Companies’ Creditors Arrangement Act (CCAA) Proceedings
Our Licensed Insolvency Trustees have acted as Court-Appointed Monitor under the Companies’ Creditors Arrangement Act (CCAA) Proceedings. The Companies’ Creditors Arrangement Act (CCAA) makes it possible for complex restructuring of a debtor company or group of affiliated companies involving large numbers of creditors and extensive debt and provides an opportunity for an insolvent company to avoid bankruptcy and continue in business.
The CCAA allows for the reorganization of financially troubled companies under the supervision of the Court. Qualifying debtors are provided with the protection of the Court from all actions or proceedings by creditors, pending submission of a plan of arrangement or compromise to secured and unsecured creditors.
Under the CCAA, the monitor’s role is to monitor the business and financial affairs of the company while it formulates a plan of arrangement and to provide timely information to the court and creditors.
For further information, call us at (604) 558-8020 for a free consultation to discuss.