Insolvency statistics in Canada—First quarter of 2023 (Part 1)

 
 

Tables

Glossary

Affiliates: Companies that are subsidiaries of the filing company or that are controlled by the same person as the filing company.

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): A 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.

Census Metropolitan Area (CMA): Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMA s, go to CMA and CA : Detailed definition.

Companies' Creditors Arrangement Act (CCAA): A federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.

Consumer: An individual with more than 50% of total liabilities related to consumer goods and services.

Corporation: A commercial entity or organization.

Economic Region (ER): Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ER s, go to Economic region (ER).

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.

Table 1: Total BIA Insolvencies
- Volume % Change 12-Month Period Ending
Q1 2023 Q4 2022 Q1 2022 Q4 2022
to
Q1 2023		 Q1 2022
to
Q1 2023		 03-31-2023 03-31-2022 % Change
Newfoundland and Labrador 522 493 429 5.9 21.7 2,033 1,723 18.0

Bankruptcies

 179 169 143 5.9 25.2 720 625 15.2

Proposals

 343 324 286 5.9 19.9 1,313 1,098 19.6
Prince Edward Island 127 107 111 18.7 14.4 462 395 17.0

Bankruptcies

 38 40 46 -5.0 -17.4 163 175 -6.9

Proposals

 89 67 65 32.8 36.9 299 220 35.9
Nova Scotia 1,018 901 704 13.0 44.6 3,808 2,908 30.9

Bankruptcies

 306 272 265 12.5 15.5 1,266 1,188 6.6

Proposals

 712 629 439 13.2 62.2 2,542 1,720 47.8
New Brunswick 821 778 746 5.5 10.1 3,229 2,940 9.8

Bankruptcies

 221 215 265 2.8 -16.6 1,004 1,166 -13.9

Proposals

 600 563 481 6.6 24.7 2,225 1,774 25.4
Quebec 8,317 6,971 6,719 19.3 23.8 28,976 25,117 15.4

Bankruptcies

 2,750 2,491 2,660 10.4 3.4 10,509 11,031 -4.7

Proposals

 5,567 4,480 4,059 24.3 37.2 18,467 14,086 31.1
Ontario 10,587 9,426 8,032 12.3 31.8 38,197 30,824 23.9

Bankruptcies

 2,006 1,929 1,797 4.0 11.6 8,000 7,809 2.4

Proposals

 8,581 7,497 6,235 14.5 37.6 30,197 23,015 31.2
Manitoba 840 752 583 11.7 44.1 3,064 2,500 22.6

Bankruptcies

 207 207 135 0.0 53.3 823 751 9.6

Proposals

 633 545 448 16.1 41.3 2,241 1,749 28.1
Saskatchewan 921 815 745 13.0 23.6 3,349 2,765 21.1

Bankruptcies

 152 149 179 2.0 -15.1 649 730 -11.1

Proposals

 769 666 566 15.5 35.9 2,700 2,035 32.7
Alberta 4,555 3,855 3,529 18.2 29.1 16,138 13,960 15.6

Bankruptcies

 694 626 621 10.9 11.8 2,580 2,639 -2.2

Proposals

 3,861 3,229 2,908 19.6 32.8 13,558 11,321 19.8
British Columbia 3,052 2,765 2,331 10.4 30.9 11,041 8,864 24.6

Bankruptcies

 532 487 477 9.2 11.5 1,981 2,072 -4.4

Proposals

 2,520 2,278 1,854 10.6 35.9 9,060 6,792 33.4
Northwest Territories 15 9 21 66.7 -28.6 52 62 -16.1

Bankruptcies

 2 0 1 -- 100.0 4 8 -50.0

Proposals

 13 9 20 44.4 -35.0 48 54 -11.1
Yukon 15 9 9 66.7 66.7 55 36 52.8

Bankruptcies

 5 2 2 150.0 150.0 9 8 12.5

Proposals

 10 7 7 42.9 42.9 46 28 64.3
Nunavut 5 7 1 -28.6 400.0 17 11 54.5

Bankruptcies

 1 0 0 -- -- 1 1 0.0

Proposals

 4 7 1 -42.9 300.0 16 10 60.0
Canada 30,795 26,888 23,960 14.5 28.5 110,421 92,105 19.9

