Insolvency statistics in Canada—Fourth quarter of 2022 (part 1)

 

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Insolvency statistics in Canada—Fourth quarter of 2022

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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
Q4 2022 Q3 2022 Q4 2021 Q3 2022
to
Q3 2022		 Q4 2021
to
Q4 2022		 12-31-2022 12-31-2021 % Change
Newfoundland and Labrador 493 524 406 -5.9 21.4 1,940 1,749 10.9

Bankruptcies

 169 182 147 -7.1 15.0 684 653 4.7

Proposals

 324 342 259 -5.3 25.1 1,256 1,096 14.6
Prince Edward Island 107 112 109 -4.5 -1.8 446 388 14.9

Bankruptcies

 40 38 47 5.3 -14.9 171 172 -0.6

Proposals

 67 74 62 -9.5 8.1 275 216 27.3
Nova Scotia 901 946 697 -4.8 29.3 3,494 3,024 15.5

Bankruptcies

 272 321 285 -15.3 -4.6 1,225 1,281 -4.4

Proposals

 629 625 412 0.6 52.7 2,269 1,743 30.2
New Brunswick 778 833 664 -6.6 17.2 3,154 2,997 5.2

Bankruptcies

 215 272 251 -21.0 -14.3 1,048 1,251 -16.2

Proposals

 563 561 413 0.4 36.3 2,106 1,746 20.6
Quebec 6,971 7,018 6,256 -0.7 11.4 27,378 25,197 8.7

Bankruptcies

 2,491 2,675 2,807 -6.9 -11.3 10,419 11,373 -8.4

Proposals

 4,480 4,343 3,449 3.2 29.9 16,959 13,824 22.7
Ontario 9,426 9,167 7,864 2.8 19.9 35,642 30,940 15.2

Bankruptcies

 1,929 1,952 2,006 -1.2 -3.8 7,791 8,027 -2.9

Proposals

 7,497 7,215 5,858 3.9 28.0 27,851 22,913 21.6
Manitoba 752 762 658 -1.3 14.3 2,807 2,538 10.6

Bankruptcies

 207 210 206 -1.4 0.5 751 807 -6.9

Proposals

 545 552 452 -1.3 20.6 2,056 1,731 18.8
Saskatchewan 815 806 718 1.1 13.5 3,173 2,772 14.5

Bankruptcies

 149 180 184 -17.2 -19.0 676 780 -13.3

Proposals

 666 626 534 6.4 24.7 2,497 1,992 25.4
Alberta 3,855 3,748 3,457 2.9 11.5 15,112 14,095 7.2

Bankruptcies

 626 592 651 5.7 -3.8 2,507 2,819 -11.1

Proposals

 3,229 3,156 2,806 2.3 15.1 12,605 11,276 11.8
British Columbia 2,765 2,713 2,139 1.9 29.3 10,320 8,773 17.6

Bankruptcies

 487 472 481 3.2 1.2 1,926 2,221 -13.3

Proposals

 2,278 2,241 1,658 1.7 37.4 8,394 6,552 28.1
Northwest Territories 9 11 16 -18.2 -43.8 58 53 9.4

Bankruptcies

 0 0 4 -- -100.0 3 9 -66.7

Proposals

 9 11 12 -18.2 -25.0 55 44 25.0
Yukon 9 13 11 -30.8 -18.2 49 34 44.1

Bankruptcies

 2 2 2 0.0 0.0 6 9 -33.3

Proposals

 7 11 9 -36.4 -22.2 43 25 72.0
Nunavut 7 3 4 133.3 75.0 13 12 8.3

Bankruptcies

 0 0 0 -- -- 0 1 -100.0

Proposals

 7 3 4 133.3 75.0 13 11 18.2
Canada 26,888 26,656 22,999 0.9 16.9 103,586 92,572 11.9

