The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. The debtor can identify a particular creditor or group of creditors as "unaffected." The chart below shows the surge in CCAA filings during the recession in the early 1990s, and then a second surge in the beginning of this decade. A Monitor is an independent third party who is appointed by the Court to monitor the company's ongoing operations and assist with the filing and voting on the Plan of Arrangement. The CCAA filing gives the company protection from its creditors for at least 10 days until it can come up with a plan and the company said it is aiming to eventually reopen. With the number of CCAA filings, the hope is that companies will be able to restructure. Inc. (formerly known as Gymboree, Inc.) 7737734 Canada inc. – Proposition 8318085 Canada Inc. 9227-1584 Quebec Inc. and 9336-9262 Quebec Inc. A-1 Asphalt Maintenance Ltd. Abacan Resource Corporation Acculink Fence and Wire Aero Inventory (Canada) Inc. MJ Biz reports. Golf Town Canada Holdings Inc., Golf Town Canada Inc. and Golf Town GP II Inc. http://cfcanada.fticonsulting.com/golftown/, http://relieffromdebt.ca/quattro-exploration-production-ltd/, Victory Farms Incorporated and Jonathan Mullen Mink Ranch Limited, http://www.insolvencies.deloitte.ca/en-ca/pages/Victory-Farms.aspx. Pure Global Cannabis Inc., Puresinse Inc., 237A Advance Inc., 237B Advance Inc., SPRQ Health Group Corp., and The Great Canadian Hemp Company Ltd. Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd., and 2015059 Alberta Ltd. https://www.richter.ca/insolvencycase/2607380-ontario-inc/. CAIRP acted as an intervenor in the case, arguing against the Crown’s position that its deemed trust for unremitted source deductions under the Income Tax Act, … CCAA proceedings are carried out under supervision of the courts. New Solutions Financial Corporation et al. This decision will be the culmination of a case that McCarthy Tétrault identified as one of the key cases in 2017. Harvest Group GP Corporation and The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. Canada North Group Inc., 2019 ABCA 314 (“Canada North”). On May 25, 2020, the Court granted an Amended and Restated CCAA Initial Order (the " ARIO") further extending the Stay to July 24, 2020. Ltd., New Denmark Farms Ltd., Tilley Farms Ltd. and Agri-Tepper & Sons Ltd. Aadmi Holdings Ltd., Aadmi Properties Ltd., Aadmi Autoworld Inc., Canada Washworld Inc., and Canada Lubeworld Inc. WorldSpan Marine Inc., Crescent Custom Yachts Inc., Queenship Marine Industries Ltd., 27222 Developments Ltd. and Composite FRP Products Ltd. www.boalewood.ca/corporate-matters/worldspan-marine-inc.-june-2011.html. Hush Homes Inc., Hush Inc., 2122763 Ontario Inc., 2142301 Ontario Inc., 2164566 Ontario Inc. https://fullerllp.com/active_engagements/hush-homes-inc-o-a-gardens-of-coronation-hush-inc-2122763-ontario-inc-o-a-thorny-brae-place-2142301-ontario-inc-o-a-silverthorn-mill-2/. In the most recent decision on this issue, the Quebec Superior Court (Court) ruled that a debtor undergoing a restructuring under the Companies' Creditors Arrangement Act (Canada) (CCAA) should not be relieved of its obligation to pay post-filing rent, even in circumstances where its ability to use the leased premises is constrained by governmental orders. When a corporation restructures their business under the CCAA they will receive short term protection from their creditors to give the business a chance to restructure their financial affairs so the business can … Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. www.insolvencies.deloitte.ca/en-ca/Pages/CanaseaGroup.aspx. Performance Sports Group Ltd., Bauer Hockey Corp., Bauer Hockey Retail Corp., Bauer Performance Sports Uniforms Corp., BPS Canada Intermediate Corp., BPS Diamond Sports Corp., Easton Baseball/Softball Corp., KBAU Holdings Canada, Inc., Performance Lacrosse Group Corp., PSG Innovation Corp. SunEdison Canadian Construction LP, SunEdison Canadian Construction GP Corp., SunEdison Canada Origination LP, SunEdison Canada Origination GP Corp., SunEdison Power Canada Inc., et al. Once a company has been granted CCAA protection, the Court enters an Initial Order establishing what is known as a ‘Stay of Proceedings’, which prevents creditors from taking action … Ltd., Heemskirk Canada Holdings Limited, Heemskirk Canada Limited, Custom Bulk Services Inc., and HCA Mountain Minerals (Moberly) Limited, https://www.richter.ca/insolvencycase/roberts-company-canada-limited/, The Clover on Yonge Inc. and The Clover on Yonge Limited Partnership, 