Insolvency Statistics in Canada—September 2022

Definitions

Bankruptcy
The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.
Bankruptcy and Insolvency Act (BIA)
The federal act that provides the framework to file and administer insolvencies in Canada.
Business
Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.
Consumer
An individual with more than 50% of total liabilities related to consumer goods and services.
Corporation
A commercial entity or organization.
Individual Business
An individual who has incurred 50% or more of total liabilities as a result of operating a business.
North American Industry Classification System ( NAICS )
System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.
Proposal
An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.

Note:

Monthly statistics for insolvency volumes tend to vary widely. Quarterly and annual statistics can be more indicative of the evolution of insolvency volume.

Table 1: Total BIA Insolvencies
- Volume % Change 12-Month Period Ending
September 2022 August 2022 September 2021 August 2022
to
September 2022
September 2021
to
September 2022
09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 198 188 131 5.3 51.1 1,853 1,815 2.1

Bankruptcies

72 60 45 20.0 60.0 662 663 -0.2

Proposals

126 128 86 -1.6 46.5 1,191 1,152 3.4
Prince Edward Island 36 35 30 2.9 20.0 448 382 17.3

Bankruptcies

10 13 17 -23.1 -41.2 178 169 5.3

Proposals

26 22 13 18.2 100.0 270 213 26.8
Nova Scotia 322 331 234 -2.7 37.6 3,290 3,134 5.0

Bankruptcies

111 109 90 1.8 23.3 1,238 1,358 -8.8

Proposals

211 222 144 -5.0 46.5 2,052 1,776 15.5
New Brunswick 289 279 243 3.6 18.9 3,040 3,198 -4.9

Bankruptcies

96 85 100 12.9 -4.0 1,084 1,415 -23.4

Proposals

193 194 143 -0.5 35.0 1,956 1,783 9.7
Quebec 2,593 2,373 2,196 9.3 18.1 26,663 25,571 4.3

Bankruptcies

940 907 981 3.6 -4.2 10,735 11,711 -8.3

Proposals

1,653 1,466 1,215 12.8 36.0 15,928 13,860 14.9
Ontario 3,257 3,148 2,518 3.5 29.3 34,080 31,485 8.2

Bankruptcies

697 680 627 2.5 11.2 7,868 8,364 -5.9

Proposals

2,560 2,468 1,891 3.7 35.4 26,212 23,121 13.4
Manitoba 238 294 262 -19.0 -9.2 2,713 2,475 9.6

Bankruptcies

54 75 78 -28.0 -30.8 750 792 -5.3

Proposals

184 219 184 -16.0 0.0 1,963 1,683 16.6
Saskatchewan 281 274 208 2.6 35.1 3,076 2,751 11.8

Bankruptcies

58 64 63 -9.4 -7.9 711 831 -14.4

Proposals

223 210 145 6.2 53.8 2,365 1,920 23.2
Alberta 1,288 1,271 1,178 1.3 9.3 14,714 13,967 5.3

Bankruptcies

202 195 203 3.6 -0.5 2,532 3,058 -17.2

Proposals

1,086 1,076 975 0.9 11.4 12,182 10,909 11.7
British Columbia 925 960 693 -3.6 33.5 9,694 8,733 11.0

Bankruptcies

150 179 185 -16.2 -18.9 1,920 2,333 -17.7

Proposals

775 781 508 -0.8 52.6 7,774 6,400 21.5
Northwest Territories 6 5 6 20.0 0.0 65 45 44.4

Bankruptcies

0 0 0 -- -- 7 5 40.0

Proposals

6 5 6 20.0 0.0 58 40 45.0
Yukon 7 2 5 250.0 40.0 51 35 45.7

Bankruptcies

1 0 0 -- -- 6 11 -45.5

Proposals

6 2 5 200.0 20.0 45 24 87.5
Nunavut 1 1 1 0.0 0.0 10 14 -28.6

Bankruptcies

0 0 0 -- -- 0 1 -100.0

Proposals

1 1 1 0.0 0.0 10 13 -23.1
Canada 9,441 9,161 7,705 3.1 22.5 99,697 93,605 6.5

Bankruptcies

2,391 2,367 2,389 1.0 0.1 27,691 30,711 -9.8

Proposals

7,050 6,794 5,316 3.8 32.6 72,006 62,894 14.5
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
September 2022 August 2022 September 2021 August 2022
to
September 2022
September 2021
to
September 2022
09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 196 186 130 5.4 50.8 1,839 1,804 1.9

