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CCAA

Understand the CCAA in Canadian real estate and finance — how it supports large corporate restructurings, delays foreclosures, and manages insolvency risks.

CCAA

June 13, 2025


What is the CCAA?

The Companies’ Creditors Arrangement Act (CCAA) is a federal law that allows large insolvent corporations in Canada to restructure their debt and continue operations under court protection.

Why the CCAA Matters in Real Estate

In Canadian commercial real estate and finance, the CCAA enables companies owing more than $5 million to avoid bankruptcy by negotiating with creditors and restructuring debt.



Key features of CCAA proceedings:
  • Provides legal stay of proceedings against the debtor
  • Involves court supervision and a monitor (usually an accounting firm)
  • Facilitates asset sales or operational reorganization
  • Requires approval of a restructuring plan by creditors and court



The CCAA is often used by large real estate developers, REITs, or commercial landlords facing liquidity issues.



Understanding the CCAA helps stakeholders assess restructuring outcomes and real estate impacts during financial distress.

Example of the CCAA in Action

The struggling commercial landlord filed under the CCAA to restructure leases and delay foreclosure while seeking new capital partners.

Key Takeaways

  • Applies to insolvent companies with over $5M in debt
  • Offers restructuring instead of liquidation
  • Court-monitored and creditor-approved process
  • Common in commercial real estate and development
  • Protects value and preserves operations

Related Terms

Additional Terms

Budgeting

Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more

Tenant Improvements

Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more

Highest and Best Use

Highest and best use refers to the reasonably probable use of a property that results in the highest value, provided it is legally permissible,. more

Gross Lease

A gross lease is a commercial lease where the tenant pays a fixed rent, and the landlord covers most or all operating expenses such as property. more

Brownfield

A brownfield is a property that was previously used for industrial or commercial purposes and is now vacant or underused, often requiring. more

Record of Site Condition (RSC)

A Record of Site Condition (RSC) is a formal document filed with a provincial environmental authority certifying that a property meets required. more

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