Read the report Insolvency Statistics in Canada — May 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 13.8% in May 2023 compared to the previous month. Bankruptcies increased by 19.0% and proposals increased by 12.2%.
The total number of insolvencies in May 2023 was 30.9% higher than the total number of insolvencies in May 2022. Consumer insolvencies increased by 30.1%, while business insolvencies increased by 59.1%.
For the 12‑month period ending May 31, 2023, the total number of insolvencies increased by 23.3% in comparison to the 12‑month period ending May 31, 2022.
Consumer insolvencies for the 12‑month period ending May 31, 2023, increased by 22.8% in comparison to the 12‑month period ending May 31, 2022. Consumer bankruptcies decreased by 0.9%, while consumer proposals increased by 32.1%. The proportion of proposals in consumer insolvencies increased to 77.3% during the 12‑month period ending May 31, 2023, up from 71.9% during the 12‑month period ending May 31, 2022. For the 12‑month period ending May 31, 2023, consumer insolvency filings accounted for 96.6% of total insolvency filings.
Business insolvencies for the 12‑month period ending May 31, 2023, increased by 39.3% compared with the 12‑month period ending May 31, 2022. Accommodation and Food Services; Retail Trade; and Construction registered the largest increases in the number of insolvencies.