CCAA Statistics—First Quarter of 2019

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

Thirteen Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the first quarter of 2019. Please refer to the CCAA Records List for additional details regarding each filing.

Companies' Creditors Arrangement Act (CCAA) proceedings filed in the first quarter of 2019
Company Name Province Sector Monitor Liabilities
(in millions)
Vari-Form Inc. Ontario Manufacturing Pricewaterhouse
Coopers Inc.
$57.4
Taxelco Inc., Taxelco Permis Inc., Gestion de Parc de Véhicules Taxelco Inc., Téo Techno Inc., Armandy Inc., Cercle d'Or Taxi Ltée, Les Entreprises Phillip Cie Ltée, 9345-0351 Québec Inc., 9345-0427 Québec Inc., 9345-0559 Québec Inc., Taxi Hochelaga Inc., L'Association de Taxi Diamond de Montréal Ltée, et Centre de Répartition Taxelco Inc. Quebec Transportation and Warehousing Richter Advisory Group Inc. $46.0
Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd. Nova Scotia Finance and Insurance Ernst & Young Inc. $250
Sural Laminated Products Canada Inc., Sural Québec Inc. Quebec Manufacturing FTI Consulting Inc. $159.7
Payless ShoeSource Canada Inc., Payless ShoeSource GP Inc. and Payless ShoeSource LP Ontario Retail Trade Pricewaterhouse
Coopers Inc.
$192.2
Stantive Technologies Group Inc., 2441808 Ontario Inc., 2509876 Ontario Inc. and 1940857 Alberta Ltd. Ontario Information and Cultural Industries Ernst & Young Inc. $11.2
Nautilus Minerals Inc. and Nautilus Minerals Pacific Pty. Ltd. British Columbia Mining, Quarrying and Oil and Gas Extraction Pricewaterhouse
Coopers Inc.
$95.6
Elcano Exploration Inc., Elacno Energy Partnership, Elcano Exploration Ltd. Alberta Mining, Quarrying and Oil and Gas Extraction Hardie & Kelly Inc. $18.3
Ascent Industries Corp., Agrima Botanicals Corp., Bloom Holdings Ltd., Bloom Meadows Corp., Agrima Scientific Corp., Pinecone Products Ltd., West Fork Holdings NV Inc. British Columbia Manufacturing Ernst & Young Inc. $10.9
Divestco Alberta Professional, Scientific and Technical Services Grant Thornton Limited $20.9
JTI-MacDonald Corp. Ontario Wholesale Trade Deloitte Restructuring Inc. $1433
Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited Ontario Wholesale Trade FTI Consulting Inc. $1088
Rothmans, Benson & Hedges Inc. Ontario Wholesale Trade Ernst & Young Inc. $338

Figure 1: Filings by regionFootnote*

Line chart representing the number of CCAA 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 from the first quarter of 2017 to the first quarter of 2019. 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 first quarter of 2017 and continuing for each quarter until the first quarter of 2019.

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 first quarter of 2017, East Region increased to two filings and Ontario Region decreased to one filing. The West Region dropped to zero filings.

For the second quarter of 2017, the Ontario Region increased to two filings, the West increased to one filing and the East remained at two filings.

For the third quarter of 2017, the Ontario Region remained at two filings, the West remained at one filing and the East dropped to zero filings.

For the fourth quarter of 2017, the East Region increased to seven filings, the West increased to four filings, and the Ontario Region dropped to one filing.

For the first quarter of 2018, the Ontario Region increased to 3 filings, East Region dropped to 1 filing, and the West Region dropped to zero filings.

For the second quarter of 2018, the East Region increased to 2 filings, the West Region increased to one filing, and the Ontario Region dropped to 1 filing.

For the third quarter of 2018, the Ontario Region increased to 3 filings, the West Region increased to 2 filings, and the East Region dropped to 1 filing.

For the fourth quarter of 2018, the East Region increased to 3 filings, the West Region remained at 2 filings, and the Ontario Region dropped to 1 filing. 

For the first quarter of 2019, the Ontario Region increased to 6 filings, the West Region increased to 4 filings, and the East Region remained at 3 filings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the first quarter of 2019, Nova Scotia had 1 filing (8%), Quebec had 2 filings (15%), Ontario had 6 filings (46%), Alberta had 2 filings (15%) and British Columbia had 2 filings (15%).

For more information, see Table 2: Total CCAA Proceedings Filed by Province

Figure 2: Filings by NAICS economic sector

Bar chart representing the filings by NAICS Economic Sector (the long description is located below the image)
Description of Figure 2

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 first quarter of 2019.

The x-axis represents the sectors which had filings in the first quarter of 2019. There are 8 sectors represented, each shown with a blue vertical bar. The 8 sectors represented in the first quarter of 2019 are as below:

  1. The mining, quarrying and oil and gas extraction sector had 2 filings.
  2. The manufacturing sector had 3 filings.
  3. The wholesale trade sector had 3 filings.
  4. The retail trade sector had 1 filing.
  5. The transportation and warehousing sector had 1 filing.
  6. The information and cultural industries sector had 1 filing.
  7. The finance and insurance sector had 1 filing. 
  8. The professional, scientific and technical services 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 3.

