CCAA Statistics—Second 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

Four Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the second 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 second quarter of 2019
Company Name Province Sector Monitor Liabilities (in millions)
Bondfield Construction Company Limited Ontario Construction Ernst & Young Inc. $324.2
Strategic Oil & Gas and Strategic Transmission Ltd. Alberta Mining, Quarrying and Oil and Gas Extraction KPMG Inc. $87.4
British Bazaar Company Limited and British Confectionery Company Limited Newfoundland and Labrador Manufacturing Deloitte Restructuring Inc. $9.6
North American Lithium Inc. Quebec Mining, Quarrying and Oil and Gas Extraction Raymond Chabot Inc. $193.9

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 second quarter of 2017to the second 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 second quarter of 2017 and continuing for each quarter until the second 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 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 2 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 increased to 3 filings.

For the second quarter of 2019, the Ontario Region and the West Region both dropped to 1 filing, and the East Region dropped to 2 filings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the second quarter of 2019, Newfoundland and Labrador had 1 filing (25%), Quebec had 1 filing (25%), Ontario had 1 filing (25%), and Alberta had 1 filing (25%).

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 second quarter of 2019.

The x-axis represents the sectors which had filings in the second quarter of 2019. There are 3 sectors represented, each shown with a blue vertical bar. The 3 sectors represented in the second quarter of 2019 are as below:

  1. The mining, quarrying and oil and gas extraction sector had 2 filings.
  2. The construction sector had 1 filing.
  3. The manufacturing 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 2.

Text in margin: The sector with the most filings this quarter was Mining, Quarrying and Oil and Gas Extraction.

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 Proceeding (in days) Liabilities (in millions)
BuildDirect.com Technologies Retail Trade Pricewaterhouse Coopers Inc. Concluded — compromise or arrangement completed 555 $117.3
PT Holdco, Inc., Primus Telecommunications Canada, Inc., PTUS, Inc., Primus Telecommunications, Inc., and Lingo, Inc. Information and Cultural Industries FTI Consulting Canada Inc. Terminated — no compromise or arrangement sanctioned by the Court 1137 $101.0
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
Volume +/- Change 12-Month Period Ending
Q2 2019 Q1 2019 Q2 2018 Q1 2019 - Q2 2019 Q2 2018 - Q2 2019 06-30-2019 06-30-2018 +/- Change
Total Domestic Proceedings FiledFootnote1 4 13 4 -9 0 29 23 6
Filing Affiliates 25  152  -127 20  230  53  177 
Filed by Publicly-Traded Companies
Filed by Privately-Traded Companies 10  -7 -1 24  23 
Total Liabilities — Book Value ($ millions)Footnote2 $607.764 $3,633.198 $91.640 -$3,025.433 $516.125 $5,678.610 $5,126.165 $552.445
% of Secured Liabilities 40.83% 37.76% 63.16% n/a n/a 41.00% 35.75% n/a
% of Unsecured Liabilities 59.17% 62.24% 36.84% n/a n/a 59.00% 64.25% n/a
Total Assets — Book Value ($ millions) $955.922 $10,633.090 $99.421 -$9,677.168 $856.501 $12,713.740 $5,104.109 $7,609.630
Table 2: Total CCAA Proceedings Filed by Province
Volume +/- Change 12-Month Period Ending
Q2 2019 Q1 2019 Q2 2018 Q1 2019 - Q2 2019 Q2 2018 - Q2 2019 06-30-2019 06-30-2018 +/- Change
Newfoundland and Labrador 1 0 0 1 1 1 0 1
Prince Edward Island 0 0 0 0 0 0 0 0
Nova Scotia 0 1 1 -1 -1 2 2 0
New Brunswick 0 0 0 0 0 0 1 -1
Quebec 1 2 1 -1 0 6 7 -1
Ontario 1 6 1 -5 0 11 7 4
Manitoba 0 0 0 0 0 0 0 0
Saskatchewan 0 0 0 0 0 0 1 -1
Alberta 1 2 0 -1 1 5 2 3
British Columbia 0 2 1 -2 -1 4 3 1
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 4 13 4 -9 0 29 23 6
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, CanadaFootnote 3
Volume +/- Change 12-Month Period Ending
Q2 2019 Q1 2019 Q2 2018 Q1 2019 - Q2 2019 Q2 2018 - Q2 2019 06-30-2019 06-30-2018 +/- Change
Agriculture, Forestry, Fishing and Hunting 0 0 0 0 0 1 0 1
Mining, Quarrying and Oil and Gas Extraction 2 2 1 0 1 5 3 2
Utilities 0 0 0 0 0 1 1 0
Construction 1 0 0 1 1 3 2 1
Manufacturing 1 3 1 -2 0 6 2 4
Wholesale Trade 0 3 0 -3 0 3 1 2
Retail Trade 0 1 1 -1 -1 2 5 -3
Transportation and Warehousing 0 1 0 -1 0 3 2 1
Information and Cultural Industries 0 1 0 -1 0 1 0 1
Finance and Insurance 0 1 0 -1 0 1 1 0
Real Estate, Rental and Leasing 0 0 0 0 0 0 0 0
Professional, Scientific and Technical Services 0 1 0 -1 0 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 0 1 0 -1 1 1 0
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 0 0 0 0 2 -2
Other Services 0 0 0 0 0 0 0 0
Public Administration 0 0 0 0 0 0 0 0
Canada 4 13 4 -9 0 29 23 6
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