Bankruptcies

 6,587 6,896 7,071 -4.5 -6.8 27,207 29,403 -7.5

Proposals

 20,301 19,760 15,928 2.7 27.5 76,379 63,169 20.9
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
Q4 2022 Q3 2022 Q4 2021 Q3 2022
to
Q3 2022		 Q4 2021
to
Q4 2022		 12-31-2022 12-31-2021 % Change
Newfoundland and Labrador 492 520 403 -5.4 22.1 1,928 1,737 11.0

Bankruptcies

 168 180 145 -6.7 15.9 674 642 5.0

Proposals

 324 340 258 -4.7 25.6 1,254 1,095 14.5
Prince Edward Island 105 112 107 -6.3 -1.9 443 384 15.4

Bankruptcies

 39 38 45 2.6 -13.3 169 169 0.0

Proposals

 66 74 62 -10.8 6.5 274 215 27.4
Nova Scotia 892 941 690 -5.2 29.3 3,467 3,007 15.3

Bankruptcies

 267 316 281 -15.5 -5.0 1,208 1,268 -4.7

Proposals

 625 625 409 0.0 52.8 2,259 1,739 29.9
New Brunswick 771 825 660 -6.5 16.8 3,128 2,985 4.8

Bankruptcies

 210 265 248 -20.8 -15.3 1,027 1,241 -17.2

Proposals

 561 560 412 0.2 36.2 2,101 1,744 20.5
Quebec 6,398 6,589 5,781 -2.9 10.7 25,433 23,667 7.5

Bankruptcies

 2,010 2,313 2,419 -13.1 -16.9 8,795 10,113 -13.0

Proposals

 4,388 4,276 3,362 2.6 30.5 16,638 13,554 22.8
Ontario 9,143 8,960 7,679 2.0 19.1 34,736 30,327 14.5

Bankruptcies

 1,724 1,790 1,869 -3.7 -7.8 7,133 7,580 -5.9

Proposals

 7,419 7,170 5,810 3.5 27.7 27,603 22,747 21.3
Manitoba 740 755 653 -2.0 13.3 2,773 2,507 10.6

Bankruptcies

 202 207 202 -2.4 0.0 734 782 -6.1

Proposals

 538 548 451 -1.8 19.3 2,039 1,725 18.2
Saskatchewan 803 788 707 1.9 13.6 3,116 2,724 14.4

Bankruptcies

 143 170 176 -15.9 -18.8 642 744 -13.7

Proposals

 660 618 531 6.8 24.3 2,474 1,980 24.9
Alberta 3,788 3,675 3,430 3.1 10.4 14,875 13,956 6.6

Bankruptcies

 589 558 632 5.6 -6.8 2,374 2,731 -13.1

Proposals

 3,199 3,117 2,798 2.6 14.3 12,501 11,225 11.4
British Columbia 2,730 2,668 2,125 2.3 28.5 10,167 8,699 16.9

Bankruptcies

 466 442 469 5.4 -0.6 1,821 2,172 -16.2

Proposals

 2,264 2,226 1,656 1.7 36.7 8,346 6,527 27.9
Northwest Territories 7 11 16 -36.4 -56.3 56 53 5.7

Bankruptcies

 0 0 4 -- -100.0 3 9 -66.7

Proposals

 7 11 12 -36.4 -41.7 53 44 20.5
Yukon 9 13 11 -30.8 -18.2 49 34 44.1

Bankruptcies

 2 2 2 0.0 0.0 6 9 -33.3

Proposals

 7 11 9 -36.4 -22.2 43 25 72.0
Nunavut 7 3 4 133.3 75.0 13 12 8.3

Bankruptcies

 0 0 0 -- -- 0 1 -100.0

Proposals

 7 3 4 133.3 75.0 13 11 18.2
Canada 25,885 25,860 22,266 0.1 16.3 100,184 90,092 11.2

Bankruptcies

 5,820 6,281 6,492 -7.3 -10.4 24,586 27,461 -10.5

Proposals

 20,065 19,579 15,774 2.5 27.2 75,598 62,631 20.7
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
Q4 2022 Q3 2022 Q4 2021 Q3 2022
to
Q3 2022		 Q4 2021
to
Q4 2022		 12-31-2022 12-31-2021 % Change
Newfoundland and Labrador 1 4 3 -75.0 -66.7 12 12 0.0

