If you’re a corporate director or officer, you might find your company and/or yourself in need of relief from unmanageable debts. One way to seek relief is through the Companies’ Creditors Insolvency Act (CCAA). CCAA permits a corporation to propose a formal compromise to its creditors, including the compromise of certain claims against the company’s directors. CCAA also allows a corporation to apply to the court in the province with its head office, seeking protection from creditors to allow a compromise to be negotiated. The court has very broad powers to “make any order that it considers appropriate in the circumstances”; in May 2020 the Supreme Court of Canada has just reaffirmed the breadth of that discretion (9354-9186 Québec inc. v. Callidus Capital Corp).1
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