What to do when a company that owes you money goes bankrupt in Canada

When Nordstrom Canada filed under the Companies' Creditors Arrangement Act on March 2, 2023 to close its stores, its unsecured creditors waited 440 days for a first payment: claims of $15,000 or less in full, larger ones about 71.9 cents on the dollar¹. Few unsecured creditors do as well. Where a filing in the record reports what ordinary unsecured creditors were actually paid (82 cases since 2008, about half of them receiverships), the middle result is about 7 cents, and four times in ten it is nothing.

Nordstrom's second payment, in August 2025, added about 6 cents². CanWest Aerospace's creditors voted in June 2023 for a plan the monitor valued at 4.5 to 5 cents³; the buyer never closed, and they got nothing. What you get back depends on what the secured lenders leave, and on whether your claim is in on time.

General information about what happens to unsecured creditors in Canadian insolvencies, drawn from the court record and the statutes. Not legal or financial advice about your situation.

If a company owes me money, am I a creditor?#

Yes, for whatever it owed you on the day it filed. The next question is whether you hold security.

Under the Bankruptcy and Insolvency Act (BIA), you are a secured creditor only if you hold a mortgage, charge, lien or similar security on the company's property (s. 2). Most suppliers, contractors and customers hold none. They are unsecured creditors.

Your claim is fixed at the filing date: the date of the bankruptcy, or of the notice of intention or proposal (s. 121; s. 62(1.1)). Interest stops then. Later interest is paid only from a surplus, once every proven claim is paid in full (s. 143).

The filing also stops you collecting. After a bankruptcy no creditor "has any remedy against the debtor or the debtor's property" for a debt from before it (s. 69.3). A notice of intention or proposal does the same (s. 69; s. 69.1), and in a CCAA the court's order does (CCAA s. 11.02).

Which proceeding is it, and how do I find the case?#

The letter you receive will name it. Each of the four proceedings treats creditors differently.

Why a company takes one route rather than another is in our guide to CCAA, bankruptcy and receivership.

How you will hear, and where to look

• Bankruptcy. Within five days of its appointment the trustee sends every known creditor a notice of the first meeting, a proof of claim form, a proxy and a list of creditors owed $25 or more (BIA s. 102; Form 68).
• Proposal. The trustee sends a copy of a notice of intention within five days (s. 50.4(6)); the proposal, a list of creditors owed $250 or more and the voting forms are sent at least ten days before the vote (s. 51).
• CCAA. Within five days the monitor posts the court's order and a list of creditors owed more than $1,000 on its own web page, and tells each of them; its reports, the plan and later orders follow there (CCAA s. 23; Regulations ss. 7, 10).
• The federal search. The Office of the Superintendent of Bankruptcy (OSB) records search needs an account and costs at least $8 a search, except for CCAA records. Its list of CCAA filings, with each monitor's web address, is free.
• Proceedings. Search the company's name on Proceedings for its orders and reports in date order.

Where do I stand in line?#

Near the back. Ordinary unsecured creditors are paid from what is left after secured lenders, certain trusts and a short list of priority claims, and share it in proportion to their claims.

In a bankruptcy, roughly, each against its own pool of assets:

1. Trusts and suppliers' rights: property held in trust for others, including employees' income tax, CPP and EI deductions owed to the Canada Revenue Agency (CRA) (s. 67); suppliers taking back recent deliveries (s. 81.1); and farmers', fishers' and aquaculturists' security on the buyer's inventory (s. 81.2).
2. Employees, for up to $2,000 of unpaid wages (s. 81.3), and unremitted pension contributions (s. 81.5).
3. Secured lenders, up to the value of their security. In a CCAA or proposal, charges the court grants for new lending and professionals' fees can rank ahead of them.
4. Priority claims: the trustee's costs, a federal levy, municipal taxes from the two years before the bankruptcy, three months of rent arrears and a few others. The tax and rent claims are capped, and any excess is unsecured (s. 136).
5. Ordinary unsecured creditors, paid "rateably" (s. 141).
6. Shareholders' claims, last, with claims from deals made not at arm's length that the trustee or court does not find proper (s. 137; s. 140.1).

A proposal or CCAA plan sets its own order within floors the statutes fix: the Crown's source deductions paid within six months of approval, employees and pensions protected, shareholders last (BIA s. 60; CCAA s. 6).

Usually the lenders take most of it. Among the latest statements in the record, dated 2023 or later, in which a trustee, receiver or monitor addressed what ordinary creditors would get, the answer was nothing in about three bankruptcies in four (223), three receiverships in four (208) and half of CCAAs (109). Most are forecasts, not results.

Employees are in our guide for employees, home buyers' deposits in our guide to builders' insolvencies, and gift cards in our gift card guide.

