Category Archives: Companies’ Creditors Arrangement Act

Sears Canada gets protection from its Trade Creditors

Companies' Creditors Arrangement Act

On June 22, 2017 Sears Canada Inc. applied to the Ontario Superior Court of Justice for protection from its creditors. The application was made under the Companies’ Creditors Arrangement Act (or as it is known – the CCAA). This is an act that allows companies with a large amount of debt to seek court protection from its creditors while it works on making some sort of formal offer to its creditors for payment or settlement of all its debt.