Insolvency Statistics in Canada—April 2023

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
April
2023
March
2023
April
2022
Mar. 2023
to
Apr. 2023
Apr. 2022
to
Apr. 2023
04-30-2023 04-30-2022 % Change
Newfoundland and Labrador 234 215 146 8.8 60.3 2,121 1,672 26.9
Bankruptcies
65 65 63 0.0 3.2 722 608 18.8
Proposals
169 150 83 12.7 103.6 1,399 1,064 31.5
Prince Edward Island 45 54 34 -16.7 32.4 473 400 18.3
Bankruptcies
11 14 13 -21.4 -15.4 161 178 -9.6
Proposals
34 40 21 -15.0 61.9 312 222 40.5
Nova Scotia 384 412 302 -6.8 27.2 3,890 2,915 33.4
Bankruptcies
108 125 119 -13.6 -9.2 1,255 1,184 6.0
Proposals
276 287 183 -3.8 50.8 2,635 1,731 52.2
New Brunswick 287 327 258 -12.2 11.2 3,258 2,892 12.7
Bankruptcies
76 79 103 -3.8 -26.2 977 1,124 -13.1
Proposals
211 248 155 -14.9 36.1 2,281 1,768 29.0
Quebec 2,473 3,330 2,160 -25.7 14.5 29,289 25,190 16.3
Bankruptcies
857 1,082 847 -20.8 1.2 10,519 10,893 -3.4
Proposals
1,616 2,248 1,313 -28.1 23.1 18,770 14,297 31.3
Ontario 3,483 4,178 2,739 -16.6 27.2 38,941 30,859 26.2
Bankruptcies
709 792 650 -10.5 9.1 8,059 7,682 4.9
Proposals
2,774 3,386 2,089 -18.1 32.8 30,882 23,177 33.2
Manitoba 297 338 219 -12.1 35.6 3,142 2,495 25.9
Bankruptcies
83 68 77 22.1 7.8 829 760 9.1
Proposals
214 270 142 -20.7 50.7 2,313 1,735 33.3
Saskatchewan 310 345 253 -10.1 22.5 3,406 2,775 22.7
Bankruptcies
72 71 53 1.4 35.8 668 721 -7.4
Proposals
238 274 200 -13.1 19.0 2,738 2,054 33.3
Alberta 1,391 1,779 1,321 -21.8 5.3 16,208 13,964 16.1
Bankruptcies
221 258 242 -14.3 -8.7 2,559 2,587 -1.1
Proposals
1,170 1,521 1,079 -23.1 8.4 13,649 11,377 20.0
British Columbia 1,046 1,207 766 -13.3 36.6 11,321 8,835 28.1
Bankruptcies
159 203 158 -21.7 0.6 1,982 1,992 -0.5
Proposals
887 1,004 608 -11.7 45.9 9,339 6,843 36.5
Northwest Territories 7 9 8 -22.2 -12.5 51 67 -23.9
Bankruptcies
5 1 0 400.0 -- 9 8 12.5
Proposals
2 8 8 -75.0 -75.0 42 59 -28.8
Yukon 2 7 6 -71.4 -66.7 51 39 30.8
Bankruptcies
0 3 0 -100.0 -- 9 7 28.6
Proposals
2 4 6 -50.0 -66.7 42 32 31.3
Nunavut 1 2 0 -50.0 -- 18 10 80.0
Bankruptcies
0 1 0 -100.0 -- 1 1 0.0
Proposals
1 1 0 0.0 -- 17 9 88.9
Canada 9,960 12,203 8,212 -18.4 21.3 112,169 92,113 21.8
Bankruptcies
2,366 2,762 2,325 -14.3 1.8 27,750 27,745 0.0
Proposals
7,594 9,441 5,887 -19.6 29.0 84,419 64,368 31.2