How do I file a claim in a bankruptcy or proposal?#

With a proof of claim, Form 31, sent to the trustee. A creditor who does not prove its claim "is not entitled to share in any distribution that may be made" (BIA s. 124).

1. Use the Form 31 the trustee sends you, which covers bankruptcies, proposals and receiverships. Cases filed from September 16, 2024 use the new version; older cases keep the earlier one.
2. Claim what you were owed on the filing date, less anything you owe the company, with a statement of account and the invoices or contracts behind it (s. 124(4)).
3. List what the company paid you in the three months before the filing, or twelve if you are related to it or did not deal with it at arm's length. The form asks.
4. Get it in before the meeting if you want to vote (s. 109), and in any case before a dividend is declared.

A bankruptcy has no claims bar date. A late claim shares in later dividends but cannot disturb one already declared, unless the court allows it (s. 150). The trustee can force the point: after the first meeting it may give anyone whose claim it knows of 30 days to prove it, after which the dividend is declared without them (s. 149).

In a proposal the vote comes first, so a late claim can cost you your say. The proposal trustee of CatalX, a Calgary crypto-trading platform, put it in its letter to creditors:

FIELDS' 2026 proposal let a late claim keep its payment, though not its vote⁷.

What happens at the first meeting of creditors?#

In a bankruptcy, creditors meet within 21 days of the trustee's appointment, unless the official receiver extends it, to question the trustee, confirm or replace it, and appoint inspectors (BIA s. 102(1), (5)). Nobody votes on how much you will be paid.

The official receiver, an officer of the OSB, or its nominee chairs (s. 105). Votes count one per dollar of claim (s. 115). To vote you need a proof of claim filed before the meeting, and a proxy (Form 36) if someone attends for you. In a proposal, the meeting votes on the proposal itself.

How does a CCAA claims process work?#

By court order. The CCAA has no claims procedure of its own, so each case that needs one gets a claims procedure order setting the forms, the deadline (the claims bar date) and how disputes are decided (CCAA s. 12; s. 20).

Proof of claim by a bar date

FUM, a Calgary maker of flavoured-air devices, got its claims order on April 23, 2026, with a bar date of June 15; a claim not in by then "shall be forever barred and extinguished, unless otherwise ordered by the Court"⁸. Creditors voted on October 2, and the court sanctioned the plan five days later, 245 days after the first filing⁹¹⁰.

Keep proof that you sent it. Stokes' monitor warned that "No acknowledgement of receipt will be provided by the Monitor"¹¹.

Negative notice: silence means yes

Some orders work the other way round: the company sends a statement of what it says it owes you, and you must dispute it by the deadline if you disagree. Oak + Fort, a Canadian fashion and homeware retailer, used it for trade creditors:

Claire's Canada used negative notice only for about 465 terminated employees; everyone else had to file¹²¹³.

A city that filed, but not for its taxes

Grafton Connor Group, the Halifax hospitality group behind the Dome and the 5 Fishermen, gave creditors 31 days to file¹⁹. The Halifax Regional Municipality filed for police overtime but not for property taxes, which the monitor said "would be time barred"²⁰. The sanction order barred unfiled claims "whether or not" the holder had personal notice²¹.

The city has asked to file late²², arguing, as the monitor describes it, that the proceedings should have been served on its Clerk under the Halifax charter, which makes service on the Clerk "sufficient service"²³. The court stayed the distribution on June 12, 2026²⁴, and the record holds no decision (our post on Grafton Connor).

What if the trustee or monitor rejects my claim?#

You can challenge it, on a clock. In a bankruptcy or proposal you have 30 days from being served with the trustee's notice to appeal to the court; in a CCAA the claims order sets the time, and it can be a week.

A trustee that disallows a claim, a priority or a security, in whole or in part, sends a notice with reasons, Form 77. The decision is final unless you appeal within 30 days of service, or within more time the court allows on an application made inside those 30 days (BIA s. 135).

In a CCAA, each order sets its own clock:

Many creditors let it go. At Stokes, the monitor set 15 of 20 revised claims at $0, and none was appealed²⁵.

When a dispute goes to a claims officer

Bridging Finance, an Ontario private-debt fund manager, has been in a receivership the Ontario Securities Commission sought under the Securities Act since April 30, 2021²⁷. CERIECO Canada claimed about $213 million under a 2017 guarantee; the receiver disallowed it in full, and a court-appointed claims officer heard one threshold question, whether the guarantee was valid at all²⁸.

The claims officer upheld the disallowance in January 2026 and in March awarded the receiver $1,800,345.44 in costs. On appeal the claims officer's findings could be overturned only for "palpable and overriding" error, "a highly deferential" standard, and on October 6, 2026 a judge dismissed the appeal²⁹. Meanwhile about $221 million was held back from the unitholders' interim distribution³⁰ (our post on Bridging).

