CCAA Statistics—First Quarter of 2020

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

Eleven Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the first quarter of 2020. 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)
CannTrust Holdings Inc, CannTrust Inc., CTI Holdings (Osoyoos) Inc. and Elmcliffe Investments Inc. Ontario Manufacturing Ernst & Young Inc. $57.8
Pure Global Cannabis Inc., Puresinse Inc., 237A Advance Inc., 237B Advance Inc., SPRQ Health Group Corp., and The Great Canadian Hemp Company Ltd. Ontario Agriculture, forestry, fishing and hunting Ernst & Young Inc. $13.6
Spectra Premium Industries Inc., Spectra Premium Holdings (USA) Corp., Spectra Premium (USA) Corp., Spectra Premium Properties (USA) Corp., Spectra Premium Taiwan Co. Ltd., Spectra Premium (Shanghai) Automotive Technical Services Co. Ltd. and Spectra Premium (Chongqing) Automotive Services Co. Ltd. Quebec Manufacturing Ernst & Young Inc. $264.6
2607380 Ontario Inc. Ontario Real estate, rental and leasing Richter Advisory Group Inc. $27.8
Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd., and 2015059 Alberta Ltd. British Columbia Management of companies and enterprises PricewaterhouseCoopers Inc. $36.5
Ontario Graphite Ltd. Ontario Mining, quarrying and oil and gas extraction Deloitte Restructuring Inc. $25.7
1034179 B.C. Ltd. British Columbia Construction The Bowra Group Inc. $16.7
Rebuts Solides Canadiens Inc., La Compagnie de Recyclage de Papiers MD Inc., Col Sel Transit Inc., Recy-Compact Inc. et Transport de Matières Recyclables Optimum Inc. Quebec Administrative and support, waste management and remediation services PricewaterhouseCoopers Inc. $21.0
SFP Canada Ltd. Ontario Retail Trade Richter Advisory Group Inc. $15.6
Quest University Canada British Columbia Educational services PricewaterhouseCoopers Inc. $47.5
101098672 Saskatchewan Ltd., Morris Industries Ltd., Morris Sales and Service Ltd., Contour Realty Inc. and Morris Industries (USA) Inc. Saskatchewan Manufacturing Alvarez & Marsal Canada Inc. $62.5

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 2018 to the first quarter of 2020. 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 2018 and continuing for each quarter until the first quarter of 2020.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 7. 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 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.

For the fourth quarter of 2019, the West Region increased to 4 filings, the Ontario Region increased to 6 filings, and the East Region increased to 5 filings.

For the first quarter of 2020, the West Region remained at 4 filings, the Ontario Region dropped to 5 filings, 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 first quarter of 2020, British Columbia had 3 filings (27%), Quebec had 2 filings (18%), Ontario had 5 filings (45%), and Saskatchewan had 1 filing (10%).

 

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 2020.

The x-axis represents the sectors which had filings in the first quarter of 2020. There are 9 sectors represented, each shown with a blue vertical bar. The 9 sectors represented in the first quarter of 2020 are as below:

  1. The manufacturing sector had 3 filings.
  2. The management of companies and enterprises sector had 1 filing.
  3. The agriculture, forestry, fishing and hunting sector had 1 filing.
  4. The construction sector had 1 filing.
  5. The mining, quarrying and oil and gas extraction sector had 1 filing.
  6. The administrative and support, waste management and remediation services sector had 1 filing.
  7. The retail trade sector had 1 filing.
  8. The real estate and rental and leasing sector had 1 filing.
  9. The educational 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 4.

[Text in margin] The sector with the most filings this quarter was manufacturing.

