Read the report Insolvency Statistics in Canada — April 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 18.4% in April 2023 compared to the previous month. Bankruptcies decreased by 14.3% and proposals decreased by 19.6%.
The total number of insolvencies in April 2023 was 21.3% higher than the total number of insolvencies in April 2022. Consumer insolvencies increased by 20.9%, while business insolvencies increased by 33.3%.
For the 12‑month period ending April 30, 2023, the total number of insolvencies increased by 21.8% in comparison to the 12‑month period ending April 30, 2022.
Consumer insolvencies for the 12‑month period ending April 30, 2023, increased by 21.3% in comparison to the 12‑month period ending April 30, 2022. Consumer bankruptcies decreased by 2.9%, while consumer proposals increased by 31.1%. The proportion of proposals in consumer insolvencies increased to 77.1% during the 12‑month period ending April 30, 2023, up from 71.3% during the 12‑month period ending April 30, 2022. For the 12‑month period ending April 30, 2023, consumer insolvency filings accounted for 96.7% of total insolvency filings.
Business insolvencies for the 12‑month period ending April 30, 2023, increased by 36.8% compared with the 12‑month period ending April 30, 2022. The sector that registered the biggest decrease in the number of insolvencies was Mining and oil and gas extraction. Accommodation and food services; Construction; and Retail trade registered the biggest increases in the number of insolvencies.
Read the report Insolvency Statistics in Canada — April 2023.