CCAA Statistics—First Quarter of 2017

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Companies' Creditors Arrangement Act Statistics in Canada—First Quarter of 2017

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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

Three Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the first quarter of 2017. Please refer to the CCAA Records List for additional details regarding each filing.

Companies' Creditors Arrangement Act (CCAA) proceedings filed with OSB
Company Name Province Sector Monitor Liabilities
(in millions)
Grafton-Fraser Inc. Ontario Retail trade Richter $102
Développement Lachine Est Inc. Quebec Real estate and rental and leasing Raymond Chabot $35
Alliance Hanger Inc. Quebec Manufacturing KPMG $17

Figure 1: Filings by region

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 2015 to the first quarter of 2017. The note to the table explains that East Region includes Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador; Ontario Region includes Ontario; and West Region includes British Columbia, Yukon, Alberta, Northwest Territories, Saskatchewan, Manitoba and Nunavut.

The x-axis represents the quarters for the data points, starting at the first quarter of 2015 and continuing for each quarter until the first quarter of 2017.

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 asterisks for data points; and the West Region is represented by a green line with triangles for data points.

Starting in the first quarter of 2015, East Region was below the other two regions at two CCAA filings; Ontario Region had five CCAA filings; and West Region had seven CCAA filings.

In the second quarter of 2015, the East and Ontario regions each had five filings, and West Region had four filings.

In the third quarter of 2015, the number of CCAA filings dropped for all three regions. East Region dropped to three filings for the quarter; Ontario Region dropped to zero filings; and West Region dropped to one filing.

For the fourth quarter of 2015, East Region remained at three CCAA filings; Ontario Region increased to two filings; and West Region matched East Region at three filings.

For the first quarter of 2016, East Region remained at three CCAA filings; Ontario Region increased to three filings; and West Region climbed to four filings.

For the second quarter of 2016, East Region dropped to one CCAA filing; Ontario Region increased to five filings; and West Region climbed to seven filings.

For the third quarter of 2016, all three regions had three CCAA filings: an increase for East Region, and a decline for the Ontario and West regions.

For the fourth quarter of 2016, East Region dropped to one CCAA filing; Ontario Region increased to six filings; and West Region remained at three filings.

For the first quarter of 2017, East Region increased to 2 filings and Ontario Region decreased to 1 filing. The West Region dropped to zero flings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the first quarter of 2017. Ontario had 1 filing, for 33%; and Quebec had two filings, for 67%.

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

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

Figure 2: Filings by NAICS Economic Sector

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

This pie chart 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 2017.

The legend shows three NAICS economic sectors:

  1. retail trade, shown in blue
  2. real estate and rental and leasing, shown in red
  3. manufacturing, shown in green

The retail trade, real estate and rental and leasing sector, and the manufacturing sector each had one CCAA filing, each making up 100% of the filings in the first quarter of 2017.

To the left of the pie chart is statement about the equal distribution of filings between all three sectors.

