I experienced twice in my life. This will be the third time. Both of the previous were US. For GM, the game didn't end after bankruptcy protection, because it was really a liquidity problem but their assets were greater than liabilities after the write down. For CIT, it was a total lost as the debtor replace old shares with new shares as the company debt was higher than assets. Both cases were in the state, so I am not so sure about Canada. But I would expect something similar.