Table 2: BIA Insolvencies Filed by Consumers

- Volume % Change 12-Month Period Ending
April
2023
March
2023
April
2022
Mar. 2023
to
Apr. 2023
Apr. 2022
to
Apr. 2023
04-30-2023 04-30-2022 % Change
Newfoundland and Labrador 234 214 146 9.3 60.3 2,107 1,661 26.9
Bankruptcies
65 65 63 0.0 3.2 711 598 18.9
Proposals
169 149 83 13.4 103.6 1,396 1,063 31.3
Prince Edward Island 45 54 34 -16.7 32.4 471 395 19.2
Bankruptcies
11 14 13 -21.4 -15.4 160 174 -8.0
Proposals
34 40 21 -15.0 61.9 311 221 40.7
Nova Scotia 381 410 299 -7.1 27.4 3,862 2,894 33.4
Bankruptcies
106 123 118 -13.8 -10.2 1,233 1,173 5.1
Proposals
275 287 181 -4.2 51.9 2,629 1,721 52.8
New Brunswick 284 325 256 -12.6 10.9 3,230 2,874 12.4
Bankruptcies
73 78 102 -6.4 -28.4 955 1,109 -13.9
Proposals
211 247 154 -14.6 37.0 2,275 1,765 28.9
Quebec 2,266 3,067 2,002 -26.1 13.2 27,129 23,537 15.3
Bankruptcies
698 880 714 -20.7 -2.2 8,747 9,530 -8.2
Proposals
1,568 2,187 1,288 -28.3 21.7 18,382 14,007 31.2
Ontario 3,393 4,064 2,668 -16.5 27.2 37,944 30,139 25.9
Bankruptcies
644 703 602 -8.4 7.0 7,305 7,168 1.9
Proposals
2,749 3,361 2,066 -18.2 33.1 30,639 22,971 33.4
Manitoba 293 333 216 -12.0 35.6 3,106 2,461 26.2
Bankruptcies
81 65 74 24.6 9.5 811 734 10.5
Proposals
212 268 142 -20.9 49.3 2,295 1,727 32.9
Saskatchewan 306 339 251 -9.7 21.9 3,347 2,731 22.6
Bankruptcies
69 68 52 1.5 32.7 638 692 -7.8
Proposals
237 271 199 -12.5 19.1 2,709 2,039 32.9
Alberta 1,377 1,759 1,305 -21.7 5.5 15,963 13,815 15.5
Bankruptcies
211 244 235 -13.5 -10.2 2,418 2,487 -2.8
Proposals
1,166 1,515 1,070 -23.0 9.0 13,545 11,328 19.6
British Columbia 1,027 1,186 763 -13.4 34.6 11,142 8,748 27.4
Bankruptcies
148 187 156 -20.9 -5.1 1,862 1,929 -3.5
Proposals
879 999 607 -12.0 44.8 9,280 6,819 36.1
Northwest Territories 7 8 8 -12.5 -12.5 48 67 -28.4
Bankruptcies
5 0 0 -- -- 8 8 0.0
Proposals
2 8 8 -75.0 -75.0 40 59 -32.2
Yukon 2 7 6 -71.4 -66.7 51 39 30.8
Bankruptcies
0 3 0 -100.0 -- 9 7 28.6
Proposals
2 4 6 -50.0 -66.7 42 32 31.3
Nunavut 1 2 0 -50.0 -- 18 10 80.0
Bankruptcies
0 1 0 -100.0 -- 1 1 0.0
Proposals
1 1 0 0.0 -- 17 9 88.9
Canada 9,616 11,768 7,954 -18.3 20.9 108,418 89,371 21.3
Bankruptcies
2,111 2,431 2,129 -13.2 -0.8 24,858 25,610 -2.9
Proposals
7,505 9,337 5,825 -19.6 28.8 83,560 63,761 31.1

