CCAA Statistics—Second Quarter of 2021

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

Five Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the second quarter of 2021. Please refer to the CCAA Records List for additional details regarding each filing.

Company Name Province Sector Monitor Liabilities
(in millions)
Spartan Bioscience Inc. Ontario Manufacturing Ernst & Young Inc. $64
Clearbeach Resources Inc. and Forbes Resources Corp. Ontario Mining, quarrying and oil and gas extraction MNP Ltd. $22
Salt Bush Energy Ltd. and 2345141 Alberta Ltd. Alberta Mining, quarrying and oil and gas extraction Deloitte Restructuring Inc. $20
Bioénergie AE Côte-Nord Canada Inc. Quebec Manufacturing Raymond Chabot Inc. $136
Coalspur Mines (Operations) Ltd. Alberta Mining, quarrying and oil and gas extraction FTI Consulting Inc. $591

Filings by regionFootnote *

This line graph presents the number of filings per quarter under the Companies' Creditors Arrangement Act
Text version

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 2019 to the second quarter of 2021. 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 2019 and continuing for each quarter until the second quarter of 2021.

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 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.

For the fourth quarter of 2020, the East Region and the West Region both dropped to 1 filing, and the Ontario Region remained to 4 filings.

For the first quarter of 2021, the East Region and the West Region both increased to 3 filings, and the Ontario Region increased to 6 filings.

For the second quarter of 2021, the Ontario Region dropped to 2 filings, the West Region dropped 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 second quarter of 2021, Quebec had 1 filing (20%), Ontario had 2 filings (40%), and Alberta had 2 filings (40%).

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.

Filings by NAICS economic sector

This bar graph breaks down filings under the Companies' Creditors Arrangement Act by economic sector
Text version

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 2021.

The x-axis represents the sectors, which had filings in the second quarter of 2021. There are 2 sectors represented, each shown with a blue vertical bar. The 2 sectors represented in the second quarter of 2021 are as below:

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

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 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)
Elia Fashions Ltd. and
Bossa Nova Fashions Ltd.
Retail trade Deloitte Restructuring Inc. Terminated – no compromise or arrangement sanctioned by court 3,487 $13
Redrock Camps Inc., Sockeye Enterprises Inc., Sweetwater Hospitality Inc. and Baldr Construction Management Inc. Construction BDO Canada Limited Concluded - compromise or arrangement completed 365 $27
Sunniva Inc., Sunniva Medical Inc., 111111035 Canada Inc. and 1167025 BC Ltd. Agriculture, forestry, fishing and hunting Alvarez & Marsal Canada Inc. Concluded - compromise or arrangement completed 255 $90
Lightstream Resources Ltd., 1863359 Alberta Ltd., LTS Resources Partnership, 1863360 Alberta Ltd. and Bakken Resources Partnership Mining, quarrying, and oil and gas extraction FTI Consulting Canada Inc. Terminated – no compromise or arrangement sanctioned by court 1,680 $1,912
Salt Bush Energy Ltd. and 2345141 Alberta Ltd. Mining, quarrying, and oil and gas extraction Deloitte Restructuring Inc. Terminated – no compromise or arrangement sanctioned by court 7 $20
Quest University Canada Educational services PricewaterhouseCoopers Inc. Taken up under BIA 519 $47
Table 1: Total CCAA ProceedingsDomestic
- Volume +/- Change 12-Month Period Ending
Q2 2021 Q1 2021 Q2 2020 Q1 2021 – Q2 2021 Q2 2020 – Q2 2021 06-30-2021 06-30-2020 +/- Change
Total Domestic Proceedings FiledFootnote 1 5 12 27 -7 -22 39 59 -20
Filing Affiliates
2 104 114 -102 -112 198 284 -86
Filed by Publicly-Traded Companies
0 1 7 -1 -7 4 17 -13
Filed by Privately-Held Companies
5 11 20 -6 -15 35 42 -7
Total Liabilities - Book ValueFootnote 2 $831.806 $2,777.853 $6,078.279 -$1,946.047 -$5,246.473 $5,700.729 $11,584.129 -$5,883.400
% of Secured Liabilities
56.32% 19.97% 51.95% n/a n/a 31.80% 60.78% n/a
% of Unsecured Liabilities
43.68% 80.03% 48.05% n/a n/a 68.20% 39.22% n/a
Total Assets - Book Value $854.693 $2,388.875 $6,600.273 -$1,534.183 -$5,745.580 $5,004.080 $17,489.025 -$12,484.945
Table 2: Total CCAA Proceedings Filed by Province
- Volume +/- Change 12-Month Period Ending
Q2 2021 Q1 2021 Q2 2020 Q1 2021 – Q2 2021 Q2 2020 – Q2 2021 06-30-2021 06-30-2020 +/- Change
Newfoundland and Labrador 0 0 0 0 0 0 0 0
Prince Edward Island 0 0 0 0 0 0 0 0
Nova Scotia 0 0 0 0 0 0 0 0
New Brunswick 0 0 0 0 0 0 0 0
Quebec 1 3 5 -2 -4 12 13 -1
Ontario 2 6 7 -4 -5 17 20 -3
Manitoba 0 0 0 0 0 0 0 0
Saskatchewan 0 0 0 0 0 0 1 -1
Alberta 2 1 9 1 -7 4 13 -9
British Columbia 0 2 3 -2 -3 6 9 -3
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 5 12 24 -7 -19 39 56 -17
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, CanadaFootnote 3
- Volume +/- Change 12-Month Period Ending
Q2 2021 Q1 2021 Q2 2020 Q1 2021 – Q2 2021 Q2 2020 – Q2 2021 06-30-2021 06-30-2020 +/- Change
Agriculture, Forestry, Fishing and Hunting 0 1 3 -1  -3 4 8 -4
Mining, Quarrying and Oil and Gas Extraction 3 7 2  -4 5 15 -10
Utilities 0  0 -1 0 1 1
Construction 0 2  0 -2 0 4 -4
Manufacturing 2 3 4 -1 -2  8 10 -2
Wholesale Trade 0 1  0 -1 0 1 2 -1
Retail Trade 0 1 4 -1 -4 8 6 2
Transportation and Warehousing 0 0 0 0 0 0 1 -1
Information and Cultural Industries 0 0 0 0 0 0 1 -1
Finance and Insurance 0 2 0 -2 0 3 0 3
Real Estate, Rental and Leasing 0 0 2 0 -2 1 4 -3
Professional, Scientific and Technical Services 0 0 0 0 0 1 0 1
Management of Companies and Enterprises 0 0 1 0 -1 2 2 0
Administrative and Support, Waste Management and Remediation Services 0 0 2 0 -2 1 3 -2
Educational Services 0 1 0 -1 0 1 1 0
Health Care and Social Assistance 0 0 0 0 0 0 0 0
Arts, Entertainment and Recreation 0 0 1 0 -1 1 1 0
Accommodation and Food Services 0 1 0 -1 0 2 0 2
Other Services (except Public Administration) 0 0 1 0 -1 0 1 -1
Public Administration 0 0 0 0 0 0 0 0
Canada 5 12 27 -7 -22 39 59 -20