Read the report Insolvency Statistics in Canada — January 2024.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 20.6% in January 2024 compared to the previous month. Bankruptcies increased by 22.2% and proposals increased by 20.1%.
The total number of insolvencies in January 2024 was 27.4% higher than the total number of insolvencies in January 2023. Consumer insolvencies increased by 23.5%, while business insolvencies increased by 129.3%.
For the 12‑month period ending January 31, 2024, the total number of insolvencies increased by 23.3% in comparison to the 12‑month period ending January 31, 2023.
Consumer insolvencies for the 12‑month period ending January 31, 2024, increased by 22.4% in comparison to the 12‑month period ending January 31, 2023. Consumer bankruptcies increased by 7.6%, while consumer proposals increased by 27.1%. The proportion of proposals in consumer insolvencies increased to 78.8% during the 12‑month period ending January 31, 2024, up from 75.9% during the 12‑month period ending January 31, 2023. For the 12‑month period ending January 31, 2024, consumer insolvency filings accounted for 96.0% of total insolvency filings.
Business insolvencies for the 12‑month period ending January 31, 2024, increased by 48.8% compared with the 12‑month period ending January 31, 2023. Accommodation and food services, Retail trade and Construction registered the biggest increases in the number of insolvencies. Agriculture, Forestry, Fishing and Hunting and Public Administration registered decreases in the number of insolvencies.
Read the report Insolvency Statistics in Canada — January 2024.