CCAA Statistics—Third Quarter of 2016

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.

Cross-Border Proceedings: When a proceeding is filed in a foreign jurisdiction where the debtor company has the centre of its main interests, it is referred to as a foreign main proceeding. Proceedings brought before any other court would generally be referred to as foreign non-main proceedings.

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

Nine Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the third quarter of 2016. Please refer to the CCAA Records List for additional details regarding each filing.

Companies' Creditors Arrangement Act (CCAA) proceedings filed with OSB
Company Name Province Sector Monitor Liabilities
(in millions)
Carmen International Inc. Quebec Manufacturing Litwin Boyadjian Inc. $55
Golf Town Canada Holdings Inc. Ontario Retail trade FTI Consulting Canada Inc. $282
H.B. White Canada Corp. Ontario Construction Alvarez & Marsal Canada Inc. $348
Hefler Forest Products Limited Nova Scotia Manufacturing Green Landers Limited $33
Lightstream Resources Ltd. Alberta Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. $1,912
MBAC Fertilizer Corp. Ontario Mining, quarrying, and oil and gas extraction Ernst & Young Inc. $351
OmniArch Capital Corporation Alberta Finance and insurance Ernst & Young Inc. $126
Quattro Exploration and Production Ltd. Alberta Mining, quarrying, and oil and gas extraction Hardie & Kelly Inc. $50
Victory Farms Incorporated and
Jonathan Mullen Mink Ranch Limited
Nova Scotia Agriculture, forestry, fishing and hunting Deloitte Restructuring Inc. $14

Figure 1: Filings by region

Pie chart of Filings by region (the long description is located below the image)
Description of Figure 1

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, as well as overall for Canada, starting in the fourth quarter of 2014 to the third quarter in 2016. The note to the table explains that East Region includes Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador; Ontario Region includes Ontario; and West Region includes British Columbia, Yukon, Alberta, Northwest Territories, Saskatchewan, Manitoba and Nunavut.

The x-axis represents the quarters for the data points, starting at the fourth quarter for 2014 and continuing for each quarter until the third quarter for 2016.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 5 until it reaches 15.

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 asterisks for data points; West Region is represented by a green line with triangles for data points; and Canada is represented by a red line with squares for data points. The mean average for Canada for all the quarters shown is a thick grey line, at about nine CCAA filings, providing a point of comparison for fluctuation within individual quarters for filings across Canada.

Starting in the fourth quarter of 2014, East Region had three CCAA filings, while both Ontario and West regions had two. Canada-wide CCAA filings totalled seven, which is below the average for the entire period of nine CCAA filings per quarter.

In the first quarter of 2015, East Region dropped below the other two regions to two CCAA filings; Ontario Region increased to five CCAA filings; and West Region jumped to seven CCAA filings. Canada overall therefore had 14 CCAA filings, the highest for the period shown in the graph, and much higher than the average for the entire period.

In the second quarter of 2015, Canada remained at the high of 14 CCAA filings, made up of five filings for each of the East and Ontario regions, and four filings for West Region.

In the third quarter of 2015, the number of CCAA filings dropped for all three regions, and therefore for Canada too. East Region dropped to three filings for the quarter; Ontario Region dropped to zero filings; and West Region dropped to two filings. Canada reached its lowest total for the entire period, down to four CCAA filings.

For the fourth quarter of 2015, East Region remained at three CCAA filings; Ontario Region increased to two filings; and West Region matched East Region at three filings. Canada reached eight CCAA filings for the quarter, close to the average for the entire period.

For the first quarter of 2016, East Region remained at three CCAA filings; Ontario Region increased to three filings; and West Region climbed to four filings. Canada reached 10 CCAA filings for the quarter, exceeding the average for the entire period.

For the second quarter of 2016, East Region dropped to one CCAA filing; Ontario Region increased to five filings; and West Region climbed to seven filings. Canada reached 13 CCAA filings for the quarter, further exceeding the average for the entire period.

For the third quarter of 2016, all three regions had three CCAA filings: East Region increased to three, and Ontario and West regions both dropped to three filings. Canada dropped to nine CCAA filings for the quarter, reaching the average for the entire period.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the third quarter of 2016. Alberta had three CCAA filings, for 33% of the CCAA filings for the quarter; Nova Scotia had two filings, for 22%; Ontario had three filings, for 33%; and Quebec had one filing, for 11% of the CCAA filings for the quarter.

* East Region includes Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador
Ontario Region includes Ontario
West Region includes British Columbia, Yukon, Alberta, Northwest Territories, Saskatchewan, Manitoba and Nunavut

For more information, see Table 3: Total CCAA Proceedings Filed by Province

Figure 2: Filings by NAICS Economic Sector

Pie chart of Filings by NAICS Economic Sector (the long description is located below the image)
Description of Figure 2

This pie chart 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 2016.

