CCAA Statistics—Fourth 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

Ten Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the fourth 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)
Corporation Mount Real Quebec Management of companies and enterprises Raymond Chabot Inc. $9
Parkland Airport Development Corporation Alberta Transportation and warehousing Deloitte Restructuring Inc. $11
Performance Sports Group Ltd. Ontario Manufacturing Ernst & Young Inc. $687
Rubicon Minerals Corporation Ontario Mining, quarrying, and oil and gas extraction Ernst & Young Inc. $192
SunEdison Canadian Construction LP Ontario Construction Ernst & Young Inc. $121
Sunrise Properties British Columbia Real estate and rental and leasing PricewaterhouseCoopers Inc. $244
Teliphone Navigata-Westel Communication British Columbia Information and cultural industries Boale, Wood & Company Ltd., later substituted with Ernst & Young Inc. $32
Tricon Films & Television Ontario Information and cultural industries KSV Kofman Inc. $47
Urbancorp (Bridlepath) Inc. et al. Ontario Construction KSV Kofman Inc. $32
Urbancorp Cumberland 2 GP Inc. et al. Ontario Construction The Fuller Landau Group Inc. $49

Figure 1: Filings by region*

Bar 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, from the first quarter of 2015 to the fourth quarter of 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 first quarter of 2015 and continuing for each quarter until the fourth quarter of 2016.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 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 10 CCAA filings, providing a point of comparison for fluctuation within individual quarters for filings across Canada.

Starting in the first quarter of 2015, East Region was below the other two regions at two CCAA filings; Ontario Region had five CCAA filings; and West Region had seven CCAA filings. Canada overall therefore had 14 CCAA filings, the highest for the period shown in the graph.

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

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 one filing. 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.

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, 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, exceeding the average for the entire period. For the third quarter of 2016, all three regions had three CCAA filings: an increase for East Region, and a decline for the Ontario and West regions. Canada dropped to nine CCAA filings for the quarter.

For the fourth quarter of 2016, East Region dropped to one CCAA filing; Ontario Region increased to six filings; and West Region remained at three filings. Canada again reached 10 CCAA filings for the quarter, 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 fourth quarter of 2016. British Columbia had two CCAA filings, for 20% of the CCAA filings for the quarter, Alberta had one CCAA filing, for 10%; Ontario had six filings, for 60%; and Quebec had one filing, for 10%.

* 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 fourth quarter of 2016.

The legend shows seven NAICS economic sectors:

  1. mining, quarrying, and oil and gas extraction, shown in dark blue
  2. management of companies and enterprises, shown in red
  3. transportation and warehousing, shown in green
  4. information and cultural industries, shown in purple
  5. real estate and rental and leasing, shown in turquoise
  6. construction, shown in orange, and
  7. manufacturing, shown in light blue

The mining, quarrying, and oil and gas extraction sector, the management of companies and enterprises sector, the transportation and warehousing sector, the real estate and rental and leasing sector, and the manufacturing sector each had one CCAA filing, each making up 10% of the filings in the fourth quarter of 2016.

The construction sector made up the largest piece, with three CCAA filings or 30% of the CCAA filings in the fourth quarter of 2016.

The information and cultural industries sector had the second largest piece, with two CCAA filings or 20% of the CCAA filings in the fourth quarter of 2016.

To the left of the pie chart is statement about the dominance of two sectors: the construction sector accounted for 30% of the filings this quarter (3 out of 10), followed by information and cultural industries sector at 20%.

