Canada Gazette, Part I, Volume 160, Number 40: Regulations Amending the Companies’ Creditors Arrangement Regulations

October 3, 2026

Statutory authority
Companies’ Creditors Arrangement Act

Sponsoring department
Department of Industry

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Executive summary

Issues

The Office of the Superintendent of Bankruptcy (OSB) is responsible for supervising all estates to which the Bankruptcy and Insolvency Act (BIA) applies, as well as certain matters under the Companies’ Creditors Arrangement Act (CCAA). The proposed regulatory amendments in this package address the following issues:

• The Superintendent of Bankruptcy (the Superintendent) has the power to collect a levy under both the BIA and the CCAA to defray the expenses incurred in their regulatory duties. However, the amount and time of payment of the levy to be paid under the CCAA have not yet been prescribed. Because of this, CCAA activities have been funded from the OSB’s general revenues. The funding is, however, insufficient and is limiting the OSB’s ability to assign resources to perform regulatory duties under the CCAA, especially considering there is an increased number of CCAA filings year-over-year and that the filings are becoming more complex. With the current resources, it is also very challenging for the OSB to proactively manage issues and broader policy challenges arising from CCAA filings.
• The four CCAA forms prescribed in the schedule to the Companies’ Creditors Arrangement Regulations (CCAR) have not been modified since their introduction in 2009. Three of these forms^{footnote 1} are filled by monitors to collect information on each proceeding and are sent to various stakeholders, whereas the fourth form^{footnote 2} is a notice by the debtor company to disclaim or resiliate an agreement. The first three forms contain duplicate questions, which add unnecessary administrative burden on both monitors filling out the forms and the OSB in recording the data, without providing any benefits to the debtor company, the courts, the monitors, the creditors, or the OSB. On the other hand, there are also some gaps in data collection, limiting the ability of the resulting information to meaningfully inform the courts’ decisions on CCAA filing progressions and outcomes, to offer transparent information for creditors or to allow the OSB to address trends or issues routinely occurring throughout CCAA filings through future policy, regulatory and/or legislative modifications.

Background

The OSB licenses and regulates the insolvency profession; supervises the administration of estates in bankruptcies, commercial reorganizations, consumer proposals and receiverships; maintains a public record of BIA and CCAA filings; records and investigates complaints regarding the insolvency process; and ensures compliance through the maintenance and enforcement of the regulatory framework.

The BIA offers debtors, both individuals and corporations with at least $1,000 in liabilities, various filing options to manage debt, including bankruptcies and proposals. The CCAA is only available to corporations that have liabilities over $5 million and acts as a method for corporations to review their finances with the goal of restructuring their business rather than closing it altogether. Corporations work with a monitor, who is mandatorily a Licensed Insolvency Trustee (LIT) regulated by the OSB, throughout their proceeding to complete various administrative requirements under the CCAA. One of these requirements includes submitting three forms to collect various administrative information on the company and its proceeding. These three forms are submitted at different times throughout a proceeding and reflect information about a company’s finances from the beginning of the proceeding to the end of a proceeding once it has successfully restructured. The forms provide pertinent information for the OSB and stakeholders, including for monitors and the courts, and can influence the ways in which a CCAA proceeding progresses.

The last regulatory amendments to the Bankruptcy and Insolvency General Rules (the “BIGR”) and the CCAR were made in 2009. Since then, changes in technology, inflation, trends in insolvency proceedings, and shifts in the ways in which stakeholders work have led to the identification of various issues within the insolvency system that should be addressed to ensure the system is working in a contemporary fashion and is adapting to current and future needs. In 2023, amendments were enacted to the BIA and the CCAA by the Pension Protection Act (Bill C-228) to ensure that claims in respect of unfunded liabilities or solvency deficiencies of pension plans, and claims relating to the cessation of an employer’s participation in group insurance plans are paid in priority in the event of bankruptcy proceedings. Additional amendments were made to the BIA and the CCAA the following year through the enactment of the Financial Protection for Fresh Fruit and Vegetable Farmers Act (Bill C-280) to grant a deemed trust in favour of unpaid fresh produce sellers.

In March 2021, the OSB launched the 90-day Comprehensive Review of Directives and Regulations (CRDR) and invited stakeholders to submit recommendations and comments on how to modernize and improve the insolvency regulatory framework, enhance the effectiveness of its administration, and increase accessibility to insolvency proceedings. Upon review of the submissions for this consultation process, it was noted that there are various areas in which the BIGR and CCAR could be modified to ensure the insolvency system operates in an efficient manner while adapting to current and future needs. The results of this review form the basis of this regulatory proposal and of another regulatory proposal that was published in the Canada Gazette, Part I, on November 29, 2025, which included further proposed amendments to the BIGR and CCAR.

Objective

The intent of this regulatory proposal is to ensure that the insolvency system can be made more agile, transparent and responsive without jeopardizing the integrity of the system. The increased revenues from the proposed levy would aid in funding a more proactive role for the OSB. When combined with the more organized submittal of information in the three amended forms, this would allow the OSB to better deploy the tools within its authority in order to manage issues arising both from individual filings and broader policy challenges. This would help ensure the insolvency system continues to function as intended and is able to effectively adapt to an ever-changing environment.

