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
Sixteen Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the Office of the Superintendent of Bankruptcy (OSB) in the second 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) |
|---|---|---|---|---|---|
| 2023-04-01 | PHOENA HOLDINGS INC., PHOENA INC., ELMCLIFFE INVESTMENTS INC., ELMCLIFFE INVESTMENTS [NO. 2] INC., and CTI HOLDINGS (OSOYOOS) INC. | Ontario | Agriculture, forestry, fishing and hunting | ERNST & YOUNG INC. | $77 |
| 2023-04-06 | GreenSpace Brands Inc., Love Child (Brands) Inc., Central Roast Inc., and Life Choices Natural Food Corp. | Ontario | Manufacturing | PRICEWATERHOUSECOOPERS INC. | $25 |
| 2023-04-18 | Donmar Properties Ltd. | Manitoba | Real estate and rental and leasing | ERNST & YOUNG INC. | $21 |
| 2023-04-19 | J. W. Carr Holding Ltd., Spruce Grove Industrial Park Inc., 272649 Alberta Ltd., 279896 Alberta Ltd., Grande Prairie Place Enterprises (1996) Inc., 1170292 Alberta Ltd. and 627612 Alberta Ltd. | Alberta | Real estate and rental and leasing | ERNST & YOUNG INC. | $124 |
| 2023-05-01 | Plant-Based Investment Corp. | Ontario | Finance and insurance | MSI SPERGEL INC | $3 |
| 2023-05-01 | IMV Inc., Immunovaccine Technologies Inc. and IMV USA Inc. (collectively, the "Applicants" or the "IMV Group") | Nova Scotia | Professional, scientific and technical services | FTI CONSULTING CANADA INC. | $43 |
| 2023-05-03 | Centre de distribution Transrapide inc. | Quebec | Real estate and rental and leasing | DELOITTE RESTRUCTURING INC/RESTRUCTURATION DELOITTE INC. | $177 |
| 2023-05-12 | ÉBÉNISTERIE ST-URBAIN LTÉE; ET WOODLORE INTERNATIONAL INC. | Quebec | Manufacturing | RAYMOND CHABOT INC. | $64 |
| 2023-05-17 | CAPCIUM INC. ET GELCAN CORPORATION INC. | Quebec | Manufacturing | RAYMOND CHABOT INC. | $63 |
| 2023-05-19 | Gesco Industries Inc., Gesco GP ULC and Tierra Sol Ceramic Tile Ltd. | Ontario | Retail trade | PRICEWATERHOUSECOOPERS INC. | $55 |
| 2023-05-23 | Donnelly Holdings Ltd. Academic Public House Enterprises Ltd., Barber & Co. Enterprises Ltd., Belfast Love Enterprises Ltd., Bomber Investments Ltd., Butcher & Bullock Enterprises Ltd., Cinema Public | British Colombia | Accommodation and food services | ERNST & YOUNG INC. | $30 |
| 2023-05-23 | Chalice Brands Ltd. | Ontario | Manufacturing | KSV RESTRUCTURING INC. | $30 |
| 2023-06-05 | Fire & Flower Holding Corp. | Ontario | Retail trade | FTI CONSULTING CANADA INC. | $89 |
| 2023-06-21 | Swarmio Media Holdings Inc., Swarmio Inc. and Swarmio Media Inc. | Nova Scotia | Information and cultural industries | GRANT THORNTON LIMITED | $6 |
| 2023-06-22 | Independent Energy Corp. | Alberta | Manufacturing | ERNST & YOUNG INC. | $241 |
| 2023-06-22 | Wallace & Carey Inc., Loudon Bros Limited and Carey Management Inc. | Alberta | Transportation and warehousing | KSV RESTRUCTURING INC. | $184 |
Figure 1: Filings by regionFootnote *
By province:
- British Columbia:
- 1 filing
6% - Alberta:
- 3 filings
19% - Manitoba:
- 1 filing
6% - Ontario:
- 6 filings
37.5% - Quebec:
- 3 filing
19% - Nova Scotia:
- 2 filings
12.5%
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 second quarter of 2021 to the second 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 second quarter of 2021 and continuing for each quarter until the second 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.