The legend shows six NAICS economic sectors:

  1. mining, quarrying, and oil and gas extraction, shown in blue
  2. finance and insurance, shown in red
  3. agriculture, forestry, fishing and hunting, shown in green
  4. manufacturing, shown in purple
  5. retail trade, shown in turquoise, and
  6. construction, shown in orange.

The mining, quarrying, and oil and gas extraction sector makes up the biggest piece, at three CCAA filings, or 34% of the filings in the third quarter of 2016.

The manufacturing sector makes up the second-largest piece, at two CCAA filings, or 22% of the filings in the third quarter of 2016.

The finance and insurance sector, the agriculture, forestry, fishing and hunting sector, the retail trade sector, and the construction sector each make up the smallest pieces. With one CCAA filing each, each of these sectors represents 11% of the CCAA filings in the third quarter of 2016.

To the left of the pie chart is statement about the dominance of two sectors: Mining, quarrying, and oil and gas extraction; and manufacturing represented 56% (5 out of 9) of the filings.

For more information, see Table 4: CCAA Proceedings Filed by NAICS Economic Sector, Canada

Recently closed filesFootnote *

Recently closed files
Company Name Sector Monitor Outcome Duration
(in days)
Liabilities
(in millions)
Azure Dynamics Corp. Manufacturing Ernst & Young Inc. Terminated – no compromise or arrangement sanctioned by court 1,549 $29
Charles Morissette Inc. Construction Mallette Syndics et Gestionnaires Inc. Concluded – compromise or arrangement completed 975 $5
Cline Mining Corp. Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. Concluded – compromise or arrangement completed 239 $99
Prosep Inc. Management of companies and enterprises KPMG Inc. Concluded – compromise or arrangement completed 805 $23
Shoreline Energy Corp. Mining, quarrying, and oil and gas extraction Grant Thornton Limited Taken up under BIA 501 $42
TravelBrands Inc. Administrative and support, waste management and remediation services KPMG Inc. Concluded – compromise or arrangement completed 258 $206
Verity Energy Ltd. Mining, quarrying, and oil and gas extraction Grant Thornton Limited Terminated – no compromise or arrangement sanctioned by court 210 $31
Table 1: Total CCAA Proceedings—Domestic
Type Volume +/−
Change
12-Month Period Ending
Q3 2016 Q2 2016 Q3 2015 Q2 2016 –
Q3 2016
Q3 2015 –
Q3 2016
09-30-2016 09-30-2015 +/−
Change
Total Domestic Proceedings FiledFootnote1 9 13 4 -4 5 40 39 1
Filing Affiliates 24 41 6 -17 18 103 73 30
Filed by Publicly-Traded Companies 3 3 0 0 3 10 10 0
Filed by Privately-Held Companies 6 10 4 -4 2 30 29 1
Total Liabilities—Book Value ($ millions)Footnote2 $3,171.142 $9,808.433 $232.254 -$6,637.291 $2,938.887 $17,374.191 $20,692.887 -$3,318.696
% of Secured Liabilities 51.75% 12.04% 57.98%     27.13% 24.25%  
% of Unsecured Liabilities 48.25% 87.96% 42.02%     72.87% 75.75%  
Total Assets— Book Value ($ millions) $2,455.897 $7,365.518 $252.793 -$4,909.621 $2,203.104 $13,761.685 $20,829.911 -$7,068.226

Table 2: Total CCAA Proceedings—Cross-Border

CCAA cross-border proceedings are no longer included in this report.

