Read the report Insolvency Statistics in Canada — February 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 5.1% in February 2023 compared to the previous month. Bankruptcies increased by 4.1% and proposals increased by 5.4%.
The total number of insolvencies in February 2023 was 24.2% higher than the total number of insolvencies in February 2022. Consumer insolvencies increased by 24.8%, while business insolvencies increased by 10.1%.
For the 12‑month period ending February 28, 2023, the total number of insolvencies increased by 17.0% in comparison to the 12‑month period ending February 28, 2022.
Consumer insolvencies for the 12‑month period ending February 28, 2023, increased by 16.5% in comparison to the 12‑month period ending February 28, 2022. Consumer bankruptcies decreased by 7.0%, while consumer proposals increased by 26.5%. The proportion of proposals in consumer insolvencies increased to 76.2% during the 12‑month period ending February 28, 2023, up from 70.2% during the 12‑month period ending February 28, 2022. For the 12‑month period ending February 28, 2023, consumer insolvency filings accounted for 96.7% of total insolvency filings.
Business insolvencies for the 12‑month period ending February 28, 2023, increased by 36.2% compared with the 12‑month period ending February 28, 2022. The sector that registered the biggest decrease in the number of insolvencies was mining and oil and gas extraction. Accommodation and food services, and construction registered the biggest increases in the number of insolvencies.
Read the report Insolvency Statistics in Canada — February 2023.