Read the report Insolvency Statistics in Canada — January 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 13.5% in January 2023 compared to the previous month. Bankruptcies increased by 8.3% and proposals increased by 15.2%.
The total number of insolvencies in January 2023 was 33.7% higher than the total number of insolvencies in January 2022. Consumer insolvencies increased by 33.0%, while business insolvencies increased by 55.4%.
For the 12‑month period ending January 31, 2023, the total number of insolvencies increased by 15.0% in comparison to the 12‑month period ending January 31, 2022.
Consumer insolvencies for the 12‑month period ending January 31, 2023, increased by 14.3% in comparison to the 12‑month period ending January 31, 2022. Consumer bankruptcies decreased by 8.9%, while consumer proposals increased by 24.3%. The proportion of proposals in consumer insolvencies increased to 75.9% during the 12‑month period ending January 31, 2023, up from 69.7% during the 12‑month period ending January 31, 2022. For the 12‑month period ending January 31, 2023, consumer insolvency filings accounted for 96.7% of total insolvency filings.
Business insolvencies for the 12‑month period ending January 31, 2023, increased by 39.1% compared with the 12‑month period ending January 31, 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 — January 2023.