Table 3: Total CCAA Proceedings Filed by Province
Province/territory Volume +/−
Change
12-Month Period Ending
Q3 2016 Q2 2016 Q3 2015 Q2 2016 –
Q3 2016
Q3 2015 –
Q3 2016
09-30-2016 09-30-2015 +/−
Change
Newfoundland and Labrador no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Prince Edward Island no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Nova Scotia 2 no data 1 2 1 2 1 1
Domestic 2 no data 1 2 1 2 1 1
Cross-Border no data no data no data no data no data no data no data no data
New Brunswick no data no data no data no data no data no data 1 -1
Domestic no data no data no data no data no data no data 1 -1
Cross-Border no data no data no data no data no data no data no data no data
Quebec 1 1 2 no data -1 8 11 -3
Domestic 1 1 2 no data -1 8 11 -3
Cross-Border no data no data no data no data no data no data no data no data
Ontario 3 4 no data -1 3 12 12 no data
Domestic 3 4 no data -1 3 12 12 no data
Cross-Border no data no data no data no data no data no data no data no data
Manitoba no data 1 no data -1 no data 1 no data 1
Domestic no data 1 no data -1 no data 1 no data 1
Cross-Border no data no data no data no data no data no data no data no data
Saskatchewan no data 1 no data -1 no data 1 1 no data
Domestic no data 1 no data -1 no data 1 1 no data
Cross-Border no data no data no data no data no data no data no data no data
Alberta 3 6 1 -3 2 14 8 6
Domestic 3 6 1 -3 2 14 8 6
Cross-Border no data no data no data no data no data no data no data no data
British Columbia no data no data no data no data no data 2 5 -3
Domestic no data no data no data no data no data 2 5 -3
Cross-Border no data no data no data no data no data no data no data no data
Northwest Territories no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Yukon no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Nunavut no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Canada 9 13 4 -4 5 40 39 1
Domestic 9 13 4 -4 5 40 39 1
Cross-Border no data no data no data no data no data no data no data no data
Table 4: CCAA Proceedings Filed by NAICS Economic Sector, Canada Footnote 3
Sector Volume +/−
Change
12-Month Period Ending
Q3 2016 Q2 2016 Q3 2015 Q2 2016
Q3 2016
Q3 2015
Q3 2016
09-30-2016 09-30-2015 +/−
Change
Agriculture, Forestry, Fishing and Hunting 1 no data 1 1 no data 1 2 -1
Domestic 1 no data 1 1 no data 1 2 -1
Cross-Border no data no data no data no data no data no data no data no data
Mining and Oil and Gas Extraction 3 5 1 -2 2 12 17 -5
Domestic 3 5 1 -2 2 12 17 -5
Cross-Border no data no data no data no data no data no data no data no data
Utilities no data no data no data no data no data 1 no data 1
Domestic no data no data no data no data no data 1 no data 1
Cross-Border no data no data no data no data no data no data no data no data
Construction 1 3 no data -2 1 6 3 3
Domestic 1 3 no data -2 1 6 3 3
Cross-Border no data no data no data no data no data no data no data no data
Manufacturing 2 no data no data 2 2 5 4 1
Domestic 2 no data no data 2 2 5 4 1
Cross-Border no data no data no data no data no data no data no data no data
Wholesale Trade no data no data no data no data no data no data 1 -1
Domestic no data no data no data no data no data no data 1 -1
Cross-Border no data no data no data no data no data no data no data no data
Retail Trade 1 2 1 -1 no data 6 3 3
Domestic 1 2 1 -1 no data 6 3 3
Cross-Border no data no data no data no data no data no data no data no data
Transportation and Warehousing no data 1 1 -1 -1 1 1 no data
Domestic no data 1 1 -1 -1 1 1 no data
Cross-Border no data no data no data no data no data no data no data no data
Information and Cultural Industries no data 1 no data -1 no data 2 1 1
Domestic no data 1 no data -1 no data 2 1 1
Cross-Border no data no data no data no data no data no data no data no data
Finance and Insurance 1 no data no data 1 1 1 2 -1
Domestic 1 no data no data 1 1 1 2 -1
Cross-Border no data no data no data no data no data no data no data no data
Real Estate, Rental and Leasing no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Professional, Scientific and Technical Services no data no data no data no data no data 1 2 -1
Domestic no data no data no data no data no data 1 2 -1
Cross-Border no data no data no data no data no data no data no data no data
Management of Companies and Enterprises no data 1 no data -1 no data 2 no data 2
Domestic no data 1 no data -1 no data 2 no data 2
Cross-Border no data no data no data no data no data no data no data no data
Administrative and Support, Waste Management and Remediation Services no data no data no data no data no data no data 1 -1
Domestic no data no data no data no data no data no data 1 -1
Cross-Border no data no data no data no data no data no data no data no data
Educational Services no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Health Care and Social Assistance no data no data no data no data no data 1 no data 1
Domestic no data no data no data no data no data 1 no data 1
Cross-Border no data no data no data no data no data no data no data no data
Arts, Entertainment and Recreation no data no data no data no data no data 1 no data 1
Domestic no data no data no data no data no data 1 no data 1
Cross-Border no data no data no data no data no data no data no data no data
Accommodation and Food Services no data no data no data no data no data no data 1 -1
Domestic no data no data no data no data no data no data 1 -1
Cross-Border no data no data no data no data no data no data no data no data
Other Services (except Public Administration) no data no data no data no data no data no data 1 -1
Domestic no data no data no data no data no data no data 1 -1
Cross-Border no data no data no data no data no data no data no data no data
Public Administration no data no data no data no data no data no data no data no data
Domestic no data no data no data no data no data no data no data no data
Cross-Border no data no data no data no data no data no data no data no data
Canada 9 13 4 -4 5 40 39 1
Domestic 9 13 4 -4 5 40 39 1
Cross-Border no data no data no data no data no data no data no data no data
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