1057863 BC Ltd., Northern Resources Nova Scotia Corporation, Northern Pulp Nova Scotia Corporation, Northern Timber Nova Scotia Corporation, 3253527 Nova Scotia Limited, 3243722 Nova Scotia Limited and Northern Pulp NS GP ULC, https://www.ksvadvisory.com/insolvency-cases/case/metro360. https://www.grantthornton.ca/en/service/advisory/creditor-updates/#Mariner-Seafoods-Inc. Hollinger Canadian Publishing Holdings Co. http://www.insolvencies.deloitte.ca/en-ca/Pages/Allen-Vanguard%20Corporation.aspx?searchpage=Search-Insolvencies.aspx, Brainhunter Inc., Treklogic Inc., Brainhunter Canada Inc., Brainhunter (Ottawa) Inc. and Protec Employment Services Limited, Aero Inventory (UK) Limited, Aero Inventory Plc, https://home.kpmg/ca/en/home/services/advisory/deal-advisory/creditorlinks/aero-inventory-uk-limited-and-aero-inventory-plc.html. Section 224 of the Income Tax Act (ITA) allows for “enhanced garnishment” or “super priority” confiscation of funds owing by a third party to a tax debtor who is liable to the Canada Revenue Agency. Urbancorp Cumberland 2 GP Inc., Urbancorp Cumberland 2 L.P., Bosvest Inc., and Westside Gallery Lofts Inc. https://fullerllp.com/active_engagements/urbancorp-cumberland-2-gp-inc/, Lightstream Resources Ltd., 1863359 Alberta Ltd., LTS Resources Partnership, 1863360 Alberta Ltd. and Bakken Resources Partnership, http://cfcanada.fticonsulting.com/Lightstream/. Both CCAA courts allowed the debtors’ requested relief. North Korea's Kim urges stronger military capabilities as party congress ends. A: Pursuant to most CCAA Orders, generally all payments to creditors owed monies, as of the date of the CCAA filing, are stayed pending the creditors' vote on the Debtor's proposed plan of arrangement and compromise (the "Plan"). Ltd. https://www.grantthornton.ca/en/service/advisory/creditor-updates/#Huldra-Silver-Inc. Comstock Canada Ltd., CCL Realty Inc., and CCL Equities Inc. https://www.pwc.com/ca/en/services/insolvency-assignments/comstockcanada.html, raymondchabot.com/fr/dossiers-publics/bock-inc, https://www.ksvadvisory.com/insolvency-cases/case/imarketing-solutions-group-inc, https://www.richter.ca/insolvencycase/effigi-inc/. MONTREAL , Jan. 22, 2021 /CNW Telbec/ - Reitmans ( Canada ) Limited (" Reitmans " or the " Company ") provides a further update today following its filing on May 19, 2020 for creditor protection pursuant to the Companies' Creditors Arrangement Act (the " CCAA "). http://www.insolvencies.deloitte.ca/en-ca/Pages/Stanfield%20Mining%20Group.aspx?searchpage=Search-Insolvencies.aspx. Ltd and 0942069 B.C. FIGR intends to seek approval of a sale process to be conducted by the Monitor in the near future. Inc., Bridge On King Inc. http://www.pwc.com/ca/en/services/insolvency-assignments/anterra.html. Note: New records will be posted within two business days of the initial Court order. I look at the CCAA Canada bankruptcy protection filings since the COVID-19 pandemic emergency shutdown and discuss what it means. Similar to so-called "Chapter 11" bankruptcy filings in the U.S., CCAA proceedings are typically used as a last resort for companies that have run out of options and time. Bruce R. Smith Limited and John Henry Smith Land Inc. Canwest Global Communications Corp., et al. 101098672 Saskatchewan Ltd., Morris Industries Ltd., Morris Sales and Service Ltd., Contour Realty Inc. and Morris Industries (USA) Inc. Nemaska Lithium Inc., Nemaska Lithium P1P Inc., Nemaska Lithium Shawinigan Transformation Inc., Nemaska Lithium Innovation Inc., Nemaska Lithium Whabouchi Mine Inc. Lydian International Limited, Lydian Canada Ventures Corporation and Lydian U.K. 9227-1584 Québec Inc. and 9336-9262 Québec Inc. https://mnpdebt.ca/en/corporate/engagements/DELEquipment. Capital Corp. Kolsy Homes Ltd. And Rivairo Capital Corporation, https://www.bowragroup.com/kolsy-homes-ltd. BioAmber Sarnia Inc., BioAmber Canada Inc., BioAmber Inc. PURCELL BASIN MINERALS INC., BUL RIVER MINERAL CORPORATION, GALLOWAI METAL MINING CORPORATION, GRAND MINERAL CORPORATION, JAO MINE DEVELOPERS LTD., and STANFIELD MINING GROUP OF CANADA LTD. http://mnpdebt.ca/en/corporate/Engagements/Purcell-Basin-Minerals-Inc, https://www.ksvadvisory.com/insolvency-cases/case/discovery-air, http://lemieuxnoletsyndic.com/societe-en-commandite-tilly-de-laval-et-promotions-anne-delisle-inc/, http://cfcanada.fticonsulting.com/Dundee/, Banro Corporation, Banro Group (Barbados) Limited, Banro Congo (Barbados) Limited, Namoya (Barbados) Limited, Lugushwa (Barbados) Limited, Twangiza (Barbados) Limited, Kamituga (Barbados) Limited, http://www.insolvencies.deloitte.ca/en-ca/Pages/Coppersandslandcorp.aspx. V.A. Forward by Email. In parallel, while the CCAA prohibits any person from terminating or amending any agreement because of the debtor’s CCAA or insolvency filing, the CCAA expressly carves out a person’s ability to require “payments to be made in cash for goods, services, use of leased property or other valuable consideration provided after the commencement of proceedings” under the CCAA. REITMANS (CANADA) LIMITED PROVIDES FURTHER UPDATE ON CCAA PROCESS. