CCAA Statistics in Canada – Third Quarter of 2023 PDF - 532 KB
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
Fourteen Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the Office of the Superintendent of Bankruptcy (OSB) in the third 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) |
|---|---|---|---|---|---|
| 2023-07-03 | Perativ General Partnership, Guichet Access Cash, GAB EZEE, ACCESS CASH (TMA541995), Perativ Holding Limited: GESTION PERATIV, ACCESS CASH TMA541995, Perativ Partnerco Limited: PARTENAIRE PERATIV, PARTENAIRE ACCESS CASH | Quebec | Finance and insurance | PRICEWATERHOUSECOOPERS INC. | $107 |
| 2023-07-13 | Groupe Airmedic Inc. 12378744 Canada Inc., 9386149 Canada Inc., Capital Aviation Inc., Airmedic Interh Inc., Airmedic Medical Inc., Airmedic Inc. | Quebec | Transportation and warehousing | DELOITTE RESTRUCTURING INC/RESTRUCTURATION DELOITTE INC | $106 |
| 2023-07-17 | Joseph Richard Hospitality Group Ltd and Parties listed on Schedule A of Initial Order | British Columbia | Accommodation and food services | ERNST & YOUNG INC. | $21 |
| 2023-07-19 | Bron Media Corp. and 43 Entities at Schedule A | British Columbia | Information and cultural industries | GRANT THORNTON LIMITED | $419 |
| 2023-07-20 | Big Eric Inc. and Terra Nova Old Port Foods Inc. | Newfoundland and Labrador | Wholesale trade | GRANT THORNTON LIMITED | $24 |
| 2023-07-25 | NextPoint Financial, Inc and the entities listed in Schedule A | British Columbia | Professional, scientific and technical services | FTI CONSULTING CANADA INC. | $356 |
| 2023-07-25 | Aleafea Health Inc. and other entities listed on Form 1 | Ontario | Manufacturing | KSV RESTRUCTURING INC. | $68 |
| 2023-07-27 | LIGHTHOUSE IMMERSIVE INC. AND LIGHTHOUSE IMMERSIVE USA, INC. | Ontario | Arts, entertainment and recreation | B. Riley Farber Inc. | $184 |
| 2023-08-15 | LABORATOIRES C.O.P. INC., 9327-6269 QUEBEC INC., IDEAL PROTEIN OF AMERICA, INC. AND PHARMALAB INC. | Quebec | Retail trade | ERNST & YOUNG INC. | $219 |
| 2023-08-24 | AVENTURA PHASE VII INC., AVENTURA PHASE VIII INC., AVENTURA PHASE IX INC. AND AVENTURA PHASE X INC. | Quebec | Construction | RAYMOND CHABOT INC. | $170 |
| 2023-08-25 | Quality Sterling Group, comprising Quality Rugs of Canada Ltd., Timeline Floors Inc., Ontario Flooring Ltd., Weston Hardwood Design Centre Inc., Malvern Contact Interiors Ltd., Timeline Floor Inc. Ontario Flooring Ltd. Weston Hardwood Design Centre Inc. Malvern Contract Interior Limited Quality Commercial Carpet Corporation Joseph Douglas Pacione Holding Ltd. John Anthony Pacione Holding Ltd. Jopac Enterprises Limited, and Patjo Holding Inc. |
Ontario | Construction | RSM Canada Limited | $86 |
| 2023-08-29 | Validus Power Corp., Iroquois Falls Power Corp., Bay Power Corp., KAP Power Corp., Validus Hosting Inc. and Kingston Cogen GP Inc. | Ontario | Utilities | KSV RESTRUCTURING INC. | $80 |
| 2023-09-14 | BioSteel Sports Nutrition Inc. | Ontario | Manufacturing | KSV RESTRUCTURING INC. | $381 |
| 2023-09-21 | South Shore Seafoods Ltd., Captain Cooke's Seafood Inc., By The Water Shellfish (2012) Inc., Can-Am Lobster & Shellfish Ltd., South Shore Seafoods International Ltd., Bridge Lobsters Limited., and Arsenault's Fish Mart Inc. | New Brunswick | Manufacturing | DELOITTE RESTRUCTURING INC/RESTRUCTURATION DELOITTE INC | $55 |
Figure 1: Filings by regionFootnote *
By province:
- British Columbia:
- 3 filing
21% - Ontario:
- 5 filings
36% - Quebec:
- 4 filing
29% - New Brunswick:
- 1 filing
7% - Newfoundland and Labrador:
- 1 filing
7%
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 2021 to the third 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 third quarter of 2021 and continuing for each quarter until the third 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 third quarter of 2021, the East Region had 0 filings, the West Region was at 2 filings, and the Ontario Region had 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.
For the third quarter of 2023, the East Region increased to 6 filings, the West Region increased to 3 filings, and the Ontario Region dropped to 5 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 2023: British Colombia had 3 filings (21%), Ontario had 5 filings (36%), Quebec had 4 filings (29%), New Brunswick had 1 filing (7%) and Newfoundland and Labrador had 1 filing (7%).