Bankruptcies

70 60 44 16.7 59.1 651 652 -0.2

Proposals

126 126 86 0.0 46.5 1,188 1,152 3.1
Prince Edward Island 36 35 30 2.9 20.0 445 380 17.1

Bankruptcies

10 13 17 -23.1 -41.2 175 168 4.2

Proposals

26 22 13 18.2 100.0 270 212 27.4
Nova Scotia 321 328 234 -2.1 37.2 3,265 3,120 4.6

Bankruptcies

110 106 90 3.8 22.2 1,222 1,346 -9.2

Proposals

211 222 144 -5.0 46.5 2,043 1,774 15.2
New Brunswick 285 278 242 2.5 17.8 3,017 3,179 -5.1

Bankruptcies

93 84 99 10.7 -6.1 1,065 1,401 -24.0

Proposals

192 194 143 -1.0 34.3 1,952 1,778 9.8
Quebec 2,450 2,216 2,077 10.6 18.0 24,816 24,133 2.8

Bankruptcies

827 773 883 7.0 -6.3 9,204 10,521 -12.5

Proposals

1,623 1,443 1,194 12.5 35.9 15,612 13,612 14.7
Ontario 3,177 3,082 2,461 3.1 29.1 33,272 30,872 7.8

Bankruptcies

633 627 588 1.0 7.7 7,278 7,926 -8.2

Proposals

2,544 2,455 1,873 3.6 35.8 25,994 22,946 13.3
Manitoba 236 292 259 -19.2 -8.9 2,686 2,445 9.9

Bankruptcies

54 74 76 -27.0 -28.9 734 767 -4.3

Proposals

182 218 183 -16.5 -0.5 1,952 1,678 16.3
Saskatchewan 275 266 203 3.4 35.5 3,020 2,706 11.6

Bankruptcies

53 60 61 -11.7 -13.1 675 795 -15.1

Proposals

222 206 142 7.8 56.3 2,345 1,911 22.7
Alberta 1,254 1,253 1,166 0.1 7.5 14,517 13,814 5.1

Bankruptcies

194 181 198 7.2 -2.0 2,417 2,959 -18.3

Proposals

1,060 1,072 968 -1.1 9.5 12,100 10,855 11.5
British Columbia 912 938 683 -2.8 33.5 9,562 8,643 10.6

Bankruptcies

140 166 178 -15.7 -21.3 1,824 2,272 -19.7

Proposals

772 772 505 0.0 52.9 7,738 6,371 21.5
Northwest Territories 6 5 6 20.0 0.0 65 45 44.4

Bankruptcies

0 0 0 -- -- 7 5 40.0

Proposals

6 5 6 20.0 0.0 58 40 45.0
Yukon 7 2 5 250.0 40.0 51 35 45.7

Bankruptcies

1 0 0 -- -- 6 11 -45.5

Proposals

6 2 5 200.0 20.0 45 24 87.5
Nunavut 1 1 1 0.0 0.0 10 14 -28.6

Bankruptcies

0 0 0 -- -- 0 1 -100.0

Proposals

1 1 1 0.0 0.0 10 13 -23.1
Canada 9,156 8,882 7,497 3.1 22.1 96,565 91,190 5.9

Bankruptcies

2,185 2,144 2,234 1.9 -2.2 25,258 28,824 -12.4

Proposals

6,971 6,738 5,263 3.5 32.5 71,307 62,366 14.3
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
September 2022 August 2022 September 2021 August 2022
to
September 2022
September 2021
to
September 2022
09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 2 2 1 0.0 100.0 14 11 27.3