Table 3: BIA Insolvencies Filed by Businesses

- Volume % Change 12-Month Period Ending
April
2023
March
2023
April
2022
Mar. 2023
to
Apr. 2023
Apr. 2022
to
Apr. 2023
04-30-2023 04-30-2022 % Change
Newfoundland and Labrador 0 1 0 -100.0 -- 14 11 27.3
Bankruptcies
0 0 0 -- -- 11 10 10.0
Proposals
0 1 0 -100.0 -- 3 1 200.0
Prince Edward Island 0 0 0 -- -- 2 5 -60.0
Bankruptcies
0 0 0 -- -- 1 4 -75.0
Proposals
0 0 0 -- -- 1 1 0.0
Nova Scotia 3 2 3 50.0 0.0 28 21 33.3
Bankruptcies
2 2 1 0.0 100.0 22 11 100.0
Proposals
1 0 2 -- -50.0 6 10 -40.0
New Brunswick 3 2 2 50.0 50.0 28 18 55.6
Bankruptcies
3 1 1 200.0 200.0 22 15 46.7
Proposals
0 1 1 -100.0 -100.0 6 3 100.0
Quebec 207 263 158 -21.3 31.0 2,160 1,653 30.7
Bankruptcies
159 202 133 -21.3 19.5 1,772 1,363 30.0
Proposals
48 61 25 -21.3 92.0 388 290 33.8
Ontario 90 114 71 -21.1 26.8 997 720 38.5
Bankruptcies
65 89 48 -27.0 35.4 754 514 46.7
Proposals
25 25 23 0.0 8.7 243 206 18.0
Manitoba 4 5 3 -20.0 33.3 36 34 5.9
Bankruptcies
2 3 3 -33.3 -33.3 18 26 -30.8
Proposals
2 2 0 0.0 -- 18 8 125.0
Saskatchewan 4 6 2 -33.3 100.0 59 44 34.1
Bankruptcies
3 3 1 0.0 200.0 30 29 3.4
Proposals
1 3 1 -66.7 0.0 29 15 93.3
Alberta 14 20 16 -30.0 -12.5 245 149 64.4
Bankruptcies
10 14 7 -28.6 42.9 141 100 41.0
Proposals
4 6 9 -33.3 -55.6 104 49 112.2
British Columbia 19 21 3 -9.5 533.3 179 87 105.7
Bankruptcies
11 16 2 -31.3 450.0 120 63 90.5
Proposals
8 5 1 60.0 700.0 59 24 145.8
Northwest Territories 0 1 0 -100.0 -- 3 0 --
Bankruptcies
0 1 0 -100.0 -- 1 0 --
Proposals
0 0 0 -- -- 2 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 344 435 258 -20.9 33.3 3,751 2,742 36.8
Bankruptcies
255 331 196 -23.0 30.1 2,892 2,135 35.5
Proposals
89 104 62 -14.4 43.5 859 607 41.5

Table 3a: BIA Insolvencies Filed by Corporations

- Volume % Change 12-Month Period Ending
April
2023
March
2023
April
2022
Mar. 2023
to
Apr. 2023
Apr. 2022
to
Apr. 2023
04-30-2023 04-30-2022 % Change
Newfoundland and Labrador 0 0 0 -- -- 0 4 -100.0
Bankruptcies
0 0 0 -- -- 0 3 -100.0
Proposals
0 0 0 -- -- 0 1 -100.0
Prince Edward Island 0 0 0 -- -- 2 2 0.0
Bankruptcies
0 0 0 -- -- 1 2 -50.0
Proposals
0 0 0 -- -- 1 0 --
Nova Scotia 1 1 1 0.0 0.0 10 8 25.0
Bankruptcies
1 1 1 0.0 0.0 9 3 200.0
Proposals
0 0 0 -- -- 1 5 -80.0
New Brunswick 2 1 1 100.0 100.0 14 10 40.0
Bankruptcies
2 1 1 100.0 100.0 12 9 33.3
Proposals
0 0 0 -- -- 2 1 100.0
Quebec 171 234 139 -26.9 23.0 1,878 1,445 30.0
Bankruptcies
143 189 120 -24.3 19.2 1,621 1,237 31.0
Proposals
28 45 19 -37.8 47.4 257 208 23.6
Ontario 60 74 54 -18.9 11.1 656 491 33.6
Bankruptcies
50 62 38 -19.4 31.6 567 384 47.7
Proposals
10 12 16 -16.7 -37.5 89 107 -16.8
Manitoba 0 2 2 -100.0 -100.0 10 17 -41.2
Bankruptcies
0 2 2 -100.0 -100.0 4 13 -69.2
Proposals
0 0 0 -- -- 6 4 50.0
Saskatchewan 1 0 1 -- 0.0 11 9 22.2
Bankruptcies
1 0 0 -- -- 5 5 0.0
Proposals
0 0 1 -- -100.0 6 4 50.0
Alberta 7 9 6 -22.2 16.7 123 74 66.2
Bankruptcies
6 8 3 -25.0 100.0 84 56 50.0
Proposals
1 1 3 0.0 -66.7 39 18 116.7
British Columbia 7 13 0 -46.2 -- 77 40 92.5
Bankruptcies
6 12 0 -50.0 -- 59 31 90.3
Proposals
1 1 0 0.0 -- 18 9 100.0
Northwest Territories 0 1 0 -100.0 -- 1 0 --
Bankruptcies
0 1 0 -100.0 -- 1 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 249 335 204 -25.7 22.1 2,782 2,100 32.5
Bankruptcies
209 276 165 -24.3 26.7 2,363 1,743 35.6
Proposals
40 59 39 -32.2 2.6 419 357 17.4

