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CCAA Statistics—Third Quarter of 2020

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Companies' Creditors Arrangement Act Statistics in Canada–Third Quarter of 2020

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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

Fifteen Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the third quarter of 2020. Please refer to the CCAA Records List for additional details regarding each filing.

Company Name Province Sector Monitor Liabilities
(in millions)
Simard-Beaudry Construction Inc. Quebec Management of companies and enterprises Raymond Chabot Inc. $182.60
Constructions Louisbourg Ltée Quebec Management of companies and enterprises Raymond Chabot Inc. $82.80
DAVIDsTEA Inc. DAVIDsTEA (USA) Inc. Quebec Retail trade PricewaterhouseCoopers Inc. $116.30
Stokes Inc. Quebec Retail trade Richter Advisory Group Inc. $21.70
Magasin Laura (P.V.) Inc. / Laura's Shoppe (P.V.) Inc. Quebec Retail trade KPMG Inc. $103.40
Guardian Financial Corp. and other entities listed on Schedule A (Regus) Ontario Real estate and rental and leasing KSV Kofman Inc. $84.40
Ernest Enterprises (Mtl) Ltd. / Les Entreprises Ernest (Mtl) Ltée Quebec Retail trade Ernst & Young Inc. $4.60
UrtheCast Corp., UrtheCast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. et al. British Columbia Manufacturing Ernst & Young Inc. $149.00
Glenogle Energy Inc., 1651558 Alberta Ltd. and Glenogle Energy LP Alberta Mining, quarrying, and oil and gas extraction Ernst & Young Inc. $72.60
Groupe Dynamite Inc., GRG USA Holdings Inc. and GRG USA LLC Quebec Retail trade Deloitte Restructuring Inc. $357.30
Mountain Equipment Co-operative and 1314625 Ontario Limited British Columbia Retail trade Alvarez & Marsal Canada Inc. $229.60
Pharmhouse Inc. Ontario Agriculture, forestry, fishing and hunting Ernst & Young Inc. $170.90
Hematite Holdings Inc., Hematite Manufacturing Inc., Hematite Industrial Products Inc., Canadian Pavaco Inc., Pavaco Holdings U.S. Inc., Hematite Inc. and Hematite Automotive Products Inc. Ontario Manufacturing KPMG Inc. $42.10
JMX Contracting Inc., JMX National Inc., BRND Properties Inc., and JMX Leasing Inc. (collectively, the "JMX Group") Ontario Administrative and support, waste management and remediation services Crowe Soberman Inc. $11.60
Creditloans Canada Financing Inc. and Creditloans Canada Capital Inc. British Columbia Finance and insurance BDO Canada Ltd. $60.20

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

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 2 until it reaches 14. 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 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.

For the second quarter of 2020, the West Region increased to 12 filings, the Ontario Region increased to 10 filings, and the East Region increased to 5 filings. 

For the third quarter of 2020, the East Region increased to 7 filings, the West Region dropped to 4 filings, and the Ontario Region dropped to 4 filings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the third quarter of 2020, British Columbia had 3 filings (20%), Quebec had 7 filings (47%), Ontario had 4 filings (27%), and Alberta had 1 filing (7%).

East Region includes New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Quebec
Ontario Region includes Ontario
West Region includes Alberta, British Columbia, Manitoba, Northwest Territories, Nunavut, Saskatchewan, and Yukon

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 2020.

The x-axis represents the sectors, which had filings in the third quarter of 2020. There are 8 sectors represented, each shown with a blue vertical bar. The 8 sectors represented in the third quarter of 2020 are as below:

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

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

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

Table 1: Total CCAA Proceedings―Domestic
  Volume +/- Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 – Q3 2020 Q3 2019 – Q3 2020 09-30-2020 09-30-2019 +/- Change
Total Domestic Proceedings FiledFootnote1 15 27 6 -12 9 68 29 39
Filing Affiliates
 69 114 40 -45 29 313 237 76
Filed by Publicly-Traded Companies
 2 7 2 -5 0 17 6 11
Filed by Privately-Held Companies
 13 20 4 -7 9 51 23 28
Total Liabilities – Book Value ($ millions)Footnote2 $1,689.12 $6,078.28 $1,104.82 -$4,389.16 $584.30 $12,168.43 $5,546.66 $6,621.77
% of Secured Liabilities
 37.70% 51.95% 64.46% n/a n/a 57.25% 43.79% n/a
% of Unsecured Liabilities
 62.30% 48.05% 35.54% n/a n/a 42.75% 56.21% n/a
Total Assets – Book Value ($ millions) $1,423.09 $6,600.27 $1,053.19 -$5,177.18 $369.90 $17,858.93 $12,817.31 $5,041.62
Table 2: CCAA Proceedings Filed by province
Volume +/- Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 – Q3 2020 Q3 2019 – Q3 2020 09-30-2020 09-30-2019 +/- Change
Newfoundland and Labrador 0 0 0 0 0 0 1 -1
Prince Edward Island 0 0 0 0 0 0 0 0
Nova Scotia 0 0 0 0 0 0 2 -2
New Brunswick 0 0 0 0 0 0 0 0
Quebec 7 5 1 2 6 19 6 13
Ontario 4 10 2 -6 2 25 10 15
Manitoba 0 0 0 0 0 0 0 0
Saskatchewan 0 0 0 0 0 1 0 1
Alberta 1 9 0 -8 1 14 3 11
British Columbia 3 3 3 0 0 9 7 2
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 15 27 6 -12 9 68 29 39
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada Footnote 3
Volume +/- Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 – Q3 2020 Q3 2019 – Q3 2020 09-30-2020 09-30-2019 +/- Change
Agriculture, Forestry, Fishing and Hunting 1 3 1 -2 0 8 2 6
Mining, Quarrying and Oil and Gas Extraction 1 7 3 -6 -2 13 7 6
Utilities 0 0 0 0 0 0 1 -1
Construction 0 1 0 -1 0 3 2 1
Manufacturing 2 4 0 -2 2 12 4 8
Wholesale Trade 0 0 1 0 -1 1 4 -3
Retail Trade 6 4 1 2 5 11 3 8
Transportation and Warehousing 0 0 0 0 0 1 2 -1
Information and Cultural Industries 0 0 0 0 0 1 1 0
Finance and Insurance 1 0 0 1 1 1 1 0
Real Estate, Rental and Leasing 1 3 0 -2 1 6 0 6
Professional, Scientific and Technical Services 0 0 0 0 0 0 1 -1
Management of Companies and Enterprises 2 1 0 1 2 4 0 4
Administrative and Support, Waste Management and Remediation Services 1 2 0 -1 1 4 1 3
Educational Services 0 0 0 0 0 1 0 1
Health Care and Social Assistance 0 0 0 0 0 0 0 0
Arts, Entertainment and Recreation 0 1 0 -1 0 1 0 1
Accommodation and Food Services 0 0 0 0 0 0 0 0
Other Services (except Public Administration) 0 1 0 -1 0 1 0 1
Public Administration 0 0 0 0 0 0 0 0
Canada 15 27 6 -12 9 68 29 39
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