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

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Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

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