What is a CCAA record?

The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. For details about a particular record, click on the company name.

What is CCAA protection?

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. The process begins in the Court system when the company applies to the Court for protection under the CCAA.

What is a CCAA search?

Companies’ Creditors Arrangement Act (CCAA) Records List A list of all companies that have been granted protection under the Companies’ Creditors Arrangement Act (CCAA) since September 18, 2009.

What does creditor protection mean?

The Companies’ Creditors Arrangement Act allows companies to reorganize under court supervision, while keeping creditors at bay. While under protection, a plan to reorganize the company is developed, and a “monitor” is appointed by the court in order to supervise the process.

What is a CCAA filing in Canada?

– The Companies’ Creditors Arrangement Act, or “CCAA” is a federal statute in Canada that enables debtor companies to restructure their financial affairs, including the sale of their business or assets, under the supervision of the Court.

What happens to shares CCAA?

Holders of common stock generally come last. On a regular basis in a CCAA Canada restructuring, they tend to get wiped out. Their old shares come to be worthless. Usually, brand-new shares are issued in the restructured company.

What does the CCAA do?

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.

What is the purpose of the CCAA?

The main purpose of the CCAA is to enable financially distressed companies to avoid bankruptcy, foreclosure or the seizure of assets while maximizing returns for their creditors and preserving both jobs and the company’s value as a functioning business. CCAA proceedings are carried out under court supervision.

What is the difference between BIA and CCAA?

A CCAA plan of arrangement can be made with any particular class or classes of creditors, whereas a proposal under the BIA must include an arrangement with the debtor’s unsecured creditors. In both regimes, various classes of secured creditors may be involved.

How long does creditor protection last?

The stay. If the application is accepted, the Court then issues an order (“initial order”) that typically gives the company 30 days’ protection from its creditors (“stay of proceedings”).

What does it mean when a company files for credit protection?

They do file for protection from their creditors under the inelegantly named Companies’ Creditors Arrangement Act. That’s a federal law that basically gives a company time to try to work out its financial difficulties with its creditors. They can’t seize the company’s property or petition it into bankruptcy.

How long does CCAA process take?

30-days
How long does the CCAA process take and what is the tentative timeline? The Court has granted CCAA protection for an initial period of 30-days, which may be extended for a period that the Court deems appropriate.