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

Recently closed filesFootnote *
Company Name Sector Monitor Outcome Duration
(in days)
Liabilities
(in millions)
Effigi Inc. Retail trade Richter Advisory Group Inc. Taken up under BIA 1,362 $71
Magnum Mortgage & Realty Corp. Finance and insurance BDO Canada Ltd. Concluded – compromise or arrangement completed 1,408 $20
Planet Organic Health Corp Retail trade Deloitte Restructuring Inc. Terminated – no compromise or arrangement sanctioned by court 2,314 $51
Ponderosa Peachland Development LP Construction D. Manning & Associates Inc. Terminated – no compromise or arrangement sanctioned by court 868 $80
Table 1: Total CCAA Proceedings—Domestic
Type Volume +/−
Change
12-Month Period Ending
Q4 2016 Q3 2016 Q4 2015 Q3 2016 –
Q4 2016
Q4 2015 –
Q4 2016
12-31-2016 12-31-2015 +/−
Change
Total Domestic Proceedings FiledFootnote1 10 9 8 1 2 42 40 2
Filing Affiliates 182 24 24 158 158 261 81 180
Filed by Publicly-Traded Companies 3 3 2 0 1 11 11 0
Filed by Privately-Held Companies 7 6 6 1 1 31 29 2
Total Liabilities—Book Value ($ millions)Footnote2 $1,423.305 $3,171.142 $3,079.926 -$1,747.837 -$1,656.621 $15,717.570 $20,316.804 -$4,599.234
% of Secured Liabilities 65.48% 51.75% 50.78% 25.97% 23.60%
% of Unsecured Liabilities 34.52% 48.25% 49.22% 74.03% 76.40%
Total Assets—Book Value ($ millions) $1,478.489 $2,455.897 $3,048.876 -$977.409 -$1,570.387 $12,191.298 $23,177.778 -$10,986.480

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
Q4 2016 Q3 2016 Q4 2015 Q3 2016 –
Q4 2016
Q4 2015 –
Q4 2016
12-31-2016 12-31-2015 +/−
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 no data 2 no data -2 no data 2 1 1
Domestic no data 2 no data -2 no data 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 3 no data -2 6 11 -5
Domestic 1 1 3 no data -2 6 11 -5
Cross-Border no data no data no data no data no data no data no data no data
Ontario 6 3 2 3 4 16 12 4
Domestic 6 3 2 3 4 16 12 4
Cross-Border no data no data no data no data no data no data no data no data
Manitoba 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
Saskatchewan no data no data no data no data no data 1 1 no data
Domestic no data no data no data no data 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 1 3 1 -2 no data 14 8 6
Domestic 1 3 1 -2 no data 14 8 6
Cross-Border no data no data no data no data no data no data no data no data
British Columbia 2 no data 2 2 no data 2 6 -4
Domestic 2 no data 2 2 no data 2 6 -4
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 10 9 8 1 2 42 40 2
Domestic 10 9 8 1 2 42 40 2
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, CanadaFootnote 3
Sector Volume +/−
Change
12-Month Period Ending
Q4 2016 Q3 2016 Q4 2015 Q3 2016
Q4 2016
Q4 2015
Q4 2016
12-31-2016 12-31-2015 +/−
Change
Agriculture, Forestry, Fishing and Hunting 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
Mining and Oil and Gas Extraction 1 3 2 -2 -1 11 16 -5
Domestic 1 3 2 -2 -1 11 16 -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 3 1 1 2 2 8 4 4
Domestic 3 1 1 2 2 8 4 4
Cross-Border no data no data no data no data no data no data no data no data
Manufacturing 1 2 2 -1 -1 4 5 -1
Domestic 1 2 2 -1 -1 4 5 -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 no data 1 1 -1 -1 5 4 1
Domestic no data 1 1 -1 -1 5 4 1
Cross-Border no data no data no data no data no data no data no data no data
Transportation and Warehousing 1 no data no data 1 1 2 1 1
Domestic 1 no data no data 1 1 2 1 1
Cross-Border no data no data no data no data no data no data no data no data
Information and Cultural Industries 2 no data no data 2 2 4 1 3
Domestic 2 no data no data 2 2 4 1 3
Cross-Border no data no data no data no data no data no data no data no data
Finance and Insurance no data 1 no data -1 no data 1 2 -1
Domestic no data 1 no data -1 no data 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 1 no data no data 1 1 1 no data 1
Domestic 1 no data no data 1 1 1 no data 1
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 1 no data
Domestic no data no data no data no data no data 1 1 no data
Cross-Border no data no data no data no data no data no data no data no data
Management of Companies and Enterprises 1 no data no data 1 1 3 no data 3
Domestic 1 no data no data 1 1 3 no data 3
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 1 no data -1 no data 1 -1
Domestic no data no data 1 no data -1 no data 1 -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 1 no data -1 no data 1 -1
Domestic no data no data 1 no data -1 no data 1 -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 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
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 10 9 8 1 2 42 40 2
Domestic 10 9 8 1 2 42 40 2
Cross-Border no data no data no data no data no data no data no data no data
Date modified: