canada Ltd., Terracor Group Ltd., Suretech Group Ltd., Suretech Completions Canada Ltd., Sanjel Energy Services (USA) Inc., Sanjel (USA) Inc., et al. Mining, quarrying, and oil and gas extraction PricewaterhouseCoopers Inc. Terminated – no compromise or arrangement sanctioned by the court 2,697 $1,108
Magna Gold Corp. Mining, quarrying, and oil and gas extraction KSV Restructuring Inc. Terminated – no compromise or arrangement sanctioned by the court 239 $11