Read the report Insolvency Statistics in Canada — June 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 2.8% in June 2023 compared to the previous month. Bankruptcies decreased by 8.0% and proposals decreased by 1.1%.
The total number of insolvencies in June 2023 was 19.6% higher than the total number of insolvencies in June 2022. Consumer insolvencies increased by 19.5%, while business insolvencies increased by 22.8%.
For the 12‑month period ending June 30, 2023, the total number of insolvencies increased by 23.2% in comparison to the 12‑month period ending June 30, 2022.
Consumer insolvencies for the 12‑month period ending June 30, 2023, increased by 22.7% in comparison to the 12‑month period ending June 30, 2022. Consumer bankruptcies increased by less than 1%, while consumer proposals increased by 31.4%. The proportion of proposals in consumer insolvencies increased to 77.5% during the 12‑month period ending June 30, 2023, up from 72.4% during the 12‑month period ending June 30, 2022. For the 12‑month period ending June 30, 2023, consumer insolvency filings accounted for 96.6% of total insolvency filings.
Business insolvencies for the 12‑month period ending June 30, 2023, increased by 37.8% compared with the 12‑month period ending June 30, 2022. Accommodation and Food Services; Retail Trade; and Construction registered the largest increases in the number of insolvencies.