How do creditors vote on a proposal or plan?#

By a double majority of those who vote: more than half in number, holding at least two-thirds of the dollars voted, in each class (BIA s. 54; CCAA s. 6(1)). Creditors who don't vote aren't counted, but they are bound.

• In a proposal, the meeting is held within 21 days of the proposal's filing. You need a proven claim to vote, in person, by proxy or by a voting letter (Form 37) that counts as if you were there (s. 53). A related creditor may vote only against.
• In a CCAA, the court orders the meeting and approves the classes (CCAA ss. 4, 22). The proxy and its rules come from the meeting order.

An approved proposal binds every unsecured creditor, including those who voted no or didn't vote (s. 62(2)).

Read the proxy before you sign it. Claire's Canada's says:

Oak + Fort's meeting order had the same rule³¹. Claire's creditors are set to vote on November 17, 2026³² (our post on Claire's Canada).

Small claims paid in full

Many plans pay small claims in full, as a "convenience class", often deeming those creditors to vote yes. In the record, 15 of 51 approved plans and proposals that cut unsecured claims (January 2024 to June 2026) had one, or let creditors elect it. The amount paid in full ran from $250 to $30,000, with a median of about $4,000.

• Stokes, the kitchenware chain, paid claims of $10,000 or less in full: 59% of its creditors by count, about 5% of the value³³³⁴. All 135 voting claims were for the plan³⁵.
• FUM's plan provides for claims of $2,500 or less to be paid in full; 18 of the 22 unsecured votes for it were convenience creditors deemed to vote yes³⁶³⁷.
• FIELDS, the western Canadian department-store chain, made a proposal that provides for claims of $5,000 or less to be paid in full and lets larger creditors take $5,000³⁸. It passed 63 to 1³⁹.

If creditors say no

A rejected proposal makes the company bankrupt that day (BIA s. 57). Rigstar Communications, a Calgary telecommunications carrier, had told creditors it "would not be able to make any payments on the Proposal"⁴⁰. Its creditors rejected it on February 18, 2026 and, at a first meeting called on the spot, replaced the trustee with Grant Thornton Limited⁴¹.

Creditors refused about 1 in 9 of the company proposals in the record that reached a known vote from January 2024 to June 2026, a floor. A failed CCAA plan does not make the company bankrupt automatically. The steps of a proposal, court approval included, are in our guide to Division 1 proposals.

How much do unsecured creditors actually get back?#

Usually a fraction, and often nothing. A plan typically promises more than a bankruptcy would, but the promise is an estimate made when creditors are asked to vote yes.

Five cases where unsecured creditors were paid, or promised, something:

• Nordstrom Canada (CCAA plan): about 71.9% paid in May 2024 and about 78% by August 2025, above the 72% to 75% the monitor estimated before the vote⁴²⁴³.
• Trevali Mining (CCAA, no plan): 25% paid in December 2025⁴⁴⁴⁵, and a further 35% authorized in September 2026⁴⁶⁴⁷. That is for the parent company's creditors; its New Brunswick subsidiary's creditors have no recovery set⁴⁸ (our post on Trevali).
• Antibe Therapeutics (a receivership after a 13-day CCAA): about 42%, paid by May 2025⁴⁹⁵⁰. One creditor held about $33.5 million of the $42.4 million in claims⁵¹.
• Mastermind Toys (CCAA, no plan): 5.93%, paid in October 2024 to 300 claimants, most of them vendors⁵².
• Oak + Fort (CCAA plan): 4% in cash, against less than 1% to 2% in a liquidation⁵³; in January 2026 the monitor certified it held the cash to pay it⁵⁴ (our post on Oak + Fort).

FIELDS' trustee gave creditors the comparison before the vote⁵⁵, and restated it to the court afterwards:

The comparison can cut the other way: Stokes' monitor estimated its plan would pay less on average than a liquidation, 19% to 29% against 25% to 31%, though most of its creditors by count did better⁵⁶. The recoveries table shows what each class of creditors got, or was told it would get, case by case.

Is an approved plan the same as being paid?#

No. Approval binds you to the plan; the money comes on the plan's schedule, and sometimes never.

Of the 57 plans and proposals courts approved from January 2024 to June 2026 in the record, 8 show money reaching ordinary unsecured creditors by October 10, 2026. Most records end at or soon after approval, so "none shown yet" does not mean "never paid".

In the six where a filing dates the first payment, it came 16 days to about a year after approval, a median of about two months. Proposals often pay over years: FIELDS' provides for the company to pay the trustee $16,700 every Tuesday for 250 weeks⁵⁷.

