Insolvency Now (Issue 12): Navigating Uncertainty

Figure 12: CCAA Proceedings in Select Sectors (2019–2024)

10 12 14 16

0 2 4 6 8

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

Q3 21

Q4 21

Q1 22

Q2 22

Q3 22

Q4 22

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Q2 24

Q3 24

Q4 24

Professional, Scientific and Technical Services

Mining and Oil and Gas Extraction

Manufacturing

Retail Trade

Real Estate, Rental and Leasing

In other sectors, the mining and oil and gas extraction sector has shown relatively more volatility in CCAA restructuring rates since 2019 (see Figure 12). After a spike of six proceedings and five proceedings in each of Q4 2023 and Q1 2024, the number of proceedings dropped quickly to zero in Q4 2024. This fluctuation indicates that the sector remains highly sensitive to global commodity prices, regulatory changes, geopolitical events and the potential of successful adaptation strategies by market players in the face of financial distress. The retail trade sector has experienced periodic increases in insolvencies, often correlating to broader economic downturns. In 2024, a total of 10 CCAA proceedings took place in the retail trade sector, which was only half of the peak of 20 proceedings in 2023. Higher levels of retail trade sector insolvency suggest that financial challenges were caused by decreased household savings since 2021–2022, when individuals and households received pandemic-era assistance and spending incentives.

Davies Insolvency Now: Issue 12