Bankruptcies

 7,093 6,587 6,591 7.7 7.6 27,709 28,203 -1.8

Proposals

 23,702 20,301 17,369 16.8 36.5 82,712 63,902 29.4
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
Q1 2023 Q4 2022 Q1 2022 Q4 2022
to
Q1 2023		 Q1 2022
to
Q1 2023		 03-31-2023 03-31-2022 % Change
Newfoundland and Labrador 519 492 428 5.5 21.3 2,019 1,712 17.9

Bankruptcies

 177 168 142 5.4 24.6 709 615 15.3

Proposals

 342 324 286 5.6 19.6 1,310 1,097 19.4
Prince Edward Island 127 105 110 21.0 15.5 460 390 17.9

Bankruptcies

 38 39 45 -2.6 -15.6 162 171 -5.3

Proposals

 89 66 65 34.8 36.9 298 219 36.1
Nova Scotia 1,009 892 696 13.1 45.0 3,780 2,890 30.8

Bankruptcies

 298 267 261 11.6 14.2 1,245 1,178 5.7

Proposals

 711 625 435 13.8 63.4 2,535 1,712 48.1
New Brunswick 813 771 739 5.4 10.0 3,202 2,922 9.6

Bankruptcies

 216 210 259 2.9 -16.6 984 1,150 -14.4

Proposals

 597 561 480 6.4 24.4 2,218 1,772 25.2
Quebec 7,685 6,398 6,253 20.1 22.9 26,865 23,504 14.3

Bankruptcies

 2,250 2,010 2,282 11.9 -1.4 8,763 9,705 -9.7

Proposals

 5,435 4,388 3,971 23.9 36.9 18,102 13,799 31.2
Ontario 10,299 9,143 7,816 12.6 31.8 37,219 30,125 23.5

Bankruptcies

 1,780 1,724 1,650 3.2 7.9 7,263 7,308 -0.6

Proposals

 8,519 7,419 6,166 14.8 38.2 29,956 22,817 31.3
Manitoba 830 740 574 12.2 44.6 3,029 2,468 22.7

Bankruptcies

 200 202 130 -1.0 53.8 804 727 10.6

Proposals

 630 538 444 17.1 41.9 2,225 1,741 27.8
Saskatchewan 907 803 731 13.0 24.1 3,292 2,721 21.0

Bankruptcies

 147 143 168 2.8 -12.5 621 700 -11.3

Proposals

 760 660 563 15.2 35.0 2,671 2,021 32.2
Alberta 4,499 3,788 3,483 18.8 29.2 15,891 13,807 15.1

Bankruptcies

 655 589 587 11.2 11.6 2,442 2,537 -3.7

Proposals

 3,844 3,199 2,896 20.2 32.7 13,449 11,270 19.3
British Columbia 3,003 2,730 2,292 10.0 31.0 10,878 8,773 24.0

Bankruptcies

 497 466 448 6.7 10.9 1,870 2,008 -6.9

Proposals

 2,506 2,264 1,844 10.7 35.9 9,008 6,765 33.2
Northwest Territories 14 7 21 100.0 -33.3 49 62 -21.0

Bankruptcies

 1 0 1 -- 0.0 3 8 -62.5

Proposals

 13 7 20 85.7 -35.0 46 54 -14.8
Yukon 15 9 9 66.7 66.7 55 36 52.8

Bankruptcies

 5 2 2 150.0 150.0 9 8 12.5

Proposals

 10 7 7 42.9 42.9 46 28 64.3
Nunavut 5 7 1 -28.6 400.0 17 11 54.5

Bankruptcies

 1 0 0 -- -- 1 1 0.0

Proposals

 4 7 1 -42.9 300.0 16 10 60.0
Canada 29,725 25,885 23,153 14.8 28.4 106,756 89,421 19.4