Bankruptcies

 1 2 2 -50.0 -50.0 10 11 -9.1

Proposals

 0 2 1 -100.0 -100.0 2 1 100.0
Prince Edward Island 2 0 2 -- 0.0 3 4 -25.0

Bankruptcies

 1 0 2 -- -50.0 2 3 -33.3

Proposals

 1 0 0 -- -- 1 1 0.0
Nova Scotia 9 5 7 80.0 28.6 27 17 58.8

Bankruptcies

 5 5 4 0.0 25.0 17 13 30.8

Proposals

 4 0 3 -- 33.3 10 4 150.0
New Brunswick 7 8 4 -12.5 75.0 26 12 116.7

Bankruptcies

 5 7 3 -28.6 66.7 21 10 110.0

Proposals

 2 1 1 100.0 100.0 5 2 150.0
Quebec 573 429 475 33.6 20.6 1,945 1,530 27.1

Bankruptcies

 481 362 388 32.9 24.0 1,624 1,260 28.9

Proposals

 92 67 87 37.3 5.7 321 270 18.9
Ontario 283 207 185 36.7 53.0 906 613 47.8

Bankruptcies

 205 162 137 26.5 49.6 658 447 47.2

Proposals

 78 45 48 73.3 62.5 248 166 49.4
Manitoba 12 7 5 71.4 140.0 34 31 9.7

Bankruptcies

 5 3 4 66.7 25.0 17 25 -32.0

Proposals

 7 4 1 75.0 600.0 17 6 183.3
Saskatchewan 12 18 11 -33.3 9.1 57 48 18.8

Bankruptcies

 6 10 8 -40.0 -25.0 34 36 -5.6

Proposals

 6 8 3 -25.0 100.0 23 12 91.7
Alberta 67 73 27 -8.2 148.1 237 139 70.5

Bankruptcies

 37 34 19 8.8 94.7 133 88 51.1

Proposals

 30 39 8 -23.1 275.0 104 51 103.9
British Columbia 35 45 14 -22.2 150.0 153 74 106.8

Bankruptcies

 21 30 12 -30.0 75.0 105 49 114.3

Proposals

 14 15 2 -6.7 600.0 48 25 92.0
Northwest Territories 2 0 0 -- -- 2 0 --

Bankruptcies

 0 0 0 -- -- 0 0 --

Proposals

 2 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 1,003 796 733 26.0 36.8 3,402 2,480 37.2

Bankruptcies

 767 615 579 24.7 32.5 2,621 1,942 35.0

Proposals

 236 181 154 30.4 53.2 781 538 45.2
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
Q4 2022 Q3 2022 Q4 2021 Q3 2022
to
Q3 2022		 Q4 2021
to
Q4 2022		 12-31-2022 12-31-2021 % Change
Newfoundland and Labrador 0 0 1 -- -100.0 0 5 -100.0