When the deal falls through

Four of the 40 proposals approved in that window are known to have failed: three went bankrupt within eight months of approval, and a fourth defaulted and filed a new notice of intention about 14 months after. A default the company does not put right can also lead the court to annul the proposal, which makes the company bankrupt (BIA s. 63); you then claim your full debt, less what the proposal paid (s. 122(1)).

CanWest Aerospace, a Langley, B.C. aircraft maintenance and parts business, shows how far a vote can be from a payment:

After paying the professionals, CRA, Service Canada and the lenders⁶⁴, the receiver reported:

When the claims come after the vote, or the payment is shares

CatalX's proposal passed 79 claims to 16⁶⁵. After the vote, proven claims rose to about $23.1 million, "a 616% increase", which "diluted the estimated distribution"⁶⁶. The final dividend was 0.30%⁶⁷ (our post on CatalX).

Nanopay's 2023 proposal gave its general unsecured creditors "no cash consideration", only a share of 1% of the new shares⁶⁸. The company carried the proposal out by March 2024; after its investor funding was withdrawn, it made an assignment in bankruptcy on July 2, 2026⁶⁹. The record does not say what the shares were worth.

I supplied goods. Can I get them back?#

Sometimes, if the buyer is bankrupt or in receivership and you act within 15 days. The right covers goods delivered in the 30 days before; what you get is the goods, and you give up the claim for them.

Under BIA s. 81.1, the trustee or receiver must release the goods if:

1. you deliver a written demand on Form 75, with the invoice and delivery slip, within 15 days after the bankruptcy or receivership;
2. the goods were delivered in the 30 days before it, for use in the buyer's business;
3. they are still there, identifiable as yours, not fully paid for, in the same state and not resold; and
4. the trustee or receiver doesn't pay you the balance instead.

The right covers goods, not services, and a supplier who takes them back "is not entitled to be paid for those goods" (s. 81.1(10)).

It does not exist during a notice of intention, a proposal or a CCAA. Bravado Designs' proposal trustee told suppliers: "No, section 81.1 does not apply to the NOI/Proposal"⁷⁰. If the buyer later goes bankrupt or into receivership, though, the 30 days count back from the notice of intention or proposal (s. 81.1(4)).

It can be small. When KPMG Inc. became receiver of the Giftcraft companies in Ontario in May 2025, one supplier made a demand:

Farmers, fishers and produce sellers

• Farmers, fishers and aquaculturists unpaid for products delivered in the 15 days before a buyer's bankruptcy or receivership get security on all the buyer's inventory, ranking ahead of the bank, if they file a proof of claim within 30 days (s. 81.2).
• Sellers of perishable fruits or vegetables on terms of 30 days or less can, since December 12, 2024, be the beneficial owners of the produce and its sale proceeds if the buyer goes bankrupt, into receivership or under the CCAA without paying when due. They must have given notice, in the invoice or within 30 days of delivery, "in the prescribed form and manner" (BIA s. 81.7; CCAA s. 8.1). No such form appears in the regulations or the OSB's forms list as of October 10, 2026; ask the trustee, receiver or monitor how it treats these claims.

Do I have to keep supplying, and will I be paid for new orders?#

You can't be made to give new credit, and you can insist on payment as you deliver. If you have a supply contract, though, the filing alone doesn't let you end it.

No CCAA stay order can stop a supplier "requiring immediate payment" for what it supplies after the order, or require "the further advance of money or credit" (CCAA s. 11.01); the BIA says the same for a notice of intention or proposal (s. 65.1(4)). Trinity Auto Group's order, for its Ontario car dealerships, said so in terms: no one was obliged to "extend credit to the Debtors"⁷¹. A critical-supplier order, below, is the exception.

The other side: nobody may end or change a contract with the company "by reason only" of the filing or its insolvency (CCAA s. 34; BIA s. 65.1(1)).

If you give credit after the filing, nothing in the statute guarantees repayment. A proposal usually leaves such claims to be paid in full in the ordinary course (OSB), and Nordstrom's plan provided for its "Post-Filing Claims" to be paid in full⁷².

Critical suppliers

Courts sometimes let a company pay old invoices to suppliers it can't do without, up to a cap and at the company's or the monitor's discretion. Most suppliers are not on the list.

• Trinity Auto Group and its monitor may pay up to $1,000,000 of pre-filing debts to critical vendors; they are "entitled but not required" to pay, "as determined by the Monitor in its sole discretion"⁷³. The list covered the providers behind customers' warranties, other dealerships and an IT provider⁷⁴.
• Motryx, a Halifax medical-technology company in a notice of intention, got leave to pay "certain critical suppliers" up to $56,500⁷⁵. Most of it was $52,500 of payroll; outside suppliers were expected to get no more than $2,500⁷⁶.