The sectors with the most filings this quarter were Manufacturing and Wholesale Trade.

For more information, see Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada

Recently closed filesFootnote *
Company Name Sector Monitor Outcome Duration of the Proceedings
(in days)
Liabilities
(in millions)
Purcell Basin Minerals Inc., Bul River Mineral Corporation, Gallowai Metal Mining Corporation, Grand Mineral Corpooration, Jao Mine Developers Ltd., Stanfield Mining Group of Canada Ltd. Mining, Quarrying and Oil and Gas Extraction MNP Ltd. Concluded - compromise or arrangement completed 274 $5.0
Footnote *(2)

Some files may have been closed before the beginning of the quarter. For exact closing dates, please refer to the CCAA Records List.

Return to footnote * referrer

Table 1: Total CCAA Proceedings—Domestic
Type Volume +/− Change 12-Month Period Ending
Q1 2019 Q4 2018 Q1 2018 Q4 2018 – Q1 2019 Q1 2018 – Q1 2019 03-31-2019 03-31-2018 +/− Change
Total Domestic Proceedings FiledFootnote1 13 6 4 7 9 29 24 5
Filing Affiliates
152 20 11 132 141 210 222 -12
Filed by Publicly-Traded Companies
3 1 0 2 3 4 2 2
Filed by Privately-Held Companies
10 6 4 4 6 25 22 3
Total Liabilities - Book ValueFootnote2 $3,633.198 $200.879 $3,689.863 $3,432.318 -$56.666 $5,162.486 $6,994.410 -$1,831.924
% of Secured Liabilities
37.76% 48.10% 19.70% n/a n/a 41.41% 33.14% n/a
% of Unsecured Liabilities
62.24% 51.90% 80.30% n/a n/a 58.59% 66.86% n/a
Total Assets - Book Value $10,633.090 $175.103 $3,463.708 $10,457.987 $7,169.382 $11,857.239 $7,158.655 $4,698.584
Table 2: Total CCAA Proceedings Filed by Province
Volume +/- Change 12-Month Period Ending
Q1 2019 Q4 2018 Q1 2018 Q4 2018 –
Q1 2019
Q1 2018 –
Q1 2019
03-31-2019 03-31-2018 +/- Change
Newfoundland and Labrador 0 0 0 0 0 0 0 0
Prince Edward Island 0 0 0 0 0 0 0 0
Nova Scotia 1 1 0 0 1 3 1 2
New Brunswick 0 0 0 0 0 0 1 -1
Quebec 2 2 1 0 1 6 8 -2
Ontario 6 1 3 5 3 11 8 3
Manitoba 0 0 0 0 0 0 0 0
Saskatchewan 0 0 0 0 0 0 1 -1
Alberta 2 0 0 2 2 4 3 1
British Columbia 2 2 0 0 2 5 2 3
Northwest Territories 0 0 0 0 0 0 0 0
Yukon 0 0 0 0 0 0 0 0
Nunavut 0 0 0 0 0 0 0 0
Canada 13 6 4 7 9 29 24 5
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada Footnote 3
Sector Volume +/− Change 12-Month Period Ending
Q1 2019 Q4 2018 Q1 2018 Q4 2018 –
Q1 2019
Q1 2018 –
Q1 2019
03-31-2019 03-31-2018 +/− Change
Agriculture, Forestry, Fishing and Hunting 0 1 0 -1 0 1 0 1
Mining and Oil and Gas Extraction 2 0 1 2 1 4 2 2
Utilities 0 1 0 -1 0 1 1 0
Construction 0 1 1 -1 -1 2 2 0
Manufacturing 3 0 0 3 3 6 1 5
Wholesale Trade 3 0 0 3 3 3 1 2
Retail Trade 1 1 0 0 1 3 6 -3
Transportation and Warehousing 1 1 1 0 0 3 2 1
Information and Cultural Industries 1 0 0 1 1 1 0 1
Finance and Insurance 1 0 0 1 1 1 1 0
Real Estate, Rental and Leasing 0 0 0 0 0 0 1 -1
Professional, Scientific and Technical Services 1 0 0 1 1 2 0 2
Management of Companies and Enterprises 0 0 0 0 0 0 3 -3
Administrative and Support, Waste Management and Remediation Services 0 1 0 -1 0 2 0 2
Educational Services 0 0 0 0 0 0 0 0
Health Care and Social Assistance 0 0 0 0 0 0 0 0
Arts, Entertainment and Recreation 0 0 0 0 0 0 0 0
Accommodation and Food Services 0 0 1 0 -1 0 2 -2
Other Services (except Public Administration) 0 0 0 0 0 0 0 0
Public Administration 0 0 0 0 0 0 0 0
Canada 13 6 4 7 9 29 22 7
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