For more information, see Table 10: Total CCAA Proceedings Filed by Province in Insolvency statistics in Canada —Third Quarter 2023.
Figure 2: Filings by NAICS economic sectorFootnote **
The Manufacturing sector had the highest number of filings in the third quarter of 2023, with 3 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 third quarter of 2023.
The x-axis represents the sectors, which had filings in the third quarter of 2023. There are 11 sectors represented, each shown with a blue vertical bar. The 11 sectors represented in the third quarter of 2023 are as below:
- The accommodation and food services sector had 1 filing.
- The arts, entertainment and recreation sector had 1 filing.
- The construction sector had 2 filings.
- The finance and insurance sector had 1 filing.
- The information and cultural industries sector had 1 filing.
- The manufacturing sector had 3 filings.
- The professional, scientific and technical services sector had 1 filing.
- The retail trade sector had 1 filing.
- The transportation and warehousing sector had 1 filing.
- The utilities sector had 1 filing.
- 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 4.
For more information, see Table 11: CCAA Proceedings Filed by NAICS Economic Sector, Canada, in Insolvency statistics in Canada — Third Quarter 2023.
Recently closed filesFootnote ***
| Company Name | Sector | Monitor | Outcome | Duration of proceeding (days) | Liabilities (millions) |
|---|---|---|---|---|---|
| Company Name | Sector | Monitor | Outcome | Duration of proceeding (days) | Liabilities (millions) |
| UBG Builders Inc. | Construction | Deloitte Restructuring Inc. | Terminated - no compromise or arrangement sanctioned by the court | 3,752 | $203 |
| 8640025 Canada Inc., Teliphone Data Centers Inc. | Information and cultural industries | Ernst & Young Inc. | Concluded - compromise or arrangement completed | 2,092 | $31 |
| Freshlocal Solutions Inc. | Retail trade | Ernst & Young Inc. | Terminated - no compromise or arrangement sanctioned by the court | 155 | $56 |
| Allied Research Holdings Inc. Allied Research International Inc., BA Research Co. | Professional, scientific and technical services | PricewaterhouseCoopers Inc. | Terminated - no compromise or arrangement sanctioned by the court | 226 | $- |
| First Leaside Management Inc. | Finance and insurance | Grant Thornton Limited | Terminated - no compromise or arrangement sanctioned by the court | 288 | $51 |
| Connacher Oil and Gas Limited | Mining, quarrying, and oil and gas extraction | Ernst & Young Inc. | Concluded - compromise or arrangement completed | 1,231 | $511 |
| 1462598 Ontario Inc. | Information and cultural industries | KSV Restructuring Inc. | Terminated - no compromise or arrangement sanctioned by the court | 2,196 | $46 |
| 101098672 Saskatchewan Ltd., Morris Industries Ltd., Morris Sales and Service Ltd., Contour Realty Inc. and Morris Industries (USA) Inc. | Manufacturing | Alvarez & Marsal Canada Inc. | Terminated - no compromise or arrangement sanctioned by the court | 631 | $62 |
| Stokes Inc. | Retail trade | Richter Inc. | Terminated - no compromise or arrangement sanctioned by the court | 939 | $16 |
| Delphi Energy Corp. and Delphi Energy (Alberta) Limited | Mining, quarrying, and oil and gas extraction | PricewaterhouseCoopers Inc. | Terminated - no compromise or arrangement sanctioned by the court | 1,208 | $195 |
| Urbancorp (Bridlepath) Inc., Urbancorp (Woodbine) Inc., The Townhouses of Hogg's Hollow Inc., King Towns Inc., Newtowns at King Towns Inc., Deaja Partner (Bay) Inc. | Construction | KSV Restructuring Inc. | Terminated - no compromise or arrangement sanctioned by the court | 924 | $4 |
| Pure Gold Mining Inc. | Mining, quarrying, and oil and gas extraction | KSV Restructuring Inc. | Concluded - compromise or arrangement completed | 261 | $204 |
| CANNAPIECE GROUP INC. 14707117 Canada Inc. |
Manufacturing | BDO Canada Limited | Terminated - no compromise or arrangement sanctioned by the court | 134 | $48 |
| Muskoka Grown Limited | Agriculture, forestry, fishing and hunting | B. Riley Farber Inc. | Terminated - no compromise or arrangement sanctioned by the court | 168 | $11 |
| Sino-Forest Corporation | Manufacturing | FTI Consulting Canada Inc. | Terminated - no compromise or arrangement sanctioned by the court | 3,534 | $1,938 |
| Intelivote Systems Inc. | Professional, scientific and technical services | Grant Thornton Limited | Concluded - compromise or arrangement completed | 406 | $10 |
| Green Relief Inc. | Agriculture, forestry, fishing and hunting | PricewaterhouseCoopers Inc. | Terminated - no compromise or arrangement sanctioned by the court | 1,085 | $14 |