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Oct 2, 2019 · Tel: 403 509 7452. This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Jul 14, 2020 · A recent decision in the Companies’ Creditors Arrangement Act (“CCAA”) proceedings of Bellatrix Exploration Ltd. (“Bellatrix”) serves as a useful reminder to professionals that a court-ordered charge may not be enough to ensure their fees will be paid at the end of the day.
The following is a list of frequently asked questions and answers. The answers are based on a general set of circumstances and are for illustrative purposes only. If you are in any doubt as to the action you should take, you should consult your own professional advisors.
- What Is The CCAA?
- What Happens in A CCAA Filing?
- Role of The Monitor
- Role of The OSB in CCAA Proceedings
- Who Do I Contact If I Am Impacted by A CCAA Filing?
- How Do I Keep Informed of Developments During The CCAA Proceedings?
- Where Can I Find CCAA Filing Records and Court Documents?
- Complaints and Enquiries
The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. The CCAA has a broad remedial purpose, allowing a company to continue in business while it seeks to develop and obtain the approval of compromises or a...
Commencement of proceedings
The process begins when a company makes what is known as an "initial application" to the Court for protection under the CCAA. It is important to note that there is no requirement for the debtor company to give notice to creditors, employees or stakeholders of its intention to file an initial application.
The stay
If the application is accepted, the Court then issues an order ("initial order") that typically gives the company 30 days' protection from its creditors ("stay of proceedings"). The stay typically prohibits collection proceedings against the company to enforce existing debts, and the company is prohibited from making most payments to existing creditors in respect of loans or other forms of credit. While the stay is in place, the company can continue to operate, pay its employees and service i...
Debtor's financial statements
At the time of filing an initial application with the Court, the debtor company is required to file a projected cash-flow statement. It is also required to file with the Court copies of all financial statements for the year before the application. If no financial statements were prepared in that year, the debtor company must provide a copy of the most recent statement.
A monitor is a Licensed Insolvency Trustee (LIT) licensed by the Office of the Superintendent of Bankruptcy (OSB) who is appointed by the Court in the initial order. As an officer of the Court, the monitor's role is to monitor the company's business and financial affairs to ensure compliance with the law, the Court orders and the terms of the Plan....
In relation to CCAA proceedings, the OSB 1. Maintains a registry of prescribed public records. The OSB maintains a list of all companies that have been granted protection under the CCAAsince September 18, 2009. These public records are retained for a 10-year period. 2. Is the final repository of all CCAA proceedings files. The OSB maintains a Natio...
For any questions related to a specific proceeding, you should contact the monitor. The monitor's name, telephone number and email address are available in the Public Registry. The monitor's website contains the most up-to-date information pertaining to the proceeding. If you are looking for information regarding the CCAAproceeding, please check th...
The monitor will provide periodic updates on the progress of the proceeding and inform stakeholders of any key developments. The monitor has a duty to make certain documents such as the monitor's reports and court orders available on their website. They are also available to answer questions you may have regarding the proceedings.
As of September 18, 2009, CCAA filing records are kept in the Public Registry. The Public Registry keeps track of certain information regarding the CCAAproceeding, including information regarding the debtor company at the time of the initial application and information regarding the monitor. During a proceeding, the monitor's reports, Court orders ...
If you believe a monitor has failed to fulfill his/her functions and duties pursuant to the CCAA, contact the CCAA national team at the OSB. The monitor's duties are listed in the CCAA . The monitor's duties are listed in the CCAA. The OSB is responsible for recording and, where appropriate, investigating and responding to complaintsconcerning the ...
Jul 14, 2020 · A recent decision in the Companies’ Creditors Arrangement Act (“ CCAA ”) proceedings of Bellatrix Exploration Ltd. [1] (“ Bellatrix ”) serves as a useful reminder to professionals that a...
Aug 3, 2020 · A recent decision in the Companies' Creditors Arrangement Act ("CCAA") proceedings of Bellatrix Exploration Ltd.[1] ("Bellatrix") serves as a useful reminder to professionals that a court-ordered...
People also ask
Does Bellatrix have a CCAA?
Did Bellatrix disclaim a contract with an energy producer?
What is a CCAA initial order?
What is a CCAA initial application?
Feb 17, 2021 · Bellatrix Exploration Ltd. (Bellatrix) obtained protection under the Companies’ Creditors Arrangement Act (Canada) (CCAA). At the time of the CCAA filing, Bellatrix was party to certain contracts with an energy producer (EP) for the purchase and sale of natural gas (Contract).