Bankruptcies

2 0 1 -- 100.0 11 11 0.0

Proposals

0 2 0 -100.0 -- 3 0 --
Prince Edward Island 0 0 0 -- -- 3 2 50.0

Bankruptcies

0 0 0 -- -- 3 1 200.0

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 1 3 0 -66.7 -- 25 14 78.6

Bankruptcies

1 3 0 -66.7 -- 16 12 33.3

Proposals

0 0 0 -- -- 9 2 350.0
New Brunswick 4 1 1 300.0 300.0 23 19 21.1

Bankruptcies

3 1 1 200.0 200.0 19 14 35.7

Proposals

1 0 0 -- -- 4 5 -20.0
Quebec 143 157 119 -8.9 20.2 1,847 1,438 28.4

Bankruptcies

113 134 98 -15.7 15.3 1,531 1,190 28.7

Proposals

30 23 21 30.4 42.9 316 248 27.4
Ontario 80 66 57 21.2 40.4 808 613 31.8

Bankruptcies

64 53 39 20.8 64.1 590 438 34.7

Proposals

16 13 18 23.1 -11.1 218 175 24.6
Manitoba 2 2 3 0.0 -33.3 27 30 -10.0

Bankruptcies

0 1 2 -100.0 -100.0 16 25 -36.0

Proposals

2 1 1 100.0 100.0 11 5 120.0
Saskatchewan 6 8 5 -25.0 20.0 56 45 24.4

Bankruptcies

5 4 2 25.0 150.0 36 36 0.0

Proposals

1 4 3 -75.0 -66.7 20 9 122.2
Alberta 34 18 12 88.9 183.3 197 153 28.8

Bankruptcies

8 14 5 -42.9 60.0 115 99 16.2

Proposals

26 4 7 550.0 271.4 82 54 51.9
British Columbia 13 22 10 -40.9 30.0 132 90 46.7

Bankruptcies

10 13 7 -23.1 42.9 96 61 57.4

Proposals

3 9 3 -66.7 0.0 36 29 24.1
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 285 279 208 2.2 37.0 3,132  2,415  29.7

Bankruptcies

206 223 155 -7.6 32.9 2,433  1,887  28.9

Proposals

79 56 53 41.1 49.1 699 528 32.4
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
September 2022 August 2022 September 2021 August 2022
to
September 2022
September 2021
to
September 2022
09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 0 0 1 -- -100.0 1 4 -75.0

Bankruptcies

0 0 1 -- -100.0 0 4 -100.0

Proposals

0 0 0 -- -- 1 0 --
Prince Edward Island 0 0 0 -- -- 1 1 0.0

Bankruptcies

0 0 0 -- -- 1 1 0.0

Proposals

0 0 0 -- -- 0 0 --
Nova Scotia 0 2 0 -100.0 -- 10 7 42.9

Bankruptcies

0 2 0 -100.0 -- 6 6 0.0

Proposals

0 0 0 -- -- 4 1 300.0
New Brunswick 2 1 1 100.0 100.0 10 10 0.0

Bankruptcies

2 1 1 100.0 100.0 9 8 12.5

Proposals

0 0 0 -- -- 1 2 -50.0
Quebec 121 132 100 -8.3 21.0 1,600 1,249 28.1

Bankruptcies

102 120 88 -15.0 15.9 1,393 1,070 30.2

Proposals

19 12 12 58.3 58.3 207 179 15.6
Ontario 52 47 40 10.6 30.0 534 415 28.7

Bankruptcies

46 40 32 15.0 43.8 432 331 30.5

Proposals

6 7 8 -14.3 -25.0 102 84 21.4
Manitoba 0 1 3 -100.0 -100.0 12 14 -14.3

Bankruptcies

0 0 2 -- -100.0 7 11 -36.4

Proposals

0 1 1 -100.0 -100.0 5 3 66.7
Saskatchewan 1 4 0 -75.0 -- 12 20 -40.0

Bankruptcies

1 1 0 0.0 -- 6 17 -64.7

Proposals

0 3 0 -100.0 -- 6 3 100.0
Alberta 23 7 10 228.6 130.0 94 95 -1.1

Bankruptcies

3 7 4 -57.1 -25.0 61 68 -10.3

Proposals

20 0 6 -- 233.3 33 27 22.2
British Columbia 6 6 4 0.0 50.0 57 51 11.8

Bankruptcies

5 3 4 66.7 25.0 42 36 16.7

Proposals

1 3 0 -66.7 -- 15 15 0.0
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 205 200 159 2.5 28.9 2,331 1,866 24.9