Description

The proposal has been organized into the following two categories:

I. Introducing a levy under the CCAA

The regulatory proposal would add a new section to prescribe that the proposed amount and time of payment of the levy would be $25,000 payable by the monitor to the OSB at the time of filing of the initial application with the court. The amount paid would be coming out of the amounts of money available in the estate. This amount would be indexed annually to inflation and adjusted to the nearest $5.

II. Amending three forms under the CCAR

Forms 1, 2 and 3 would be amended to eliminate duplication, correct grammar errors, and add questions allowing for monitors to provide additional relevant data to the OSB and other stakeholders, including data that will be needed to oversee new requirements resulting from amendments to the CCAA as enacted by Bill C-228 in 2023 and Bill C-280 in 2024.

Regulatory development

Consultation

The Superintendent has the authority under the CCAA to prescribe a levy to defray the expenses incurred in performing regulatory duties but has not yet prescribed the amount. Introducing the levy is imperative for the Superintendent to continue their duties in regulating CCAA filings as the number of filings increases year over year.

In 2025, targeted consultations were held with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), which represents approximately 95% of LITs, and the Insolvency Institute of Canada (IIC), which is comprised of commercial restructuring and insolvency professionals. These consultations were held through email exchanges. The overall consensus from the consultation was that a fixed levy of $25,000 for a CCAA filing would be reasonable and would not impose a hardship on corporations with over $5 million in liabilities; however, it was recommended by these stakeholders that the levy be payable at the end of the administration of the proceeding and deducted from the amounts distributed to the creditors, rather than being paid by the monitors at the time of the initial filing with the court. Despite these recommendations, the OSB is not making the suggested changes to the proposal because the CCAA clearly states that the levy is payable by the monitor, contrary to the situation under the BIA. Moreover, having the levy paid only at the time of the distribution of amounts to the creditors means that there would be no levy payable in many cases, as the main goal of the CCAA is to allow corporations to restructure and it often happens that no amounts are paid out to creditors.

Creditor representatives were also contacted in 2025 to obtain their opinion on the proposed levy, but they did not respond.

As for the proposed changes to the CCAA forms, various changes were recommended during the 2021 CRDR public consultations. The OSB then held targeted consultations by forming a working group with IIC to discuss the CCAA forms in 2022, which has allowed the OSB to gather more specific feedback and to clarify comments received in the context of the CRDR. IIC provided insight and recommendations on various new questions to be added to the forms and recommended deleting some questions that are currently duplicated.

Indigenous engagement, consultation and modern treaty obligations

The proposed amendments would have no impact on Indigenous people.

Instrument choice

Amending the forms is the most cost- and time-efficient method of obtaining the additional information from the monitors and these modifications can only be done by regulatory amendments, as the forms are included in the schedule to the CCAR. The Superintendent does not have a directive-making power under the CCAA, analogous to the directive-making power under that BIA, that would allow for the issuance of different forms to collect this additional information.

Although the information can also be obtained by reviewing documents on each proceeding’s Web page published by the responsible monitor, it is very costly and time consuming for the OSB and for other stakeholders, such as creditors, to review every single CCAA proceeding’s Web page and scan through hundreds of pages of documents to find the exact information, especially considering that many of these documents are in PDF format and are not searchable because of the way they were created. Moreover, the information in these documents is subject to change from time to time and, therefore, may not be accurate. Hence, it is more efficient and less burdensome to amend the forms to collect the information at the onset of the proceeding for Form 1 and Form 2, and at the end of the proceeding through Form 3.

Likewise, operationalizing the levy provided for under the CCAA requires the amount of the levy and the time of its payment to be specified in the CCAR, which cannot be done other than through regulatory amendments.

Regulatory analysis

Benefits and costs

The following provides a summary of the assumptions, methodology and results of the cost-benefit analysis for this regulatory proposal. For full details, a separate report is available on request by contacting the email address provided at the end of this Regulatory Impact Analysis Statement.

The cost-benefit analysis of the proposed regulatory amendments focuses on the implementation of a levy on insolvency proceedings under the CCAA, as this is the main impact; however, details on form changes are also discussed. CAIRP and IIC have been consulted on the impacts of both the levy and the form amendments. All impacts are measured relative to a baseline scenario in which insolvency proceedings in Canada continue to be governed by the current regulatory framework. In terms of the analysis, the baseline and regulatory scenario examined can be broadly described as follows.

Baseline scenario

In the baseline scenario, no levies are charged on companies that restructure under the CCAA. OSB activities to oversee and ensure a smoothly operating insolvency system under the CCAA continue to be funded from other OSB revenue sources, limiting the OSB’s capacity to act in a more proactive manner to manage issues and broader policy challenges arising from CCAA filings, and potentially putting pressure on OSB operations.

