In Canada, there are 2 functional equivalents. A Division I Proposal [1] is a means for individuals and businesses to resolve "unmanageable debt", with no minimum amount. For large corporations with >$5Mil in debt, the CCAA federal law is more advantageous [2].
[1] https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02052.html
[2] https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02284.html