Friday, May 14, 2021 5:25:54 PM
What is the CCAA? 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. 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 against the company, its directors and officers, and its assets for an initial period of 30 days (which can be further extended as the court deems appropriate) allowing the company to continue to manage the day-to-day operations of the business while it addresses its restructuring objectives in an orderly and efficient manner. CCAA protection provides companies with the time and “breathing room” necessary to emerge as a successful, going concern business and to position the business as a stronger, more competitive company.
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