A "critical supplier" under the CCAA is narrower. The court can order a supplier to keep supplying and give it a charge on the company's property for what it supplies under the order (CCAA s. 11.4). That covers supply after the order, and the BIA has no such section.

Can I set off what I owe the company against what it owes me?#

Generally yes, if both debts arose before the filing. Holding back what you owe for things the company supplies after the filing, to cover an old debt, is generally stayed in a CCAA, and was stopped in Cleo Energy's notice of intention.

In a bankruptcy or proposal, the law of set-off applies to claims against the estate (BIA s. 97(3)); the Ontario Court of Appeal held in 1998 that this reaches proposals⁷⁷. In a CCAA, set-off between two pre-filing debts is preserved (CCAA s. 21), but the Supreme Court of Canada held in 2021 that set-off of a pre-filing claim against a post-filing debt should generally be stayed (Montréal (City) v. Deloitte Restructuring, 2021 SCC 53, paras. 4, 62).

Cleo Energy, an Alberta oil and gas producer, sold some of its production to Trafigura, which had also lent it US$1 million⁷⁸. Twelve days after Cleo's notice of intention⁷⁹, Trafigura said it would set the whole loan off against its December payment, cutting $757,644.77 to $35,965.78⁸⁰. The court refused:

Trafigura had to pay the $757,644.77 at once⁸¹, and in January 2025 the court put its monthly set-off under the stay as well⁸².

Set-off runs both ways: Mastermind's monitor could deduct from a creditor's distribution what that creditor owed the company⁸³⁸⁴.

What about guarantees, trusts and payments I already received?#

A personal guarantee usually survives the company's insolvency, money the company held in trust for you is not shared, and a payment you received just before the filing can be clawed back.

• Personal guarantees. A bankruptcy or proposal does not release a guarantor (BIA s. 179; s. 62(3)), and the stays that protect directors don't cover their guarantees (s. 69.31; CCAA s. 11.03). In a CCAA, read the plan's release clause.
• Directors. The statutes make directors liable for unremitted source deductions and GST/HST and, under corporate law, some unpaid wages (Income Tax Act s. 227.1; Excise Tax Act s. 323; CBCA s. 119). None covers a supplier's invoice; that would need a guarantee or some separate wrong, a question for a lawyer.
• Trust money. Property the company held in trust for you is not the company's to share (BIA s. 67(1)(a)). At Antibe, an arbitration creditor took its traceable trust funds, about $772,000, ahead of the unsecured creditors⁸⁵.
• Construction liens. Trades on a building project have provincial lien and trust rights. In Ontario, money owed to or received by a contractor on a project is a trust fund for its subcontractors and suppliers (Construction Act s. 8). The rules differ by province.

When will I be paid?#

Late, and in pieces. A bankruptcy pays dividends as the trustee collects money; a proposal or plan pays on its own schedule. In the cases above, the first payment came 329 days (Mastermind) to about 1,210 days (Trevali) after the filing.

In a bankruptcy:

• Interim dividends are paid as money comes in, with enough held back for disputed claims (BIA s. 148), but not until three months after the trustee files the company's tax returns unless it holds back enough for taxes (s. 149(4)).
• The final dividend is paid 15 days after the trustee sends its final statement and notice, unless someone objects (s. 152; Form 11).
• A 5% federal levy comes off dividends in a bankruptcy or proposal (s. 147).

Cash the cheque. Mastermind's order stopped further payments to anyone whose payment came back or went uncashed until it gave a current address⁸⁶.

In a bankruptcy, dividends the trustee could not deliver go to the federal government before the trustee is discharged (BIA s. 154). Search the OSB's unclaimed dividends database by company name for free. Claiming costs $30 for each dividend, with an affidavit, a claim form, two pieces of identification and proof of the address on file; a business also needs a letter of authority and a current certificate of compliance or dissolution (how to claim). A CCAA plan sets its own rule, as Nordstrom's did.

What to do now#

If your claim is large, secured or disputed, if you hold a guarantee, or if a trustee asks you to repay money the company paid you, talk to a lawyer before a deadline runs. In a CCAA, if no claim form has reached you, the OSB's advice is to contact the monitor (OSB).

Guides for employees, customers, home buyers and others#

• Employees: wages, severance, pensions and the Wage Earner Protection Program, in what happens to employees when a company goes bankrupt.
• Customers with gift cards, deposits or refunds: what happens to gift cards when a company goes out of business.
• Home buyers: what happens to your deposit if your builder goes bankrupt.
• Property owners and lenders: power of sale vs foreclosure vs receivership.
• Anyone working out which proceeding it is: CCAA vs bankruptcy vs receivership.
• Business owners weighing a deal with creditors: how a Division 1 proposal works.
• Companies, and court officers, with records to license, before or after a filing: how to sell your company's data to AI companies.

