CCAA Statistics—Fourth 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

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

Company Name Province Sector Monitor Liabilities
(in millions)

Medifocus Inc.

Ontario

Professional, scientific and technical services

MSI Spergel Inc.

$16

Boreal Capital Partners Ltd., JRB-331 Sheddon Holdings Ltd., 2123068 Ontario Limited, JRB-109 Reynolds Holdings Ltd., JRB-339 Church Holdings Ltd., JRB-147 Church Holdings Ltd.

Ontario

Construction

Ernst & Young Inc.

$75

Otso Gold Corp., Otso Gold OY, Otso Gold AB and 2273265 Alberta Ltd.

British Columbia

Mining, quarrying, and oil and gas extraction

Deloitte Restructuring Inc.

$70

Harte Gold Corp.

Ontario

Mining, quarrying, and oil and gas extraction

FTI Consulting Inc.

$166

Kaisen Energy Corp.

Alberta

Mining, quarrying, and oil and gas extraction

Ernst & Young Inc.

$21

Blackrock Metals Inc., Blackrock Mining Inc., BRM Metals GP Inc. and Blackrock Metals LP

Quebec

Mining, quarrying, and oil and gas extraction

Deloitte Restructuring Inc.

$167

Filings by regionFootnote *

Text version

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 fourth quarter of 2019 to the fourth 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 fourth quarter of 2019 and continuing for each quarter until the fourth 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 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.

For the third quarter of 2021, the Ontario Region dropped to 1 filing, the West Region remained at 2 filings, and the East Region dropped to 0 filing.

For the fourth quarter of 2021, the West Region remained at 2 filings, the Ontario Region increased to 3 filings, and the East Region increased to 1 filing.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the fourth quarter of 2021, Ontario had 3 filings (50%), British Columbia had 1 filing (17%), Alberta had 1 filing (17%), and Quebec had 1 filing (17%).

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

Filings by NAICS 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 fourth quarter of 2021. 

The x-axis represents the sectors, which had filings in the fourth quarter of 2021. There are 3 sectors represented, each shown with a blue vertical bar. The 3 sectors represented in the fourth quarter of 2021 are as below:

  1. The mining, quarrying, and oil and gas extraction sector had 4 filings.
  2. The professional, scientific and technical services sector had 1 filing.
  3. The construction 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 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)

Pharmhouse Inc.

Agriculture, forestry, fishing and hunting

Ernst & Young Inc.

Taken up under BIA

281

$171

Le Château Inc. and Château Stores Inc.

Retail trade

PricewaterhouseCoopers Inc.

Taken up under BIA

312

$198

Northern Silica Corporation, Heemskirk Mining PTY. Ltd., Heemskirk Canada Holdings Limited, Heemskirk Canada Limited, Custom Bulk Services Inc., and HCA Mountain Minerals (Moberly) Limited

Mining, quarrying, and oil and gas extraction

Alvarez & Marsal Canada Inc.

Terminated - no compromise or arrangement sanctioned by the court

448

$90

Guardian Financial Corp. and other entities listed on Schedule A

Real estate and rental and leasing

KSV Kofman Inc.

Taken up under BIA

366

$84

Yatsen Group of Companies Inc., SAR Real Estate Inc. et al.

Accommodation and food services

Alvarez & Marsal Canada Inc.

Concluded - compromise or arrangement completed

246

$79

Boutique Tristan & Iseut Inc.

Retail trade

MNP Ltd.

Concluded - compromise or arrangement completed

314

$39

Table 1: Total CCAA ProceedingsDomestic
- Volume +/- Change 12-Month Period Ending
Q4 2021 Q3 2021 Q4 2020 Q3 2021 - Q4 2021 Q4 2020 - Q4 2021 12-31-2021 12-31-2020 +/- Change
Total Domestic Proceedings FiledFootnote 1

6

3

6

3

0

26

60

-34

Filing Affiliates

11

0

23

11

-12

117

230

-113

Filed by Publicly-Traded Companies

3

1

2

2

1

5

14

-9

Filed by Privately-Held Companies

3

2

4

1

-1

21

46

-25

Total Liabilities - Book ValueFootnote 2

$516.178

$85.298

$394.204

$430.880

$121.974

$4,211.135

$8,758.562

-$4,547.427

% of Secured Liabilities

54.13%

19.02%

38.49%

n/a

n/a

31.32%

48.37%

n/a

% of Unsecured Liabilities

45.87%

80.98%

61.51%

n/a

n/a

68.68%

51.63%

n/a

Total Assets - Book Value

$494.339

$69.673

$326.549

$424.666

$167.791

$3,807.580

$9,420.403

-$5,612.822

Table 2: Total CCAA Proceedings Filed by Province
- Volume +/- Change 12-Month Period Ending
Q4 2021 Q3 2021 Q4 2020 Q3 2021 - Q4 2021 Q4 2020 - Q4 2021 12-31-2021 12-31-2020 +/- 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

0

1

1

0

5

15

-10

Ontario

3

1

4

2

-1

12

21

-9

Manitoba

0

0

0

0

0

0

0

0

Saskatchewan

0

1

0

-1

0

1

1

0

Alberta

0

0

1

1

4

10

-6

British Columbia

1

1

1

0

0

4

10

-6

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

3

6

3

0

26

57

-31

Table 3: CCAA Proceedings Filed by NAICS Economic Sector, CanadaFootnote 3
- Volume +/- Change 12-Month Period Ending
Q4 2021 Q3 2021 Q4 2020 Q3 2021 - Q4 2021 Q4 2020 - Q4 2021 12-31-2021 12-31-2020 +/- Change
Agriculture, Forestry, Fishing and Hunting

 0

2

0

-2

1

7

-6

Mining, Quarrying and Oil and Gas Extraction

 4

0

0

4

4

8

9

-1

Utilities

 0

0

1

 0

1

Construction

1

0

1

1

1

3

-2

Manufacturing

0

0

1

0

-1

5

10

-5

Wholesale Trade

0

0

0

0

0

1

0

1

Retail Trade

0

1

1

-1

-1

2

12

-10

Transportation and Warehousing

0

1

0

-1

0

1

0

1

Information and Cultural Industries

0

0

0

0

0

0

0

0

Finance and Insurance

0

0

0

0

0

2

1

1

Real Estate, Rental and Leasing

0

0

0

0

0

0

4

-4

Professional, Scientific and Technical Services

1

0

0

1

1

1

1

0

Management of Companies and Enterprises

0

1

0

-1

0

1

4

-3

Administrative and Support, Waste Management and Remediation Services

0

0

0

0

0

0

4

-4

Educational Services

0

0

0

0

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

0

2

-2

Accommodation and Food Services

0

0

1

0

-1

1

1

0

Other Services (except Public Administration)

0

0

0

0

0

0

1

-1

Public Administration

0

0

0

0

0

0

0

0

Canada

6

3

6

3

0

26

60

-34