Bankruptcies

159 174 132 -8.6 20.5 1,957 1,552 26.1

Proposals

46 26 27 76.9 70.4 374 314 19.1
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
September 2022 August 2022 September 2021 August 2022
to
September 2022
September 2021
to
September 2022
09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 2 2 0 0.0 -- 13 7 85.7

Bankruptcies

2 0 0 -- -- 11 7 57.1

Proposals

0 2 0 -100.0 -- 2 0 --
Prince Edward Island 0 0 0 -- -- 2 1 100.0

Bankruptcies

0 0 0 -- -- 2 0 --

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 1 1 0 0.0 -- 15 7 114.3

Bankruptcies

1 1 0 0.0 -- 10 6 66.7

Proposals

0 0 0 -- -- 5 1 400.0
New Brunswick 2 0 0 -- -- 13 9 44.4

Bankruptcies

1 0 0 -- -- 10 6 66.7

Proposals

1 0 0 -- -- 3 3 0.0
Quebec 22 25 19 -12.0 15.8 247 189 30.7

Bankruptcies

11 14 10 -21.4 10.0 138 120 15.0

Proposals

11 11 9 0.0 22.2 109 69 58.0
Ontario 28 19 17 47.4 64.7 274 198 38.4

Bankruptcies

18 13 7 38.5 157.1 158 107 47.7

Proposals

10 6 10 66.7 0.0 116 91 27.5
Manitoba 2 1 0 100.0 -- 15 16 -6.3

Bankruptcies

0 1 0 -100.0 -- 9 14 -35.7

Proposals

2 0 0 -- -- 6 2 200.0
Saskatchewan 5 4 5 25.0 0.0 44 25 76.0

Bankruptcies

4 3 2 33.3 100.0 30 19 57.9

Proposals

1 1 3 0.0 -66.7 14 6 133.3
Alberta 11 11 2 0.0 450.0 103 58 77.6

Bankruptcies

5 7 1 -28.6 400.0 54 31 74.2

Proposals

6 4 1 50.0 500.0 49 27 81.5
British Columbia 7 16 6 -56.3 16.7 75 39 92.3

Bankruptcies

5 10 3 -50.0 66.7 54 25 116.0

Proposals

2 6 3 -66.7 -33.3 21 14 50.0
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 80 79 49 1.3 63.3 801 549 45.9

Bankruptcies

47 49 23 -4.1 104.3 476 335 42.1

Proposals

33 30 26 10.0 26.9 325 214 51.9
Table 4: BIA Insolvencies by NAICS Sectors
- Volume % Change 12-Month Period Ending
September 2022 August 2022 September 2021 August 2022
to
September 2022
September 2021
to
September 2022
09-30-2022 09-30-2021 % Change
Agriculture, Forestry, Fishing and Hunting 2 7 2 -71.4 0.0 75 53 41.5

Bankruptcies

1 5 1 -80.0 0.0 64 41 56.1

Proposals

1 2 1 -50.0 0.0 11 12 -8.3
Mining and Oil and Gas Extraction 4 2 0 100.0 -- 23 55 -58.2