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)
Express Fashion Apparel Canada Inc. and Express Canada GC GP, Inc. Retail trade Alvarez & Marsal Canada Inc. Concluded - compromise or arrangement completed 218 $11.9
Target Canada Co., et al Retail trade Alvarez & Marsal Canada Inc. Concluded - compromise or arrangement completed 1,737 $5,118.2
Souris Mini Inc., Les Boutiques Souris Mini Inc. et Souris Mini International Inc. Retail trade Richter Advisory Group Inc. Terminated – no compromise or arrangement sanctioned by court 788 $17.8
Divestco Inc. Professional, scientific and technical services Grant Thornton Limited Taken up under BIA 336 $20.9
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
Q1 2020 Q4 2019 Q1 2019 Q4 2019 –
Q1 2020
Q1 2019 –
Q1 2020
03-31-2020 03-31-2019 +/- Change
Total Domestic Proceedings FiledFootnote1 11 15 13 -4 -2 36 29 7
Filing Affiliates
24 106 152 -82 -128 195 210 -15
Filed by Publicly-Traded Companies
3 5 3 -2 0 11 4 7
Filed by Privately-Traded Companies
8 10 10 -2 -2 25 25 0
Total Liabilities — Book Value ($ millions)Footnote2 $589.213 $3,811.814 $3,633.198 -$3,222.601 -$3,043.985 $6,113.614 $5,162.486 $951.128
% of Secured Liabilities
49.02% 75.62% 37.76% n/a n/a 67.58% 41.41% n/a
% of Unsecured Liabilities
50.98% 24.38% 62.24% n/a n/a 32.42% 58.59% n/a
Total Assets — Book Value ($ millions) $1,059.618 $8,775.944 $10,633.090 -$7,716.326 -$9,573.472 $11,844.675 $11,857.239 -$12.564
Table 2: CCAA Proceedings Filed by province
Volume +/- Change 12-Month Period Ending
Q1 2020 Q4 2019 Q1 2019 Q4 2019 – Q1 2020 Q1 2019 – Q1 2020 03-31-2020 03-31-2019 +/- Change
Newfoundland and Labrador 0 0 0 0 0 1 0 1
Prince Edward Island 0 0 0 0 0 0 0 0
Nova Scotia 0 0 1 0 -1 0 3 -3
New Brunswick 0 0 0 0 0 0 0 0
Quebec 2 5 2 -3 0 9 6 3
Ontario 5 6 6 -1 -1 14 11 3
Manitoba 0 0 0 0 0 0 0 0
Saskatchewan 1 0 0 1 1 1 0 1
Alberta 0 4 2 -4 -2 5 4 1
British Columbia 3 0 2 3 1 6 5 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 11 15 13 -4 -2 36 29 7
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada Footnote 3
Volume +/- Change 12-Month Period Ending
Q1 2020 Q4 2019 Q1 2019 Q4 2019 – Q1 2020 Q1 2019 – Q1 2020 03-31-2020 03-31-2019 +/- Change
Agriculture, Forestry, Fishing and Hunting 1 3 0 -2 1 5 1 4
Mining, Quarrying and Oil and Gas Extraction 1 4 2 -3 -1 10 4 6
Utilities 0 0 0 0 0 0 1 -1
Construction 1 1 0 0 1 3 2 1
Manufacturing 3 3 3 0 0 7 6 1
Wholesale Trade 0 1 3 -1 -3 2 3 -1
Retail Trade 1 0 1 1 0 2 3 -1
Transportation and Warehousing 0 1 1 -1 -1 1 3 -2
Information and Cultural Industries 0 1 1 -1 -1 1 1 0
Finance and Insurance 0 0 1 0 -1 0 1 -1
Real Estate, Rental and Leasing 1 1 0 0 1 2 0 2
Professional, Scientific and Technical Services 0 0 1 0 -1 0 2 -2
Management of Companies and Enterprises 1 0 0 1 1 1 0 1
Administrative and Support, Waste Management and Remediation Services 1 0 0 1 1 1 2 -1
Educational Services 1 0 0 1 1 1 0 1
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 0 0
Other Services (except Public Administration) 0 0 0 0 0 0 0 0
Public Administration 0 0 0 0 0 0 0 0
Canada 11 15 13 -4 -2 36 29 7
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