No additional questions would be added on the first three forms related to CCAA proceedings. This lack of additional information limits the OSB’s ability to perform its oversight role, as manually sorting through hundreds of pages of documents for each CCAA proceeding is not feasible due to the considerable time and resources required.

Regulatory scenario

Under the proposed regulatory changes, a levy of $25,000 would be paid by monitors to the OSB for filings under the CCAA, which would be sufficient to cover the majority of costs associated with OSB activities in the oversight and management of the CCAA insolvency framework.

Additional questions would be asked on forms related to CCAA proceedings completed by monitors, enabling better oversight and analysis with improved record keeping.

Assumptions

The following is a list of assumptions regarding the cost-benefit analysis.

CCAA levy

• A levy would not impact the decision of insolvent businesses to pursue a reorganization under the CCAA, as the proposed levy is estimated to represent only 0.02% ($1 per $5,000 of assets) of funds in insolvent business estates and would be lower than the levy that would be payable under the BIA should the insolvent corporation decide to file a Division I proposal under the BIA^{footnote 3} instead of a CCAA proceeding (i.e. for $2,000,000 or more of dividends paid to creditors, the BIA levy would be $62,500).
• OSB costs to oversee CCAA filings are proportional to its number of filings.

CCAA form updates

• Data extraction for information required in the new forms would take the OSB three times more resources to complete than it would monitors, who can incorporate the information collection electronically as part of their standard operating procedures.
• The updates to IT systems would be made at the same time as changes required by the other regulatory amendments included in the regulatory proposal titled Regulations Amending the Bankruptcy and Insolvency General Rules and the Companies’ Creditors Arrangement Regulations published in the Canada Gazette, Part I, on November 29, 2025; therefore, they would not impose any incremental costs for the purpose of this regulatory proposal.

CCAA levy and CCAA form updates

• The inflation rate over the period of analysis is 2% per year.
• Based on historical trends, CCAA filings are assumed to increase at a rate of 2.85% annually.
• The period of analysis runs from 2026 to 2045 (20 years).
• A discount rate of 7% is used and discounting is assessed at the end of each year over the assessment period.
• A price year of 2025 is used to represent all real values.

Methodology and results

Benefits

1. Increased OSB revenue

Since there is no levy charged in the baseline scenario on CCAA filings, all levies collected in the regulatory scenario would be net increases for the OSB. To assess this impact, the projected number of filings under the CCAA has been multiplied by the proposed $25,000 levy (adjusted for inflation). The number of filings is estimated to begin at 45 in the first year and increase at a rate of 2.85% per year until it reaches 77 in the final year. The total funds collected by the levy to offset OSB operations over the 20-year period of analysis would be $14.5 million ($1.4 million annualized).

The levy would help ensure that the OSB is able to continue to operate at levels sufficient to oversee a smooth and fair insolvency process in Canada, reducing its dependence on income collected in relation to other OSB activities.

2. Decreased data search and entry costs

In the baseline scenario, the OSB itself would be collecting the additional information requested on the three forms proposed to be amended from the multiple documents collected by monitors during a CCAA insolvency proceeding. It is expected that it would take much more time for the OSB to perform this task than it would take the monitors themselves to perform the same task. Monitors are best positioned to organize their processes to extract the requested information in the most efficient manner possible. Each monitor has its own processes and manners of organizing information that would make it impossible for a third party to retrieve and submit the selected data points quicker.

Based on a study that compared data collection costs between paper Case Report Forms (pCRFs) and electronic Case Report Forms (eCRFs) for clinical studies,^{footnote 4} it has been assumed that a similar level of savings would be achieved by having monitors collect this information electronically as compared to the OSB extracting the same data from PDF documentation. The study found that pCRFs cost three times as much as compared to eCRFs. This implies that this benefit would have a value of at least three times the estimated cost associated with the proposed form updates.

For all these reasons, the proposed regulatory requirements to the forms are expected to provide estimated savings of $209,702 over the 20-year period of analysis ($19,794 annualized). This amount is greater than the cost of any alternative method that could be used to obtain the same information and provides a benefit greater than the estimated incremental costs associated with this activity, as the data provided by the proposed amendments would enable analysis and oversight that would otherwise not occur under the baseline scenario.

Costs

1. Reduced creditor recovered debt

Levies paid to the OSB from the estates of insolvent companies seeking to reorganize under the CCAA could ultimately result in less money available to be paid out to creditors, as the payment of the proposed levy would be taken from estates prior to creditor distribution payments. This amount would match the increased revenue collected by the OSB. In most cases, this reduction is expected to be a small fraction of the amounts available in the insolvent businesses estates ($1 out of every $5,000) and would total $14.5 million ($1.4 million annualized) over the 20-year period of analysis.

2. CCAA form updates

Three forms under the CCAR would be updated for clarification purposes and to collect more information that would facilitate analysis and oversight of insolvency proceedings. Although the data is already collected by monitors as part of CCAA proceedings, available on the monitors’ websites and transferred to the OSB after the end of the administration of the CCAA proceedings, including the data in the forms at issue would require monitors to identify, enter and submit this information to the OSB in an organized manner. The data can then be directly transferred to the OSB database, allowing it to be processed and analyzed with limited additional effort. Over the 20-year period of analysis, this would impose new costs of $69,901 ($6,598 annualized) on monitors who would be required to collect and enter the requested information in the designated forms.