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company. The cases were filed after Health Canada discovered illicit cultivation at CannTrust's Pelham, Ont., greenhouse and seized cannabis from its unlicensed rooms in July 2019. Using CCAA to save a business. Inc. https://home.kpmg/ca/en/home/services/advisory/deal-advisory/creditorlinks/lauras-shoppe-p-v-inc.html, https://home.kpmg.com/ca/en/home/services/advisory/deal-advisory/creditorlinks/co-op-atlantic-co-op-energy-ltd-c-a-realty-ltd.html, https://www.richter.ca/insolvencycase/sfp-canada-ltd/. The Company filed for creditor protection and obtained an initial order under the CCAA on May 19, 2020, which was further amended and restated … Any discrepancies between the creditor's Proof of Claim and the company's records are investigated by the company. The John Forsyth Shirt Company Ltd., Forsyth Holdings, Inc. and Forsyth of Canada, Inc. cfcanada.fticonsulting.com/ExtremeFitness/. Using CCAA to save a business. There is no time limit on how long the Stay can be extended. CannTrust remains under Companies' Creditors Arrangement Act protection as it deals with multiple class action lawsuits and other litigation. For now, the decision of the majority in Canada North ensures an increased level of certainty in CCAA filings, provides much-needed protection for participants in such proceedings and avoids the chill which would certainly have resulted from a contrary decision. Creditloans Canada Financing Inc. and Creditloans Canada Capital Inc. On September 30, 2020, an Order (the “CCAA Initial Order”) was granted by the Honourable Madam Justice Shelly Fitzpatrick of the Supreme Court of British Columbia (the “Court”) pursuant to the Companies' Creditors Arrangement Act (the “CCAA”) granting Creditloans Canada Financing Inc. (“Financing Inc.”) and Creditloans Canada … The CCAA, or the Companies’ Creditors Arrangement Act, is a federal law in Canada that provides insolvent companies with debts in excess of $5 million an orderly and supervised means to restructure their businesses. Share on Facebook. records list. http://www.extranets.bdo.ca/elephantcastle/. 1610822 Alberta Ltd. Foundation Mortgage Corporation and Foundation Mortgage "2" Corporation, Durabla Manufacturing Company and Durabla Canada, https://documentcentre.eycan.com/Pages/Main.aspx?SID=248, https://www.ksvadvisory.com/insolvency-cases/case/allied-systems-holdings-inc. For details about a particular record, click on the company name. Management of FIGR will remain responsible for the day-to-day operations under the general oversight of the Monitor. Please see www.pwc.com/structure for further details. The Monitor prepares a report on the Plan of Arrangement that is usually included in the mailing of the Plan. “To permit the debtor to continue to carry on business and, where possible, avoid the social and economic costs of liquidating its assets,” wrote then-justice Marie Deschamps. The CCAA is restricted to larger corporations, as a corporation must have amounts owing to creditors in excess of $5 million to be eligible to use the Act. Parties agreed to settle litigation by way of CCAA Plan of Arrangement. Canada North Group Inc., Canada North Camps., Campcorp Structures Ltd., D.J. The Court appointed BDO Canada Limited as the monitor of the Redrock Group (the "Monitor"). Ltd. Stantive Technologies Group Inc., 2441808 Ontario Inc., 2509876 Ontario Inc. and 1940857 Alberta Ltd. Payless ShoeSource Canada Inc., Payless ShoeSource GP Inc. and Payless ShoeSource LP, http://cfcanada.fticonsulting.com/paylesscanada. Les Grands Travaux Soter Inc., Les Constructions Marc Lussier Inc., 9063-0757 Québec Inc. https://www.raymondchabot.com/en/public-records/les-grands-travaux-soter-inc/, www.raymondchabot.com/dossiers-publics/9 323-7055 quebec-inc/. Since its initial filing, the company obtained extensions of the initial order until Jan. 22, 2021. Marine Drive Properties LTD., Wyndansea Development Corporation and Wyndansea Hotel Inc. 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