12. Introduction to Bankruptcy
The Companies Creditors Arrangement Act (CCAA) is a Canadian federal law which provides relief to companies in financial distress. It allows companies that are unable to meet their financial obligations to restructure their debt and assets in an orderly fashion and to continue their operations. The CCAA is administered by the Office of the Superintendent of Bankruptcy (OSB) and is overseen by the court. The goal of the CCAA is to ensure that the company remains viable and is able to pay its creditors over the long term. The CCAA process can provide companies with a chance to survive and thrive despite financial difficulties.