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)
Labrador Iron Mines Holdings Limited Mining, quarrying, and oil and gas extraction KSV Concluded – compromise or arrangement completed 628 $70
Testori Americas Corporation Manufacturing PwC Taken up under BIA 595 $28
FirstOnSite G.P. Inc. Construction FTI Terminated – no compromise or arrangement sanctioned by court 279 $161
Bear Mountain Master Partnership Real estate and rental and leasing PwC Concluded – compromise or arrangement completed 1,498 $262
Comark Inc. Retail trade Alvarez & Marsal Terminated – no compromise or arrangement sanctioned by court 579 $126
H.B. White Canada Corp. Construction Alvarez & Marsal Concluded – compromise or arrangement completed 230 $348
Cellfor Inc. Agriculture, forestry, fishing and hunting The Bowra Group Concluded – compromise or arrangement completed 1,467 $12
WorldSpan Marine Inc. Manufacturing Boale, Wood & Company Terminated – no compromise or arrangement sanctioned by court 1,577 $35
Marine Drive Properties Ltd. Construction EY Taken up under BIA 520 $112
Advance Engineered Products Ltd. Manufacturing EY Terminated – no compromise or arrangement sanctioned by court 388 $131
Pretty Estates Ltd. Accommodation and food services G. Powroznik Group Concluded – compromise or arrangement completed 527 $9
PJ's Pets Retail trade PwC Taken up under BIA 231 $12
Table 1: TotalCCAAProceedings—Domestic
TypeVolume+/
Change		12-Month Period Ending
Q1 2017Q4 2016Q1 2016Q4 2016 –
Q1 2017		Q1 2016 –
Q1 2017		03-31-201703-31-2016+/
Change
Total Domestic Proceedings FiledFootnote131010-7-73536-1
Filing Affiliates418214-178-1025158193
Filed by Publicly-Traded Companies032-3-2910-1
Filed by Privately-Held Companies378-4-526260
Total Liabilities—Book Value ($ millions)Footnote2$153.220$1,423.305$1,314.690-$1,270.085-$1,161.470$14,556.100$7,262.117$7,293.983
% of Secured Liabilities20.03%65.48%24.89%26.00%44.97%
% of Unsecured Liabilities79.97%34.52%75.11%74.00%55.03%
Total Assets—Book Value ($ millions)$124.030$1,478.489$891.394-$1,354.458-$767.364$11,423.935$5,576.994$5,846.940
Table 2: Total CCAA Proceedings Filed by Province
Province/territory Volume +/
Change		 12-Month Period Ending
Q1 2017 Q4 2016 Q1 2016 Q4 2016 –
Q1 2017		 Q1 2016 –
Q1 2017		 03-31-2017 03-31-2016 +/
Change
Newfoundland and Labrador no data no data no data no data no data no data no data no data
Prince Edward Island no data no data no data no data no data no data no data no data
Nova Scotia 2 1 1
New Brunswick 1 -1
Quebec 2 1 3 1 -1 5 12 -7
Ontario 1 6 3 -5 -2 14 10 4
Manitoba 1 1
Saskatchewan 1 1
Alberta 1 4 -1 -4 10 8 2
British Columbia 2 -2 2 3 -1
Northwest Territories no data no data no data no data no data no data no data no data
Yukon no data no data no data no data no data no data no data no data
Nunavut no data no data no data no data no data no data no data no data
Canada 3 10 10 -7 -7 35 36 -1
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, CanadaFootnote 3
Sector Volume +/ Change 12-Month Period Ending
Q1 2017 Q4 2016 Q1 2016 Q4 2016 –Q1 2017 Q1 2016 –Q1 2017 03-31-2017 03-31-2016 +/ Change
Agriculture, Forestry, Fishing and Hunting 1 1
Mining and Oil and Gas Extraction 1 2 -1 -2 9 12 -3
Utilities 1 -1 1 -1
Construction 3 1 -3 -1 7 2 5
Manufacturing 1 1 1 4 6 -2
Wholesale Trade 1 -1
Retail Trade 1 2 1 -1 4 4
Transportation and Warehousing 1 -1 2 1 1
Information and Cultural Industries 2 1 -2 -1 3 2 1
Finance and Insurance 1 1
Real Estate, Rental and Leasing 1 1 1 2 2
Professional, Scientific and Technical Services 1 -1 1 -1
Management of Companies and Enterprises 1 1 -1 -1 2 1 1
Administrative and Support, Waste Management and Remediation Services 1 -1
Educational Services
Health Care and Social Assistance 1 -1
Arts, Entertainment and Recreation 1 -1
Accommodation and Food Services no data no data no data no data no data no data no data no data
Other Services (except Public Administration) no data no data no data no data no data no data
Public Administration no data no data no data no data no data no data no data no data
Canada 3 10 10 -7 -7 35 36 -1
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