This paper outlines what happens when financial distress is not resolved at an early stage and when formal proceedings are necessary. It also provides a high-level overview of the three primary types of formal restructuring and insolvency processes in Canada, namely CCAA proceedings, commercial bankruptcies and proposals, and receiverships.

This paper is part of a collection presented at LESA’s Bankruptcy and Insolvency Essentials program in Edmonton on March 15, 2023.