During the second quarter of 2021, the East Region was at 1 filing, the West Region was at 2 filings, and the Ontario Region was at 2 filings.
For the third quarter of 2021, the East Region dropped to 0 filing, the West Region remained at 2 filings, and the Ontario Region dropped to 1 filing.
For the fourth quarter of 2021, the East Region increased to 1 filing, the West Region remained at 2 filings, and the Ontario Region increased to 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.
To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the second quarter of 2023, British Colombia had 1 filings (6%), Alberta had 3 filings (19%), Manitoba had 1 filing (6%), Ontario had 6 filings (37.5%), Quebec had 3 filings (19%), and Nova Scotia had 2 filings (12.5%).
For more information, see Table 10: Total CCAA Proceedings Filed by Province in Insolvency statistics in Canada —Second Quarter 2023.
Figure 2: Filings by NAICS economic sectorFootnote **
The Manufacturing sector had the highest number of filings in the second quarter of 2023, with 5 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 second quarter of 2023.
The x-axis represents the sectors, which had filings in the second quarter of 2023. There are 4 sectors represented, each shown with a blue vertical bar. The 9 sectors represented in the second quarter of 2023 are as below:
- The accommodation and food services sector had 1 filing.
- The agriculture, forestry, fishing and hunting sector had 1 filing.
- The finance and insurance sector had 1 filing.
- The information and cultural industries sector had 1 filing.
- The manufacturing sector had 5 filings.
- The professional, scientific and technical services sector had 1 filing.
- The real estate and rental and leasing sector had 3 filings.
- The retail trade sector had 2 filings.
- 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.
For more information, see Table 11: CCAA Proceedings Filed by NAICS Economic Sector, Canada, in Insolvency statistics in Canada — Second Quarter 2023.
Recently closed filesFootnote ***
| Company Name | Sector | Monitor | Outcome | Duration of proceeding (days) | Liabilities (millions) |
|---|---|---|---|---|---|
| Forever XXI ULC | Retail trade | PricewaterhouseCoopers | Concluded – compromise or arrangement completed | 1095 | $108 |
| Sural Québec Inc. SURAL LAMINATED PRODUCTS CANADA INC. |
Manufacturing | PricewaterhouseCoopers | Terminated – no compromise or arrangement sanctioned by the court | 1509 | $160 |
| Tribalscale Inc. and 2800741 Ontario Inc. | Professional, scientific and technical services | MNP | Terminated – no compromise or arrangement sanctioned by the court | 921 | $2 |
| Lone Pine Resources Inc. | Mining, quarrying, and oil and gas extraction | PricewaterhouseCoopers | Concluded – compromise or arrangement completed | 106 | $600 |
|
MPX International Corporation Salus BioPharma Corporation The CinG-X Corporation MPXI Alberta Corporation MCLN Inc. BioCannabis Products Ltd. Canveda Inc. Spartan Wellness Corporation |
Manufacturing | KSV Restructuring Inc. | Terminated – no compromise or arrangement sanctioned by the court | 143 | $27 |
| EncoreFX Inc. | Finance and insurance | ERNST & YOUNG INC. | Concluded – compromise or arrangement completed | 592 | $135 |
| MJardin Group Inc. | Manufacturing | KSV Restructuring Inc. | Terminated – no compromise or arrangement sanctioned by the court | 305 | $142 |
| Roberts Company Canada Limited | Manufacturing | RICHTER INC. | Terminated – no compromise or arrangement sanctioned by the court | 119 | $40 |
| Tehama Inc. | Information and cultural industries | GOODMANS LLP | Terminated – no compromise or arrangement sanctioned by the court | 90 | $6 |
| Forever XXI ULC | Retail trade | PricewaterhouseCoopers | Concluded – compromise or arrangement completed | 1095 | $108 |