Table 3b: BIA Insolvencies Filed by Individual Businesses

- Volume % Change 12-Month Period Ending
April
2023
March
2023
April
2022
Mar. 2023
to
Apr. 2023
Apr. 2022
to
Apr. 2023
04-30-2023 04-30-2022 % Change
Newfoundland and Labrador 0 1 0 -100.0 -- 14 7 100.0
Bankruptcies
0 0 0 -- -- 11 7 57.1
Proposals
0 1 0 -100.0 -- 3 0 --
Prince Edward Island 0 0 0 -- -- 0 3 -100.0
Bankruptcies
0 0 0 -- -- 0 2 -100.0
Proposals
0 0 0 -- -- 0 1 -100.0
Nova Scotia 2 1 2 100.0 0.0 18 13 38.5
Bankruptcies
1 1 0 0.0 -- 13 8 62.5
Proposals
1 0 2 -- -50.0 5 5 0.0
New Brunswick 1 1 1 0.0 0.0 14 8 75.0
Bankruptcies
1 0 0 -- -- 10 6 66.7
Proposals
0 1 1 -100.0 -100.0 4 2 100.0
Quebec 36 29 19 24.1 89.5 282 208 35.6
Bankruptcies
16 13 13 23.1 23.1 151 126 19.8
Proposals
20 16 6 25.0 233.3 131 82 59.8
Ontario 30 40 17 -25.0 76.5 341 229 48.9
Bankruptcies
15 27 10 -44.4 50.0 187 130 43.8
Proposals
15 13 7 15.4 114.3 154 99 55.6
Manitoba 4 3 1 33.3 300.0 26 17 52.9
Bankruptcies
2 1 1 100.0 100.0 14 13 7.7
Proposals
2 2 0 0.0 -- 12 4 200.0
Saskatchewan 3 6 1 -50.0 200.0 48 35 37.1
Bankruptcies
2 3 1 -33.3 100.0 25 24 4.2
Proposals
1 3 0 -66.7 -- 23 11 109.1
Alberta 7 11 10 -36.4 -30.0 122 75 62.7
Bankruptcies
4 6 4 -33.3 0.0 57 44 29.5
Proposals
3 5 6 -40.0 -50.0 65 31 109.7
British Columbia 12 8 3 50.0 300.0 102 47 117.0
Bankruptcies
5 4 2 25.0 150.0 61 32 90.6
Proposals
7 4 1 75.0 600.0 41 15 173.3
Northwest Territories 0 0 0 -- -- 2 0 --
Bankruptcies
0 0 0 -- -- 0 0 --
Proposals
0 0 0 -- -- 2 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 95 100 54 -5.0 75.9 969 642 50.9
Bankruptcies
46 55 31 -16.4 48.4 529 392 34.9
Proposals
49 45 23 8.9 113.0 440 250 76.0