Bankruptcies

 6,265 5,820 5,975 7.6 4.9 24,876 26,116 -4.7

Proposals

 23,460 20,065 17,178 16.9 36.6 81,880 63,305 29.3
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
Q1 2023 Q4 2022 Q1 2022 Q4 2022
to
Q1 2023		 Q1 2022
to
Q1 2023		 03-31-2023 03-31-2022 % Change
Newfoundland and Labrador 3 1 1 200.0 200.0 14 11 27.3

Bankruptcies

 2 1 1 100.0 100.0 11 10 10.0

Proposals

 1 0 0 -- -- 3 1 200.0
Prince Edward Island 0 2 1 -100.0 -100.0 2 5 -60.0

Bankruptcies

 0 1 1 -100.0 -100.0 1 4 -75.0

Proposals

 0 1 0 -100.0 -- 1 1 0.0
Nova Scotia 9 9 8 0.0 12.5 28 18 55.6

Bankruptcies

 8 5 4 60.0 100.0 21 10 110.0

Proposals

 1 4 4 -75.0 -75.0 7 8 -12.5
New Brunswick 8 7 7 14.3 14.3 27 18 50.0

Bankruptcies

 5 5 6 0.0 -16.7 20 16 25.0

Proposals

 3 2 1 50.0 200.0 7 2 250.0
Quebec 632 573 466 10.3 35.6 2,111 1,613 30.9

Bankruptcies

 500 481 378 4.0 32.3 1,746 1,326 31.7

Proposals

 132 92 88 43.5 50.0 365 287 27.2
Ontario 288 283 216 1.8 33.3 978 699 39.9

Bankruptcies

 226 205 147 10.2 53.7 737 501 47.1

Proposals

 62 78 69 -20.5 -10.1 241 198 21.7
Manitoba 10 12 9 -16.7 11.1 35 32 9.4

Bankruptcies

 7 5 5 40.0 40.0 19 24 -20.8

Proposals

 3 7 4 -57.1 -25.0 16 8 100.0
Saskatchewan 14 12 14 16.7 0.0 57 44 29.5

Bankruptcies

 5 6 11 -16.7 -54.5 28 30 -6.7

Proposals

 9 6 3 50.0 200.0 29 14 107.1
Alberta 56 67 46 -16.4 21.7 247 153 61.4

Bankruptcies

 39 37 34 5.4 14.7 138 102 35.3

Proposals

 17 30 12 -43.3 41.7 109 51 113.7
British Columbia 49 35 39 40.0 25.6 163 91 79.1

Bankruptcies

 35 21 29 66.7 20.7 111 64 73.4

Proposals

 14 14 10 0.0 40.0 52 27 92.6
Northwest Territories 1 2 0 -50.0 -- 3 0 --

Bankruptcies

 1 0 0 -- -- 1 0 --

Proposals

 0 2 0 -100.0 -- 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 1,070 1,003 807 6.7 32.6 3,665 2,684 36.5

Bankruptcies

 828 767 616 8.0 34.4 2,833 2,087 35.7

Proposals

 242 236 191 2.5 26.7 832 597 39.4
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
Q1 2023 Q4 2022 Q1 2022 Q4 2022
to
Q1 2023		 Q1 2022
to
Q1 2023		 03-31-2023 03-31-2022 % 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 2 1 -100.0 -100.0 2 2 0.0