Questions people ask#

If a company owes me money, am I a creditor?

Yes, for what it owed you on the day it filed; unless you hold security on its property, an unsecured one.

What does unsecured creditor mean?

A creditor with no security on the company's property, such as most suppliers and customers. They are paid after secured lenders, trusts and priority claims, in proportion to their claims.

How do unsecured creditors get paid?

By dividends from the trustee in a bankruptcy, or under a proposal or plan, and only on a claim that has been proved or, under a negative-notice order, accepted.

What is a claims bar date?

The deadline a court order sets, usually in a CCAA or receivership, for filing a claim; miss it and the claim is usually extinguished. A bankruptcy has none.

How do I file a proof of claim in a CCAA?

Follow the claims procedure order on the monitor's web page, which sets the form and the bar date. Under negative notice, act only if you disagree with the statement you received.

What happens at the first meeting of creditors?

In a bankruptcy, creditors question the trustee, confirm or replace it and appoint inspectors; nobody votes on payment. In a proposal, the meeting votes on the proposal.

What are 30-day goods?

Goods delivered in the 30 days before a buyer's bankruptcy or receivership, which the supplier can take back with a Form 75 demand within 15 days if they are still there and unpaid for.

What is a critical supplier?

Under the CCAA, a supplier the court orders to keep supplying, secured by a charge for what it supplies under the order. Some orders also let a company pay certain suppliers' old invoices, up to a cap.

Sources#

Court filings

Each source links to the filing's entry on its case page.