Table 4: BIA Insolvencies by NAICS Sectors

- Volume % Change 12-Month Period Ending
April
2023
March
2023
April
2022
Mar. 2023
to
Apr. 2023
Apr. 2022
to
Apr. 2023
04-30-2023 04-30-2022 % Change
Agriculture, Forestry, Fishing and Hunting 6 9 7 -33.3 -14.3 75 69 8.7
Bankruptcies
4 6 7 -33.3 -42.9 54 62 -12.9
Proposals
2 3 0 -33.3 -- 21 7 200.0
Mining and Oil and Gas Extraction 3 3 2 0.0 50.0 31 32 -3.1
Bankruptcies
2 1 1 100.0 100.0 22 26 -15.4
Proposals
1 2 1 -50.0 0.0 9 6 50.0
Utilities 0 0 1 -- -100.0 6 4 50.0
Bankruptcies
0 0 1 -- -100.0 3 3 0.0
Proposals
0 0 0 -- -- 3 1 200.0
Construction 57 68 45 -16.2 26.7 563 416 35.3
Bankruptcies
42 46 32 -8.7 31.3 386 304 27.0
Proposals
15 22 13 -31.8 15.4 177 112 58.0
Manufacturing 17 36 21 -52.8 -19.0 301 220 36.8
Bankruptcies
13 30 16 -56.7 -18.8 223 172 29.7
Proposals
4 6 5 -33.3 -20.0 78 48 62.5
Wholesale Trade 15 20 9 -25.0 66.7 175 111 57.7
Bankruptcies
12 17 9 -29.4 33.3 138 93 48.4
Proposals
3 3 0 0.0 -- 37 18 105.6
Retail Trade 44 53 21 -17.0 109.5 451 277 62.8
Bankruptcies
32 41 19 -22.0 68.4 366 228 60.5
Proposals
12 12 2 0.0 500.0 85 49 73.5
Transportation and Warehousing 26 28 18 -7.1 44.4 288 233 23.6
Bankruptcies
19 20 12 -5.0 58.3 219 181 21.0
Proposals
7 8 6 -12.5 16.7 69 52 32.7
Information and Cultural Industries 1 6 7 -83.3 -85.7 61 57 7.0
Bankruptcies
1 5 4 -80.0 -75.0 50 35 42.9
Proposals
0 1 3 -100.0 -100.0 11 22 -50.0
Finance and Insurance 4 4 5 0.0 -20.0 47 37 27.0
Bankruptcies
3 4 2 -25.0 50.0 35 26 34.6
Proposals
1 0 3 -- -66.7 12 11 9.1
Real Estate and Rental and Leasing 15 9 8 66.7 87.5 135 101 33.7
Bankruptcies
9 7 3 28.6 200.0 109 65 67.7
Proposals
6 2 5 200.0 20.0 26 36 -27.8
Professional, Scientific and Technical Services 43 25 19 72.0 126.3 275 205 34.1
Bankruptcies
32 18 15 77.8 113.3 206 166 24.1
Proposals
11 7 4 57.1 175.0 69 39 76.9
Management of Companies and Enterprises 7 12 3 -41.7 133.3 85 70 21.4
Bankruptcies
6 10 3 -40.0 100.0 70 55 27.3
Proposals
1 2 0 -50.0 -- 15 15 0.0
Administrative and Support, Waste Management and Remediation Services 17 23 12 -26.1 41.7 172 169 1.8
Bankruptcies
9 14 10 -35.7 -10.0 111 123 -9.8
Proposals
8 9 2 -11.1 300.0 61 46 32.6
Educational Services 5 4 2 25.0 150.0 45 28 60.7
Bankruptcies
4 3 2 33.3 100.0 37 23 60.9
Proposals
1 1 0 0.0 -- 8 5 60.0
Health Care and Social Assistance 5 7 3 -28.6 66.7 91 70 30.0
Bankruptcies
5 6 2 -16.7 150.0 61 51 19.6
Proposals
0 1 1 -100.0 -100.0 30 19 57.9
Arts, Entertainment and Recreation 5 12 8 -58.3 -37.5 89 75 18.7
Bankruptcies
5 11 5 -54.5 0.0 82 60 36.7
Proposals
0 1 3 -100.0 -100.0 7 15 -53.3
Accommodation and Food Services 53 78 40 -32.1 32.5 606 397 52.6
Bankruptcies
41 59 32 -30.5 28.1 509 327 55.7
Proposals
12 19 8 -36.8 50.0 97 70 38.6
Other Services (except Public Administration) 20 36 25 -44.4 -20.0 242 166 45.8
Bankruptcies
16 32 19 -50.0 -15.8 201 130 54.6
Proposals
4 4 6 0.0 -33.3 41 36 13.9
Public Administration 1 2 1 -50.0 0.0 12 3 300.0
Bankruptcies
0 1 1 -100.0 -100.0 9 3 200.0
Proposals
1 1 0 0.0 -- 3 0 --
Canada 344 435 257 -20.9 33.9 3,750 2,740 36.9
Bankruptcies 255 331 195 -23.0 30.8 2,891 2,133 35.5
Proposals 89 104 62 -14.4 43.5 859 607 41.5