Cost-benefit statement

• Number of years: 20 (2026 to 2045)
• Price year: 2025
• Present-value base year: 2026
• Discount rate: 7%

Table 1: Monetized benefits

Impacted stakeholder	Description of benefit	Base year (2026)	2035	Final year (2045)	Total (present value)	Annualized value
Government	Increased OSB revenue	$1,100,164	$1,421,740	$1,890,708	$14,539,465	$1,372,423
	Decreased data search and entry costs	$0	$22,067	$29,344	$209,702	$19,794
All stakeholders	Total benefits	$1,100,164	$1,443,807	$1,920,052	$14,749,167	$1,392,217

Table 2: Monetized costs

Impacted stakeholder	Description of cost	Base year (2026)	2035	Final year (2045)	Total (present value)	Annualized value
Industry	CCAA form updates	$0	$7,356	$9,781	$69,901	$6,598
	Reduced creditor recovered debt	$1,100,164	$1,421,740	$1,890,708	$14,539,465	$1,372,423
All stakeholders	Total costs	$1,100,164	$1,429,096	$1,900,489	$14,609,366	$1,379,021

Table 3: Summary of monetized benefits and costs

Impacts	Base year (2026)	2035	Final year (2045)	Total (present value)	Annualized value
Total benefits	$1,100,164	$1,443,807	$1,920,052	$14,749,167	$1,392,217
Total costs	$1,100,164	$1,429,096	$1,900,489	$14,609,366	$1,379,021
Net impact	$0	$14,712	$19,563	$139,801	$13,196

Qualitative impacts

The information provided by the new questions in forms would facilitate additional oversight and research by the OSB that would not otherwise be pursued due to the prohibitive cost of collecting the data, including information regarding the treatment of pensions as a priority creditor claim. This represents a significant benefit for all stakeholders, including creditors, employees of insolvent companies, courts, and academia.

Sensitivity analysis

The assumption that would impact the end results the most is the assumed growth rate of insolvency filings under the CCAA. If growth in CCAA insolvencies is lower than the 2.85% forecast, then fewer levies would be collected by the OSB and less administrative costs would be carried. At a growth rate of 1%, only $9.0 million would be collected (total present value) as compared to $14.5 million in the central case over the 20 years. On the other hand, with higher growth in insolvency, then more levies would be collected. At a growth rate of 4%, $19.7 million in levies would be collected. Similarly, at a growth rate of 1%, administrative costs would be reduced to $42,758 from $69,901. At a 4% growth rate, these costs would increase to $95,357. Associated benefits for OSB operational savings would still be three times those estimated for the administrative costs carried due to changes to CCAA forms.

Distributional analysis

The value of the levy that would be collected from the proposed amendments is minor compared to that of other payments into and out of estates of insolvent companies within the context of a typical CCAA filing. Thus, no significant differences in how particular groups of stakeholders experience these changes are expected in the baseline scenario or the regulatory scenario. Increases in the administrative burden on LITs would be focused on those operators that specialize in CCAA proceedings, which tend to be larger organizations who are well positioned to implement upfront adjustments to avoid associated long-term costs. The impact on creditors is anticipated to be negligible.

Small business lens

Since some creditors are also small businesses, these regulatory amendments would impose costs on them by lowering the amount of debt they are able to recover from insolvent businesses. Additionally, a portion of businesses that offer LIT services are also small businesses and would, therefore, face administrative burden costs related to the additional questions on forms.

In terms of LITs, just over 47% of the roughly 3 200 offices are associated with businesses operating in 10 or more locations. Assuming that an LIT office may have, on average, 10 employees, this would mean that about half (53%) of the offices offering LIT services could be considered as small businesses (i.e. having fewer than 100 employees). As for creditors, it is assumed that the majority of the debts are owed to large businesses, with only about 3.7% being owed to small businesses. This percentage is the same as the one the OSB had estimated for previous regulatory proposals for the percentage of debts owed to small business creditors of consumer debtors based on evidence that the majority of debts are owed to large financial institutions or the Canada Revenue Agency. It is to be noted that these large creditors are present in the vast majority of insolvency proceedings and that each of them is a “regular” creditor that is involved on a regular basis, whereas a given small business creditor will most likely be present in only one or a very few number of insolvency proceedings.

While the proposed levy would result in fewer funds available for small business creditors in proceedings under the CCAA, the intent of this is to cease subsidization of the OSB’s CCAA-related activities from its general revenues. This would allow the OSB to focus more resources on BIA insolvencies, which would provide a greater overall return to small businesses that are more likely to file an ordinary bankruptcy or a Division I proposal under the BIA if they become insolvent. Additionally, questions added to existing forms under the CCAR are focused on information that LITs already collect as part of their common business practices, limiting the administrative burden to the entry and transmission of this information to the OSB in the required format. In this way, the OSB has taken into consideration, and limited impacts on, small businesses in its regulatory design.