Bankruptcies

 0 1 1 -100.0 -100.0 1 2 -50.0

Proposals

 0 1 0 -100.0 -- 1 0 --
Nova Scotia 4 2 5 100.0 -20.0 10 7 42.9

Bankruptcies

 4 1 1 300.0 300.0 9 2 350.0

Proposals

 0 1 4 -100.0 -100.0 1 5 -80.0
New Brunswick 4 5 2 -20.0 100.0 13 10 30.0

Bankruptcies

 4 3 2 33.3 100.0 11 9 22.2

Proposals

 0 2 0 -100.0 -- 2 1 100.0
Quebec 563 503 402 11.9 40.0 1,846 1,408 31.1

Bankruptcies

 470 434 342 8.3 37.4 1,598 1,205 32.6

Proposals

 93 69 60 34.8 55.0 248 203 22.2
Ontario 193 181 127 6.6 52.0 650 472 37.7

Bankruptcies

 170 153 95 11.1 78.9 555 372 49.2

Proposals

 23 28 32 -17.9 -28.1 95 100 -5.0
Manitoba 3 2 5 50.0 -40.0 12 16 -25.0

Bankruptcies

 2 0 3 -- -33.3 6 12 -50.0

Proposals

 1 2 2 -50.0 -50.0 6 4 50.0
Saskatchewan 1 1 3 0.0 -66.7 11 9 22.2

Bankruptcies

 0 1 3 -100.0 -100.0 4 6 -33.3

Proposals

 1 0 0 -- -- 7 3 133.3
Alberta 30 33 20 -9.1 50.0 122 83 47.0

Bankruptcies

 23 26 16 -11.5 43.8 81 61 32.8

Proposals

 7 7 4 0.0 75.0 41 22 86.4
British Columbia 27 13 19 107.7 42.1 70 43 62.8

Bankruptcies

 23 9 14 155.6 64.3 53 32 65.6

Proposals

 4 4 5 0.0 -20.0 17 11 54.5
Northwest Territories 1 0 0 -- -- 1 0 --

Bankruptcies

 1 0 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 826 742 584 11.3 41.4 2,737 2,054 33.3

Bankruptcies

 697 628 477 11.0 46.1 2,319 1,704 36.1

Proposals

 129 114 107 13.2 20.6 418 350 19.4
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
Q1 2023 Q4 2022 Q1 2022 Q4 2022
to
Q1 2023		 Q1 2022
to
Q1 2023		 03-31-2023 03-31-2022 % Change
Newfoundland and Labrador 3 1 1 200.0 200.0 14 7 100.0

Bankruptcies

 2 1 1 100.0 100.0 11 7 57.1

Proposals

 1 0 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 5 7 3 -28.6 66.7 18 11 63.6

Bankruptcies

 4 4 3 0.0 33.3 12 8 50.0

Proposals

 1 3 0 -66.7 -- 6 3 100.0
New Brunswick 4 2 5 100.0 -20.0 14 8 75.0

Bankruptcies

 1 2 4 -50.0 -75.0 9 7 28.6

Proposals

 3 0 1 -- 200.0 5 1 400.0
Quebec 69 70 64 -1.4 7.8 265 205 29.3

Bankruptcies

 30 47 36 -36.2 -16.7 148 121 22.3

Proposals

 39 23 28 69.6 39.3 117 84 39.3
Ontario 95 102 89 -6.9 6.7 328 227 44.5

Bankruptcies

 56 52 52 7.7 7.7 182 129 41.1

Proposals

 39 50 37 -22.0 5.4 146 98 49.0
Manitoba 7 10 4 -30.0 75.0 23 16 43.8

Bankruptcies

 5 5 2 0.0 150.0 13 12 8.3

Proposals

 2 5 2 -60.0 0.0 10 4 150.0
Saskatchewan 13 11 11 18.2 18.2 46 35 31.4

Bankruptcies

 5 5 8 0.0 -37.5 24 24 0.0

Proposals

 8 6 3 33.3 166.7 22 11 100.0
Alberta 26 34 26 -23.5 0.0 125 70 78.6

Bankruptcies

 16 11 18 45.5 -11.1 57 41 39.0

Proposals

 10 23 8 -56.5 25.0 68 29 134.5
British Columbia 22 22 20 0.0 10.0 93 48 93.8

Bankruptcies

 12 12 15 0.0 -20.0 58 32 81.3

Proposals

 10 10 5 0.0 100.0 35 16 118.8
Northwest Territories 0 2 0 -100.0 -- 2 0 --

Bankruptcies

 0 0 0 -- -- 0 0 --

Proposals

 0 2 0 -100.0 -- 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 244 261 223 -6.5 9.4 928 630 47.3

Bankruptcies

 131 139 139 -5.8 -5.8 514 383 34.2

Proposals

 113 122 84 -7.4 34.5 414 247 67.6
 
 Report a problem
Date modified: