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CCAA Statistics—Third Quarter of 2019

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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

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

Companies' Creditors Arrangement Act (CCAA) proceedings filed
Company Name Province Sector Monitor Liabilities
(in millions)
Forever XXI ULC Ontario Retail trade PricewaterhouseCoopers Inc. $107.6
Energold Drilling Corp., Cros-Man Direct Underground Ltd., EGD Services Ltd., Bertram Drilling Corp., and Omniterra International Drilling Inc. British Columbia Mining, Quarrying and Oil and Gas Extraction FTI Consulting Canada Inc. $47.1
Stornoway Diamond Corporation, Ashton Mining of Canada Inc., FCDC Sales and Marketing inc., Stornoway Diamonds (Canada) Inc. Quebec Mining, Quarrying and Oil and Gas Extraction Deloitte Restructuring Inc. $722.8
Gedex Systems Inc., Gedex Aviation Inc., Black Bay Minerals Corporation, Gedex Exploration Inc., and Gedex Earth Inc. Ontario Mining, Quarrying and Oil and Gas Extraction Zeifman Partners Inc. $20.0
Migu Investments Inc., Miniso (Canada) Store Inc., et al. British Columbia Retail trade Alvarez & Marsal Canada Inc. $55.5
ILTA Grain Inc. & NGP Grain Holdings, Inc. British Columbia Agriculture, forestry, fishing and hunting PricewaterhouseCoopers Inc. $152.0

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 third quarter of 2017 to the third 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 third quarter of 2017 and continuing for each quarter until the third 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 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.

For the third quarter of 2019, the West Region increased to 3 filings, the Ontario Region increased to 2 filings, and the East Region dropped to 1 filing.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the third quarter of 2019, British Columbia had 3 filing (50%), Quebec had 1 filing (17%), and Ontario had 2 filing (33%).

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 third quarter of 2019. 

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

  1. The mining, quarrying and oil and gas extraction sector had 3 filings.
  2. The retail trade sector had 2 filings.
  3. The agriculture, forestry, fishing and hunting 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.

[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)
Rotating Right Inc. Manufacturing Ernst & Young Inc. Taken up under BIA  132 $8.4
Dundee Oil and Gas Limited Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. Taken up under BIA 402 $115.7
101133330 Saskatchewan Ltd. 101149825 Saskatchewan Ltd. Management of companies and enterprises Deloitte Restructuring Inc. Terminated with no compromise or arrangement sanctioned by the court 1,176 $21.8
Ranch Energy Corporation, OpsMobil Inc., et al. Mining, quarrying, and oil and gas extraction Ernst & Young Inc. Taken up under BIA  9 $171.2
Omniarch Capital Corporation, et al. Finance and insurance Ernst & Young Inc. Compromise or arrangement completed 747 $126.3
GuestLogix Inc. and GuestLogix Ireland Limited Professional, scientific and technical services PricewaterhouseCoopers Inc. Compromise or arrangement completed 1,310 $45.8
Aralez Pharmaceuticals Inc. et al. Manufacturing Richter Advisory Group Inc. Taken up under BIA 293 $487.8
Golf Town Canada Holdings Inc., et al. Retail Trade FTI Consulting Canada Inc. Taken up under BIA 623 $282.2
Great Slave Helicopter Ltd. Transportation and Warehousing KSV Kofman Inc. Taken up under BIA 307 $266.6
Nelson Education Ltd., Nelson Education Holdings Ltd. Information and Cultural Industries Alvarez & Marsal Canada Inc. Taken up under BIA 142 $657.6
Discovery Air Inc. Transportation and Warehousing KSV Kofman Inc. Terminated - no compromise or arrangement sanctioned by the Court 167 $174.9
Footnote *

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
Q3 2019 Q2 2019 Q3 2018 Q2 2019 – Q3 2019 Q3 2018 – Q3 2019 09-30-2019 09-30-2018 +/- Change
Total Domestic Proceedings FiledFootnote1 6 4 6 2 0 29 26 3
Filing Affiliates
40 25 33 15 7 237 77 160
Filed by Publicly-Traded Companies
2 1 1 1 1 6 1 5
Filed by Privately-Traded Companies
4 3 5 1 -1 23 25 -2
Total Liabilities — Book Value ($ millions)Footnote2 $1,104.823 $607.764 $1,236.769 $497.059 -$131.946 $5,546.664 $5,751.004 -$204.340
% of Secured Liabilities
64.46% 40.83% 49.46% n/a n/a 43.79% 35.08% n/a
% of Unsecured Liabilities
35.54% 59.17% 50.54% n/a n/a 56.21% 64.92% n/a
Total Assets — Book Value ($ millions) $1,053.191 $955.922 $949.624 $97.268 $103.567 $12,817.306 $5,381.046 $7,436.260
Table 2: Total CCAA Proceedings Filed by Province
Volume +/- Change 12-Month Period Ending
Q3 2019 Q2 2019 Q3 2018 Q2 2019 – Q3 2019 Q3 2018 – Q3 2019 09-30-2019 09-30-2018 +/- Change
Newfoundland and Labrador 0 1 0 -1 0 1 0 1
Prince Edward Island 0 0 0 0 0 0 0 0
Nova Scotia 0 0 0 0 0 2 2 0
New Brunswick 0 0 0 0 0 0 1 -1
Quebec 1 1 1 0 0 6 8 -2
Ontario 2 1 3 1 -1 10 8 2
Manitoba 0 0 0 0 0 0 0 0
Saskatchewan 0 0 0 0 0 0 1 -1
Alberta 0 1 2 -1 -2 3 3 0
British Columbia 3 0 0 3 3 7 3 4
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 6 4 6 2 0 29 26 3
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada Footnote 3
Volume +/- Change 12-Month Period Ending
Q3 2019 Q2 2019 Q3 2018 Q2 2019 – Q3 2019 Q3 2018 – Q3 2019 09-30-2019 09-30-2018 +/- Change
Agriculture, Forestry, Fishing and Hunting 1 0 0 1 1 2 0 2
Mining, Quarrying and Oil and Gas Extraction 3 2 1 1 2 7 4 3
Utilities 0 0 0 0 0 1 0 1
Construction 0 1 1 -1 -1 2 3 -1
Manufacturing 0 1 2 -1 -2 4 4 0
Wholesale Trade 0 0 0 0 0 3 1 2
Retail Trade 2 0 0 2 2 4 4 0
Transportation and Warehousing 0 0 1 0 -1 2 3 -1
Information and Cultural Industries 0 0 0 0 0 1 0 1
Finance and Insurance 0 0 0 0 0 1 1 0
Real Estate, Rental and Leasing 0 0 0 0 0 0 0 0
Professional, Scientific and Technical Services 0 0 1 0 -1 1 1 0
Management of Companies and Enterprises 0 0 0 0 0 0 3 -3
Administrative and Support, Waste Management and Remediation Services 0 0 0 0 0 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 1 -1
Other Services (except Public Administration) 0 0 0 0 0 0 0 0
Public Administration 0 0 0 0 0 0 0 0
Canada 6 4 6 2 0 29 26 3
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