CCAA Statistics in Canada Third Quarter of 2022

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

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Sections

Definitions

Highlights

Recently Closed Files

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

Eight Companies' Creditors Arrangement Act(CCAA) proceedings were filed with the Office of the Superintendent of Bankruptcy (OSB) in the third 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)

2022-09-26

Endoceutics Inc., Endoceutics Pharma (MSH) Inc., Endoceutics Pharma (Québec) Inc. Endoceutics Pharma (USA) Inc. Endoceutics SA

Quebec

Manufacturing

Ernst & Young Inc.

$148

2022-08-30

Superette Inc, Superette Ontario Inc, 2659198 Ontario Inc., 2662133 Ontario Inc., 2662134 Ontario Inc. And 2662135 Ontario Inc.

Ontario

Professional, scientific and technical services

PWC Inc.

$6

2022-08-19

Medipure Pharmaceuticals Inc. and Medipure Holdings Inc.

British Columbia

Manufacturing

Deloitte Restructuring Inc/Restructuration Deloitte Inc

$24

2022-08-19

Trevali Mining Corporation and Trevali Mining (New Brunswick) Ltd.

British Columbia

Mining, quarrying, and oil and gas extraction

FTI Consulting Canada Inc.

$290

2022-08-08

North American Lamb Company Ltd.

Alberta

Agriculture, forestry, fishing and hunting

Ernst & Young Inc.

$47

2022-07-27

Speakeasy Cannabis Club Ltd.

British Columbia

Agriculture, forestry, fishing and hunting

Crowe Mackay & Company Ltd

$9

2022-07-25

MPX International Corporation

Ontario

Manufacturing

KSV Restructuring Inc.

$27

2022-07-14

Intelivote Systems Inc.

Nova Scotia

Professional, scientific and technical services

Grant Thornton Limited

$11

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 third quarter of 2020 to the third 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 third quarter of 2020 and continuing for each quarter until the third quarter of 2022.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 8. 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 third quarter of 2020, the East Region was at 7 filings, the West Region at 4 filings, and the Ontario Region at 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.

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 remained at 2 filings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the third quarter of 2022, British Columbia had 3 filings (38%), Ontario had 2 filings (25%). Alberta, Nova Scotia and Quebec had 1 filing (13%) each.

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

The manufacturing sector had the highest number of filings in the third quarter of 2022, with 3 filings.

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 third quarter of 2022.

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

  1. The agriculture, forestry, fishing and hunting sector had 2 filings.
  2. The mining, quarrying, and oil and gas extraction sector had 1 filing.
  3. The manufacturing sector had 3 filings.
  4. The professional, scientific and technical services sector had 2 filings.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 4.

[Text in margin] The manufacturing sector had the highest number of filings in the second quarter of 2022, with 3 filings.

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

Recently closed filesFootnote *

Company Name Sector Monitor Outcome Duration of the Proceeding (in days) Liabilities (in millions)

Hart Store Inc.

Retail trade

Richter Advisory Group Inc.

Concluded – compromise or arrangement completed

1255

$66

Poseidon Concepts Corp., Poseidon Concepts LTD., Poseidon Concepts Limited Partnership and Poseidon Concepts Inc.

Mining, quarrying, and oil and gas extraction

PricewaterhouseCoopers Inc.

Concluded – compromise or arrangement completed

2010

$111

Quicksilver Resources Canada Inc. et al

Mining, quarrying, and oil and gas extraction

FTI Consulting Canada Inc.

Concluded – compromise or arrangement completed

1945

$712

2473304 Ontario Inc. (o/a Jones New York Canada)

Retail trade

Richter Advisory Group Inc.

Taken up under BIA

2260

$72

1735825 Ontario Inc. (formerly, Grafton-Fraser Inc.)

Retail trade

Richter Advisory Group Inc.

Taken up under BIA

2028

$101

9333-9109 Québec Inc. et al

Real estate

André Allard et associés Inc., syndic

Terminated – no compromise or arrangement sanctioned by the court

1721

N/A

North American Lithium Inc. (9448-1223 Québec inc.)

Mining, quarrying, and oil and gas extraction

Raymond Chabot Inc.

Taken up under BIA

1099

$39

MIGU INVESTMENTS INC.

Retail trade

Alvarez & Marsal Canada Inc.

Concluded – compromise or arrangement completed

1105

$55

James E. Wagner Cultivation Corporation, James E. Wagner Cultivation Ltd., JWC 1 Ltd., JWC 2 Ltd., JWC Supply Ltd., GrowthStorm Inc.

Manufacturing

KSV Restructuring Inc.

Taken up under BIA

120

$19

Flighthub Group Inc., Flighthub Service Inc., SSFP Corp., Justfly Inc., Justfly Corp., and 11644670 Canada Inc.

Administrative and support, waste management and remediation services

MNP LTD / MNP LTÉE

Concluded – compromise or arrangement completed

371

$70

Ernest Enterprises (MTL) Ltd.

Retail trade

Ernst & Young Inc.

Concluded – compromise or arrangement completed

650

$7

TGF Acquisition Parent Ltd.

Manufacturing

Ernst & Young Inc.

Terminated – no compromise or arrangement sanctioned by the court

489

$186

Spartan Bioscience Inc.

Manufacturing

Ernst & Young Inc.

Terminated – no compromise or arrangement sanctioned by the court

170

$63
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