Bankruptcies

 0 0 0 -- -- 0 4 -100.0

Proposals

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

Bankruptcies

 1 0 0 -- -- 2 1 100.0

Proposals

 1 0 0 -- -- 1 0 --
Nova Scotia 2 3 1 -33.3 100.0 11 6 83.3

Bankruptcies

 1 3 1 -66.7 0.0 6 5 20.0

Proposals

 1 0 0 -- -- 5 1 400.0
New Brunswick 5 3 4 66.7 25.0 11 9 22.2

Bankruptcies

 3 3 3 0.0 0.0 9 7 28.6

Proposals

 2 0 1 -- 100.0 2 2 0.0
Quebec 503 370 418 35.9 20.3 1,685 1,338 25.9

Bankruptcies

 434 328 357 32.3 21.6 1,470 1,147 28.2

Proposals

 69 42 61 64.3 13.1 215 191 12.6
Ontario 181 137 131 32.1 38.2 584 435 34.3

Bankruptcies

 153 119 105 28.6 45.7 480 349 37.5

Proposals

 28 18 26 55.6 7.7 104 86 20.9
Manitoba 2 4 0 -50.0 -- 14 13 7.7

Bankruptcies

 0 2 0 -100.0 -- 7 10 -30.0

Proposals

 2 2 0 0.0 -- 7 3 133.3
Saskatchewan 1 5 0 -80.0 -- 13 15 -13.3

Bankruptcies

 1 2 0 -50.0 -- 7 12 -41.7

Proposals

 0 3 0 -100.0 -- 6 3 100.0
Alberta 33 40 15 -17.5 120.0 112 81 38.3

Bankruptcies

 26 18 13 44.4 100.0 74 57 29.8

Proposals

 7 22 2 -68.2 250.0 38 24 58.3
British Columbia 13 17 8 -23.5 62.5 62 39 59.0

Bankruptcies

 9 11 7 -18.2 28.6 44 28 57.1

Proposals

 4 6 1 -33.3 300.0 18 11 63.6
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 742 579 578 28.2 28.4 2,495 1,942 28.5

Bankruptcies

 628 486 486 29.2 29.2 2,099 1,620 29.6

Proposals

 114 93 92 22.6 23.9 396 322 23.0
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
Q4 2022 Q3 2022 Q4 2021 Q3 2022
to
Q3 2022		 Q4 2021
to
Q4 2022		 12-31-2022 12-31-2021 % Change
Newfoundland and Labrador 1 4 2 -75.0 -50.0 12 7 71.4

Bankruptcies

 1 2 2 -50.0 -50.0 10 7 42.9

Proposals

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

Bankruptcies

 0 0 2 -- -100.0 0 2 -100.0

Proposals

 0 0 0 -- -- 0 1 -100.0
Nova Scotia 7 2 6 250.0 16.7 16 11 45.5

Bankruptcies

 4 2 3 100.0 33.3 11 8 37.5

Proposals

 3 0 3 -- 0.0 5 3 66.7
New Brunswick 2 5 0 -60.0 -- 15 3 400.0

Bankruptcies

 2 4 0 -50.0 -- 12 3 300.0

Proposals

 0 1 0 -100.0 -- 3 0 --
Quebec 70 59 57 18.6 22.8 260 192 35.4

Bankruptcies

 47 34 31 38.2 51.6 154 113 36.3

Proposals

 23 25 26 -8.0 -11.5 106 79 34.2
Ontario 102 70 54 45.7 88.9 322 178 80.9

Bankruptcies

 52 43 32 20.9 62.5 178 98 81.6

Proposals

 50 27 22 85.2 127.3 144 80 80.0
Manitoba 10 3 5 233.3 100.0 20 18 11.1

Bankruptcies

 5 1 4 400.0 25.0 10 15 -33.3

Proposals

 5 2 1 150.0 400.0 10 3 233.3
Saskatchewan 11 13 11 -15.4 0.0 44 33 33.3

Bankruptcies

 5 8 8 -37.5 -37.5 27 24 12.5

Proposals

 6 5 3 20.0 100.0 17 9 88.9
Alberta 34 33 12 3.0 183.3 125 58 115.5

Bankruptcies

 11 16 6 -31.3 83.3 59 31 90.3

Proposals

 23 17 6 35.3 283.3 66 27 144.4
British Columbia 22 28 6 -21.4 266.7 91 35 160.0

Bankruptcies

 12 19 5 -36.8 140.0 61 21 190.5

Proposals

 10 9 1 11.1 900.0 30 14 114.3
Northwest Territories 2 0 0 -- -- 2 0 --

Bankruptcies

 0 0 0 -- -- 0 0 --

Proposals

 2 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 261 217 155 20.3 68.4 907 538 68.6

Bankruptcies

 139 129 93 7.8 49.5 522 322 62.1

Proposals

 122 88 62 38.6 96.8 385 216 78.2
 
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