1. Nordstrom Canada. Thirteenth Report of the Monitor, Dec. 10, 2025, paras. 1.1, 1.5(b)–(e) ↩
2. Nordstrom Canada. Thirteenth Report of the Monitor, Dec. 10, 2025, para. 1.7 ↩
3. CanWest Aerospace. Monitor's Report on the Plan, June 16, 2023, para. 39 ↩
4. Claire's Canada. Revised CCAA Notice to Creditors, Aug. 8, 2025, no para. ↩
5. Claire's Canada. Claims Procedure Order, Nov. 14, 2025, paras. 3(h), 3(ll), 15–17 ↩
6. Claire's Canada. Claims Procedure Order, Nov. 14, 2025, para. 27 ↩
7. FIELDS. Order Approving Proposal, July 2026, annexed Proposal, s. 4.2 ↩
8. FUM. Claims Process Order, Apr. 23, 2026, para. 5 ↩
9. FUM. Sanction Order, Oct. 7, 2026, paras. 6, 8, 12 ↩
10. FUM. Sixth Report of the Monitor, Oct. 2, 2026, para. 1 ↩
11. Stokes. Notice to Creditors for Claims Process, Mar. 31, 2025, "For Creditors Submitting a Proof of Claim" ↩
12. Claire's Canada. Third Report of the Monitor, Nov. 12, 2025, s. 3.3, paras. 2, 4; s. 3.6, para. 1(c) ↩
13. Claire's Canada. Fifth Report of the Monitor, Sept. 4, 2026, s. 3.0, para. 5; s. 4.4, para. 1 ↩
14. Claire's Canada. Notice to Claimants, Nov. 27, 2025, no para. ↩
15. Stokes. Order, May 23, 2025, paras. [13]–[14] ↩
16. Stokes. Late Claims and Extension Order, Oct. 15, 2025, para. [13] ↩
17. Stokes. Fifth Report of the Monitor, May 21, 2025, para. 33 ↩
18. Stokes. Eighth Report of the Monitor, Oct. 14, 2025, para. 40 ↩
19. Grafton Connor Group. Claims Process Order, Dec. 19, 2025, para. 14 ↩
20. Grafton Connor Group. Fifth Report of the Monitor, Feb. 16, 2026, paras. 54–55 ↩
21. Grafton Connor Group. Sanction Order, Apr. 10, 2026, para. 17 ↩
22. Grafton Connor Group. Monitor's Supplemental Report, July 10, 2026, paras. 1–2, 36 ↩
23. Grafton Connor Group. Notice of Constitutional Issue, July 27, 2026, ground 1, and attached Brief of Law of the Monitor (July 10, 2026), para. 56 ↩
24. Grafton Connor Group. Order Staying Distribution, June 12, 2026, para. 1 ↩
25. Stokes. Eighth Report of the Monitor, Oct. 14, 2025, para. 38 ↩
26. FUM. Sixth Report of the Monitor, Oct. 2, 2026, para. 25 ↩
27. Bridging Finance. Twentieth Report of the Receiver, Jan. 19, 2024, para. 1 ↩
28. Bridging Finance. Twenty Sixth Report of the Receiver, Dec. 8, 2025, paras. 48–51 ↩
29. Bridging Finance. Reasons for Decision, Oct. 6, 2026, paras. 3, 35–39, 122, 125–127 ↩
30. Bridging Finance. Twenty Sixth Report of the Receiver, Dec. 8, 2025, para. 53 ↩
31. Oak + Fort. Meeting Order, Nov. 28, 2025, para. 21 ↩
32. Claire's Canada. Meeting Order, Sept. 14, 2026, para. 12 ↩
33. Stokes. Seventh Report of the Monitor, Sept. 8, 2025, App. A, note 7 ↩
34. Stokes. Notice of Initial Distribution, Mar. 9, 2026, para. 5 ↩
35. Stokes. Eighth Report of the Monitor, Oct. 14, 2025, para. 65 ↩
36. FUM. Sixth Report of the Monitor, Oct. 2, 2026, para. 30, table n. (1) ↩
37. FUM. Fourth Report of the Monitor, Aug. 21, 2026, para. 39 ↩
38. FIELDS. Order Approving Proposal, July 2026, annexed Proposal, s. 3.3.2(a) ↩
39. FIELDS. Report of Trustee on Proposal (Form 40), June 30, 2026, Exh. H (minutes, June 25, 2026) ↩
40. Rigstar Communications. Trustee's Preliminary Report, Feb. 24, 2026, s. B ↩
41. Rigstar Communications. Trustee's Preliminary Report, Feb. 24, 2026, "Bankruptcy" (no para.) ↩
42. Nordstrom Canada. Eighth Report of the Monitor, Feb. 21, 2024, s. 8.2 ↩
43. Nordstrom Canada. Thirteenth Report of the Monitor, Dec. 10, 2025, paras. 1.5(e), 1.7 ↩
44. Trevali Mining. Twenty-Second Report of the Monitor, Nov. 28, 2025, para. 44 ↩
45. Trevali Mining. Twenty-Fourth Report of the Monitor, Mar. 17, 2026, para. 40(b) ↩
46. Trevali Mining. Twenty-Fifth Report of the Monitor, Sept. 18, 2026, para. 44 ↩
47. Trevali Mining. Stay Extension and Second Interim Distribution Order, Sept. 29, 2026, para. 3 ↩
48. Trevali Mining. Twenty-First Report of the Monitor, Sept. 19, 2025, para. 41 ↩
49. Antibe Therapeutics. First Supplemental Report of the Receiver, Mar. 26, 2025, para. 31 ↩
50. Antibe Therapeutics. Second Interim Report of the Receiver, May 30, 2025, para. 21 ↩
51. Antibe Therapeutics. First Supplemental Report of the Receiver, Mar. 26, 2025, paras. 13–15 ↩
52. Mastermind Toys. Sixth Report of the Monitor, Oct. 24, 2024, paras. 4.4–4.5 ↩
53. Oak + Fort. Fifth Report of the Monitor, Nov. 26, 2025, s. 6.0, para. 3(a) ↩
54. Oak + Fort. Monitor's Certificate, Jan. 28, 2026, para. 2 ↩
55. FIELDS. Trustee's Report to Creditors, June 12, 2026, "Estimated Realization – Bankruptcy vs. Proposal" (no para.) ↩
56. Stokes. Seventh Report of the Monitor, Sept. 8, 2025, paras. 54–58 ↩
57. FIELDS. Order Approving Proposal, July 2026, annexed Proposal, s. 3.3.1(a) ↩
58. CanWest Aerospace. Fourth Report of the Monitor, May 4, 2023, para. 57(a) ↩
59. CanWest Aerospace. Monitor's Report on the Plan, June 16, 2023, paras. 39, 50 ↩
60. CanWest Aerospace. Sixth Report of the Monitor, June 26, 2023, paras. 18–19 ↩
61. CanWest Aerospace. Sanction Order, July 6, 2023, paras. 7–8 ↩
62. CanWest Aerospace. Eighth Report of the Monitor, Dec. 13, 2024, para. 17 ↩
63. CanWest Aerospace (receivership). Receivership Order, Aug. 29, 2023, para. 1 ↩
64. CanWest Aerospace (receivership). Receiver's Final Report, Mar. 18, 2025, paras. 9–10, App. A ↩
65. CatalX. Second and Final Report of the Receiver, June 6, 2025, appended minutes, paras. 79–83 and voting summary ↩
66. CatalX. Proposal Trustee's Second Report, Apr. 16, 2026, paras. 17, 46 ↩
67. CatalX. Proposal Trustee's Third and Final Report, June 29, 2026, App. G (trustee's email of June 15, 2026) ↩
68. Nanopay. Third and Final Report of the Proposal Trustee, Sept. 18, 2023, para. 9(xv)(ii) (Motion Record, Tab 2) ↩
69. Nanopay. Trustee's Preliminary Report, July 20, 2026, paras. 1–2, 4–5 ↩
70. Bravado Designs. Proposal Trustee's FAQ for suppliers, June 12, 2025, Q. 10 ↩
71. Trinity Auto Group. Amended and Restated Initial Order, Aug. 17, 2026, para. 18 ↩
72. Nordstrom Canada. Thirteenth Report of the Monitor, Dec. 10, 2025, App. A (Plan, Dec. 13, 2023, Art. 1, definition of "Post-Filing Claim"; Art. 6, payments from the Administrative Reserve, item (f)) ↩
73. Trinity Auto Group. Critical Vendor Order, Sept. 8, 2026, para. 3 ↩
74. Trinity Auto Group. Second Report of the Monitor, Sept. 3, 2026, paras. 76–81 ↩
75. Motryx. Critical Supplier Order, Oct. 22, 2024, recital ↩
76. Motryx. First Report of the Proposal Trustee, Oct. 16, 2024, para. 47(a), (c) ↩
77. Cleo Energy. Ontario Court of Appeal endorsement (1998), reprinted in a book of authorities, paras. 3, 5 ↩
78. Cleo Energy. Endorsement (2024 ABKB 773), Dec. 26, 2024, paras. 1–2 ↩
79. Cleo Energy. First Report of the Proposal Trustee, Jan. 6, 2025, para. 6 ↩
80. Cleo Energy. Endorsement (2024 ABKB 773), Dec. 26, 2024, para. 5 ↩
81. Cleo Energy. Order (Trafigura Set-Off), Dec. 26, 2024, para. 4 ↩
82. Cleo Energy. Order (Stay re Trafigura), Jan. 22, 2025, para. 2 ↩
83. Mastermind Toys. Sixth Report of the Monitor, Oct. 24, 2024, App. A (Fifth Report, Aug. 13, 2024), para. 6.6(iv) ↩
84. Mastermind Toys. CCAA Termination and Distribution Order, Aug. 22, 2024, para. 8 ↩
85. Antibe Therapeutics. First Supplemental Report of the Receiver, Mar. 26, 2025, paras. 12, 23 ↩
86. Mastermind Toys. CCAA Termination and Distribution Order, Aug. 22, 2024, para. 15 ↩
87. Nordstrom Canada. Thirteenth Report of the Monitor, Dec. 10, 2025, App. A (Plan, Dec. 13, 2023, Art. 6, "Treatment of Undeliverable Distributions") ↩