Concerning regulatory flexibility, there is no change that could have been made to the proposed amendments that would reduce the impact of fewer funds available for small business creditors from estates of insolvent companies under the CCAA. As for the burden of additional information requirements in the forms, options for businesses to provide less information, or to provide this information in alternative formats, would defeat the purpose of its collection through the forms in the first place.

Small business lens summary

• Number of small businesses impacted: n/a^{footnote 5}
• Number of years: 20 (2026 to 2045)
• Price year: 2025
• Present-value base year: 2026
• Discount rate: 7%

Table 4: Total administrative and compliance costs

Type of cost	Description of cost	Present value	Annualized value
Administrative	CCAA forms updates for small business monitors	$36,683	$3,463
Compliance	Reduced creditor recovered debt for small business creditors	$537,960	$50,780
Total		$574,644	$54,242

One-for-one rule

The one-for-one rule applies, since there would be an incremental increase in the administrative burden on businesses, and the proposal is considered “burden in” under the rule. The proposed amendments would result in an additional annualized cost of $1,644 (2012 CAD) of the administrative burden, as estimated using the prescribed method of the Red Tape Reduction Regulations. No regulatory titles would be repealed or introduced.

Specific requirements that have been identified as meeting the definition of administrative burden as defined by the Red Tape Reduction Act, and the assumptions used in the calculations of the burden reduction/increase follow. All assumptions relating to the time required to complete the forms have been verified via consultations with LITs and are based on their experiences or on historical data on insolvency filings.

Three forms completed by monitors and submitted to the OSB in relation to insolvency proceedings under the CCAA would be updated for clarity purposes and to facilitate oversight and management. These changes have been estimated to take an additional three hours, which represents a third of the burden that would be imposed on government employees if the decision were made not to add these additional questions in the CCAA forms. It has been estimated that the changes would impact on average 5.175% of monitors each year based on the annualized number of CCAA proceedings filed per year, spread over the population of 1 000 monitors, at a frequency of once per year. The cost of labour to complete this task has been associated with financial administrative occupations.

Regulatory cooperation and alignment

Given the technical nature of the proposed amendments, there is no regulatory cooperation and alignment component associated.

International obligations

The proposal is not linked to any international agreements or obligations.

Effects on the environment

In accordance with the Cabinet Directive on the Environmental Assessment of Policy, Plan and Program Proposals, a preliminary scan concluded that a strategic environmental assessment is not required.

Gender-based analysis plus

No impacts based on gender and other identity factors have been identified for this proposal.

Implementation, compliance and enforcement, and service standards

Implementation

The introduction of a levy and amendments to the forms under the CCAR would require software updates to facilitate implementation by monitors and by the OSB. On the OSB side, two different systems must be modified: updates would be required to the financial system for the levy, and changes to the CCAA system would be needed for the forms. Although the changes to the financial system used to manage the OSB’s finances would be relatively straightforward, the modifications to the CCAA system would be significant, as they would be integrated in the new CCAA system that is currently being developed to manage CCAA proceedings. Therefore, it is proposed that the amendment relating to the levy comes into force upon registration of the proposed Regulations, but that the amendments to the forms come into force one year after the proposed Regulations are registered.

To ensure the effective and efficient implementation of the proposed regulatory amendments, the OSB would adopt a compliance promotion approach. When they are published in the Canada Gazette, Part II, a notice would be emailed to all LITs informing them of the regulatory amendments and outlining how these may affect their operations. Additionally, the OSB would publish information regarding the regulatory amendments on its own website for all other stakeholders to access.

Compliance and enforcement

To fulfill part of its mandate, the OSB has various compliance and enforcement strategies and policies. The OSB’s Compliance Framework outlines the OSB’s regulatory duties, sets out the expected outcomes and objectives of compliance programs, and expands on the compliance activities’ underlying approaches and strategies. A section of the framework outlines the OSB’s methods to ensure monitors comply with their duties under the CCAA, the Code of Ethics under the BIA, and any duties the court imposes. The OSB also receives, records and investigates complaints made with respect to monitors. Additionally, the court is often heavily involved in CCAA proceedings and can address non-compliance when required. No new instruments are required.

Moreover, because monitors must be LITs, the non-payment of the levy can be considered during the annual licence renewal process of the LIT under the BIA.

Contact

Stakeholders are invited to provide feedback on the regulatory proposal. Public enquiries and requests for the cost-benefit analysis report can be sent to Miranda Killam, Deputy Superintendent, Regulatory Policy and Public Affairs, Office of the Superintendent of Bankruptcy, osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca.

PROPOSED REGULATORY TEXT

Notice is given that the Governor in Council proposes to make the annexed Regulations Amending the Companies’ Creditors Arrangement Regulations under section 62^{footnote a} of the Companies’ Creditors Arrangement Act ^{footnote b}.