Bankruptcies

3 2 0 50.0 -- 18 41 -56.1

Proposals

1 0 0 -- -- 5 14 -64.3
Utilities 0 0 0 -- -- 6 3 100.0

Bankruptcies

0 0 0 -- -- 5 2 150.0

Proposals

0 0 0 -- -- 1 1 0.0
Construction 40 45 25 -11.1 60.0 471 328 43.6

Bankruptcies

24 29 20 -17.2 20.0 326 262 24.4

Proposals

16 16 5 0.0 220.0 145 66 119.7
Manufacturing 25 21 17 19.0 47.1 232 223 4.0

Bankruptcies

18 16 9 12.5 100.0 174 170 2.4

Proposals

7 5 8 40.0 -12.5 58 53 9.4
Wholesale Trade 9 11 3 -18.2 200.0 131 98 33.7

Bankruptcies

7 9 2 -22.2 250.0 107 77 39.0

Proposals

2 2 1 0.0 100.0 24 21 14.3
Retail Trade 24 30 27 -20.0 -11.1 330 254 29.9

Bankruptcies

23 26 20 -11.5 15.0 276 198 39.4

Proposals

1 4 7 -75.0 -85.7 54 56 -3.6
Transportation and Warehousing 16 32 17 -50.0 -5.9 272 180 51.1

Bankruptcies

13 25 12 -48.0 8.3 212 143 48.3

Proposals

3 7 5 -57.1 -40.0 60 37 62.2
Information and Cultural Industries 3 5 3 -40.0 0.0 61 42 45.2

Bankruptcies

2 3 1 -33.3 100.0 39 35 11.4

Proposals

1 2 2 -50.0 -50.0 22 7 214.3
Finance and Insurance 3 9 2 -66.7 50.0 42 54 -22.2

Bankruptcies

2 7 2 -71.4 0.0 27 45 -40.0

Proposals

1 2 0 -50.0 -- 15 9 66.7
Real Estate and Rental and Leasing 12 13 18 -7.7 -33.3 121 130 -6.9

Bankruptcies

10 12 10 -16.7 0.0 92 97 -5.2

Proposals

2 1 8 100.0 -75.0 29 33 -12.1
Professional, Scientific and Technical Services 28 12 13 133.3 115.4 235 164 43.3

Bankruptcies

20 9 7 122.2 185.7 185 138 34.1

Proposals

8 3 6 166.7 33.3 50 26 92.3
Management of Companies and Enterprises 5 3 2 66.7 150.0 60 67 -10.4

Bankruptcies

4 3 2 33.3 100.0 49 50 -2.0

Proposals

1 0 0 -- -- 11 17 -35.3
Administrative and Support, Waste Management and Remediation Services 19 11 18 72.7 5.6 179 134 33.6

Bankruptcies

12 7 16 71.4 -25.0 125 100 25.0

Proposals

7 4 2 75.0 250.0 54 34 58.8
Educational Services 2 2 3 0.0 -33.3 24 29 -17.2

Bankruptcies

1 2 3 -50.0 -66.7 18 25 -28.0

Proposals

1 0 0 -- -- 6 4 50.0
Health Care and Social Assistance 19 6 8 216.7 137.5 93 75 24.0

Bankruptcies

5 6 7 -16.7 -28.6 67 53 26.4

Proposals

14 0 1 -- 1300.0 26 22 18.2
Arts, Entertainment and Recreation 4 7 6 -42.9 -33.3 85 74 14.9

Bankruptcies

4 7 6 -42.9 -33.3 72 53 35.8

Proposals

0 0 0 -- -- 13 21 -38.1
Accommodation and Food Services 40 49 36 -18.4 11.1 474 330 43.6

Bankruptcies

35 43 32 -18.6 9.4 405 257 57.6

Proposals

5 6 4 -16.7 25.0 69 73 -5.5
Other Services (except Public Administration) 30 13 8 130.8 275.0 210 119 76.5

Bankruptcies

22 11 5 100.0 340.0 164 97 69.1

Proposals

8 2 3 300.0 166.7 46 22 109.1
Public Administration 0 1 0 -100.0 -- 5 3 66.7

Bankruptcies

0 1 0 -100.0 -- 5 3 66.7

Proposals

0 0 0 -- -- 0 0 --
Canada 285 279 208 2.2 37.0 3,129 2,415 29.6
Bankruptcies 206 223 155 -7.6 32.9 2,430 1,887 28.8
Proposals 79 56 53 41.1 49.1 699 528 32.4