Laws and official pages

• Bankruptcy and Insolvency Act: s. 2 (secured creditor), s. 51 (the proposal meeting), s. 54 (the vote), s. 57 (refusal), s. 62 (filing date; binding effect), s. 65.1 (contracts; post-filing supply), s. 67 (trusts), s. 81.1 (30-day goods), s. 81.2 (farmers, fishers), s. 81.7 (perishable produce), s. 95 (preferences), s. 97 (set-off), s. 102 (first meeting), s. 124 (proof of claim), s. 135 (disallowance), s. 136 (priorities), s. 149 (30-day notice), s. 154 (unclaimed dividends), s. 179 (guarantors)
• Companies' Creditors Arrangement Act: s. 6 (the vote), s. 11.01 (suppliers), s. 11.4 (critical suppliers), s. 12 (deadlines), s. 21 (set-off), s. 23 (the monitor), s. 34 (contracts); Regulations, s. 7
• Bankruptcy and Insolvency General Rules, s. 136.1 ($30 unclaimed-dividend fee); Financial Protection for Fresh Fruit and Vegetable Farmers Act, S.C. 2024, c. 31
• Office of the Superintendent of Bankruptcy, "You are owed money": bankruptcy, Division I proposals, the CCAA, repossession of goods
• OSB forms and searches: Form 31 and its guidance, Form 36, Form 37, Form 75, Form 77, records search, CCAA records, unclaimed dividends
• Supreme Court of Canada: Montréal (City) v. Deloitte Restructuring Inc., 2021 SCC 53

Official pages were checked on October 10, 2026.

The full record#

Every company proposal and CCAA plan whose court approval from January 1, 2024 to June 30, 2026 is in the record: 57 in all, 40 proposals and 17 CCAA plans. By October 10, 2026, the record showed money reaching unsecured creditors in eight of them. The first ten, in order of approval (Metroland Media Group's approval day is not in the record; it came between late January and early March 2024):

The full table, all 57 with what each offered unsecured creditors, what a bankruptcy was estimated to pay, the vote, any small claims paid in full and what has been paid so far, every figure cited to the filing it came from, is for subscribers.