Interested persons may make representations concerning the proposed Regulations within 30 days after the date of publication of this notice. They are strongly encouraged to use the online commenting feature that is available on the Canada Gazette website but if they use email, mail or any other means, the representations should cite the Canada Gazette, Part I, and the date of publication of this notice, and be sent to the Office of the Superintendent of Bankruptcy, 235 Queen Street, Ottawa, Ontario K1A 0H5 (email: osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca).

Ottawa, September 28, 2026

Janna Rinaldi
Assistant Clerk of the Privy Council

Regulations Amending the Companies’ Creditors Arrangement Regulations

Amendments

1 The Companies’ Creditors Arrangement Regulations ^{footnote 6} are amended by adding the following after section 9:

Paragraph 23(1)(f.1) of the Act

9.1 (1) For the purposes of paragraph 23(1)(f.1) of the Act, the prescribed levy is $25,000 and the prescribed time is when the initial application is made with the court or when proceedings that were commenced under Part III of the Bankruptcy and Insolvency Act are taken up and continued under the Act.

Adjustment — consumer price index

(2) The amount of the levy is to be adjusted on April 1 of each fiscal year by the percentage change over 12 months set out in the April All-items Consumer Price Index for Canada for the previous fiscal year, as published by Statistics Canada under the Statistics Act.

Rounding

(3) The adjusted amount is to be rounded to the nearest multiple of five or, if it is equidistant from two consecutive multiples of five, to the lower multiple of five.

2 The schedule to the Regulations is replaced by the schedule set out in the schedule to these Regulations.

Transitional Provision

3 The schedule to the Companies’ Creditors Arrangement Regulations, as it read immediately before the day on which section 2 of these Regulations comes into force, continues to apply in respect of any proceedings that were commenced before that day.

Coming into Force

4 (1) Subject to subsection (2), these Regulations come into force on the day on which they are registered.

(2) Sections 2 and 3 come into force on the first anniversary of the day on which these Regulations are registered.

SCHEDULE

(Section 2)

SCHEDULE

(Section 9, subsection 11(1) and section 13)

FORM 1

Information Pertaining to Initial Order

(To be filed with the Superintendent of Bankruptcy under paragraph 23(1)(f) of the Companies’ Creditors Arrangement Act)

The following information pertains to the order made on the initial application in respect of (name of debtor company):

• 1 The name of the court, the judicial district and the court file number:
• 2 The date on which the order is made:
• 3 The debtor company’s head office address and telephone number, and, if any, its Web site address:
• 4 The names under which the debtor company carries on business, if different from the name indicated above:
• 5 The monitor’s name and Web site address:
• 6 The name, address, telephone number and email address of monitor’s representative responsible for the proceedings:
• 7 The address of the Web page created for the proceedings:

Dated at , , on 20.

Monitor’s representative responsible for the proceedings

FORM 2

Debtor Company Information Summary (Commencement of Proceedings)

(To be filed with the Superintendent of Bankruptcy under paragraph 23(1)(f) of the Companies’ Creditors Arrangement Act)

PART 1

Information Respecting Debtor Company

• 1 The debtor company’s name and any other names under which it carries on business:
• 2 The debtor company is
  • ☐ a corporation incorporated under an Act of Parliament
  • ☐ a corporation incorporated under an Act of the legislature of a province
  • ☐ a not-for-profit corporation
  • ☐ a foreign corporation
  • ☐ other (specify: )
• 3 The industry type code under the North American Industry Classification System:
• 4 The number of employees as of the day on which the order on the initial application is made:
• part-time employees

full-time employees

• 5 The number of unionized employees as of the day on which the order on the initial application is made:
• part-time employees

full-time employees

• 6 The names and titles of the directors and officers:
• 7 Have there been any previous
  • proceedings under the Bankruptcy and Insolvency Act? ☐ Yes ☐ No
    If yes, indicate the estate number:
  • proceedings under the Companies’ Creditors Arrangement Act? ☐ Yes ☐ No
    If yes, indicate the name of the court, the judicial district and the court file number:
  • foreign proceeding? ☐ Yes ☐ No
    If yes, indicate the country, the name of the court, the judicial district and the court file number:
• 8 Are the debtor company’s shares or units publicly traded? ☐ Yes ☐ No
  If yes, indicate the country and the corresponding index symbol:
• 9 The incorporation number, if applicable:
• 10 Are there companies that are affiliated with or subsidiaries of the debtor company?
  • ☐ Yes ☐ No
  • If yes, indicate the names of the affiliated and subsidiary companies:
• 11 The date of the debtor company’s most recent consolidated financial statements:
  • // (YYYY/MM/DD)
• 12 The statements referred to in item 11 are
  • ☐ audited (indicate auditor’s name: )
  • ☐ unaudited
• 13 The debtor company’s book values as set out in the statements referred to in item 11:

Liabilities — category	Value ($)
Unsecured claims
Secured claims
Priority claims Employees Crown Other
Charges or securities with prior ranking (super-priorities) Interim financing Critical suppliers Directors or officers Expenses and fees of the monitor and of experts Statutory securities
Provable claims Equity claims Present or future claims Trust claims Claims subject to a right of set-off or compensation Other
Deemed trusts For the benefit of His Majesty For the benefit of an unpaid supplier of perishable fruits or vegetables
Other liabilities
	Total:

Assets — category	Value ($)
Cash and cash equivalents Commercial papers (bills of exchange, promissory notes, warrants, etc.) Demand deposits Other cash assets
Tangible or corporeal assets Real property or immovables (land, buildings, plants, etc.) and any interests or rights in real property or immovables Machinery, tools, equipment Trade fixtures, computer hardware, etc. Vehicles Livestock Inventory Other
Intangible or incorporeal assets Intellectual property (patents, trademarks, copyrights) Licences Cryptoassets, including cryptocurrencies and non-fungible tokens An interest or right under the terms of a will Other
Financial assets Accounts receivable and other debts owed Securities (shares, bonds, debentures, etc.)
Other assets
	Total:

• 14 Does the debtor company participate in any prescribed pension plans for the benefit of its employees?
  • ☐ Yes ☐ No
  • If yes, provide the name of each plan and indicate whether it is a defined benefit plan or defined contribution plan, its funding level, whether it is solvent or insolvent, whether it is valued on a going-concern basis or not and the number of active members:

Name of plan	Type of plan(defined benefit plan or defined contribution plan)	Plan funding level ($)	Solvency of plan(solvent or insolvent)	Going-concern basis (yes or no)	Number of active members

• 15 The Name, address, telephone number and email address of the debtor company’s legal counsel:

PART 2

Information Respecting Monitor

• 16 The monitor’s toll-free number for the proceedings, if any:
• 17 The address of the Web page created by the monitor for the proceedings:
• 18 The name, address, telephone number and email address of the monitor’s legal counsel:

PART 3

Information Respecting Foreign Proceeding (if Applicable)

• 19 The foreign representative’s name:
• 20 The country, the name of the court, the judicial district and the court file number of the foreign proceeding:
• 21 The foreign proceeding is a
  • ☐ main proceedingr
  • ☐ non-main proceeding
• 22 The date of the first order in the foreign proceeding: // (YYYY/MM/DD)

Dated at , , on 20.

Monitor’s representative responsible for the proceedings

FORM 3

Debtor Company Information Summary (Following the Order Discharging the Monitor)

(To be filed with the Superintendent of Bankruptcy under paragraph 23(1)(f) of the Companies’ Creditors Arrangement Act)

PART 1

Information Respecting Debtor Company

• 1 The debtor company’s name
  • at the time of filing the application:
  • at the time of the monitor’s discharge:
• 2 The file number assigned by the Superintendent of Bankruptcy:
• 3 The date of the debtor company’s most recent consolidated financial statements: // (YYYY/MM/DD)
• 4 The statements referred to in item 3 are
  • ☐ audited (indicate auditor’s name: )
  • ☐ unaudited
• 5 The debtor company’s book values as set out in the statements referred to in item 3:

Liabilities — category	Value ($)
Unsecured claims
Secured claims
Priority claims Employees Crown Other
Charges or securities with prior ranking (super-priorities) Interim financing Critical suppliers Directors or officers Eexpenses and fees of the monitor and of experts Statutory securities
Provable claims Equity claims Present or future claims Trust claims Claims subject to a right of set-off or compensation Other
Deemed trusts For the benefit of His Majesty For the benefit of an unpaid supplier of perishable fruits or vegetables
Other liabilities
	Total:

Assets — category	Value ($)
Cash and cash equivalents Commercial papers (bills of exchange, promissory notes, warrants, etc.) Demand deposits Other cash assets
Tangible or corporeal assets Real property or immovables (land, buildings, plants, etc.) and any interests or rights in real property or immovables Machinery, tools, equipment Trade fixtures, computer hardware, etc. Vehicles Livestock Inventory Other
Intangible or incorporeal assets Intellectual property (patents, trademarks, copyrights) Licences Cryptoassets, including cryptocurrencies and non-fungible tokens An interest or right under the terms of a will Other
Financial assets Accounts receivable and other debts owed Securities (shares, bonds, debentures, etc.)
Other assets
	Total:

PART 2

Information Respecting Proceedings

• 6 Was interim financing granted by court order under section 11.2 of the Companies’ Creditors Arrangements Act? ☐ Yes ☐ No
  • If yes, indicate
    • the amount granted: $
    • the amount drawn: $
    • the financing provider: ☐ Existing unsecured creditor ☐ Existing secured creditor ☐ Third-party provider ☐ Related person
    • whether a super-priority was requested: ☐ Yes ☐ No
    • whether a super-priority was granted: ☐ Yes ☐ No
• 7 Indicate the amount paid under court-ordered securities or charges to any of the following:
  • the monitor: $
  • critical suppliers: $
  • directors or officers: $
  • other persons (specify the nature of the security or charge): $
• 8 Was exit financing obtained? ☐ Yes ☐ No
  • If yes, indicate
    • the amount obtained from any existing unsecured creditor: $
    • the amount obtained from any existing secured creditor: $
    • the amount obtained from any third-party provider: $
    • the amount obtained from any related person: $
• 9 If the compromise or arrangement was implemented in a satisfactory manner, indicate the recovery rate for each category of liabilities:

Liabilities — category	Recovery Rate
Unsecured claims
Secured claims
Priority claims
Charges or securities with prior ranking (super-priorities)
Provable claims
Deemed trusts
Other liabilities

• 10 Was a compromise or arrangement sanctioned by the court? ☐ Yes ☐ No
  • If yes, indicate
    • the date on which the compromise or arrangement was sanctioned by the court: // (YYYY/MM/DD)
    • whether the compromise or arrangement was agreed to by the creditors before the initial application was made: ☐ Yes ☐ No
    • whether the compromise or arrangement was carried out: ☐ Yes ☐ No
• 11 The number of employees on the day on which the monitor was discharged:
  • part-time employees
  • full-time employees
• 12 The number of unionized employees on the day on which the monitor was discharged:
  • part-time employees
  • full-time employees

• 13 Were there payments made under the Wage Earner Protection Program Act? ☐ Yes ☐ No
• 14 Were any assets disposed of under section 36 of the Companies’ Creditors Arrangement Act? ☐ Yes ☐ No
  • If yes, indicate
    • amount received for the assets: $
    • the type of disposition:
• 15 Was there a reverse vesting order? ☐ Yes ☐ No
• 16 Were employee benefit plans suspended or terminated? ☐ Yes ☐ No
• 17 Were employer pension contribution payments suspended or terminated? ☐ Yes ☐ No
  • If yes, indicate the amount of
    • any pension special payments due: $
    • any unfunded pension liabilities due: $
• 18 Indicate the amount paid under subparagraphs 6(6)(a)(ii) and (iii) of the Companies’ Creditors Arrangement Act: $
• 19 Was there a key employee retention plan? ☐ Yes ☐ No
  • If yes, indicate
    • the date on which the plan was approved by the court: (YYYY/MM/DD)
    • the nature of the plan: ☐ Retention ☐ Retention-incentive hybrid
    • the total value of the plan: $
    • the number of employees covered by the plan:
    • the number of officers among the employees covered by the plan:
• 20 Was there a key employee incentive plan? ☐ Yes ☐ No
  • If yes, indicate
    • the date on which the plan was approved by the court: (YYYY/MM/DD)
    • the nature of the plan: ☐ Incentive ☐ Retention-incentive hybrid
    • the total value of the plan: $
    • the number of employees covered by the plan:
    • the number of officers among the employees covered by the plan:
• 21 Was there a hardship fund? ☐ Yes ☐ No
  • If yes, indicate the amount: $
• 22 Did the debtor company obtain interim financing? ☐ Yes ☐ No
  • If yes, indicate
    • whether the financing was obtained under the initial order ☐ Yes ☐ No
    • whether the financing was obtained as part of a comeback order? ☐ Yes ☐ No
    • whether the financing order was ever amended? ☐ Yes ☐ No
    • the name of the financing lender:
    • whether a relationship existed between the financing lender and the debtor company before the initial filing: ☐ Yes ☐ No
    • whether a competitive process was held to select the financing lender: ☐ Yes ☐ No
    • the date on which the financing was approved by the court: // (YYYY/MM/DD)
    • the amount of the financing: $
    • the interest rate on the financing: %
    • the total amount of penalties or other amounts (excluding interest): $
• 23 Indicate the full cost of professional fees related to the proceedings: $
• 24 Was the debtor company represented by counsel? ☐ Yes ☐ No

PART 3

Information Respecting Foreign Proceeding (if Applicable)

• 25 The foreign representative’s name:
• 26 The country, the name of the court, the judicial district and the court file number of the foreign proceeding:
• 27 The foreign proceeding is a
  • ☐ main proceeding
  • ☐ non-main proceeding
• 28 The date of the first order in the foreign proceeding: // (YYYY/MM/DD)

Dated at , , on 20.

Monitor’s representative responsible for the proceedings

FORM 4

Notice by Debtor Company to Disclaim or Resiliate an Agreement

• To , (names of monitor and parties to the agreement)
• Take notice of the following:

• 1 Proceedings in respect of (name of debtor company) were commenced under the Companies’ Creditors Arrangement Act (the “Act”) on the day of , 20.
• 2 In accordance with subsection 32(1) of the Act, the debtor company gives you notice of its intention to disclaim or resiliate the following agreement (provide sufficient details about the agreement to allow it to be identified):
• 3 In accordance with subsection 32(2) of the Act, any party to the agreement may, within 15 days after the day on which this notice is given and on notice to the other parties to the agreement and the monitor, apply to a court for an order that the agreement is not to be disclaimed or resiliated.
• 4 In accordance with paragraph 32(5)(a) of the Act, if no application for an order is made under subsection 32(2) of the Act, the agreement is disclaimed or resiliated on the day of , 20 , being 30 days after the day on which this notice is given.

Dated at , , on 20.

Debtor company

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