The Companies' Creditors Arrangement Act (CCAA) is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs through a formal Plan of Arrangement, the CCAA creates an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owed to them by the company.

The CCAA is restricted to larger corporations, as a corporation must have amounts owed to creditors in excess of $5 million to be eligible to use the Act.

https://en.wikipedia.org/wiki/Companies%27_Creditors_Arrangement_Act