Read the report Insolvency Statistics in Canada — October 2022.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 3.4% in October 2022 compared to the previous month. Bankruptcies decreased by 6.1% and proposals decreased by 2.5%.
The total number of insolvencies in October 2022 was 19.2% higher than the total number of insolvencies in October 2021. Consumer insolvencies increased by 18.8%, while business insolvencies increased by 31.7%.
- For the 12‑month period ending October 31, 2022, the total number of insolvencies increased by 8.9% in comparison to the 12‑month period ending October 31, 2021.
Consumer insolvencies for the 12‑month period ending October 31, 2022, increased by 8.3% in comparison to the 12‑month period ending October 31, 2021. Consumer bankruptcies decreased by 11.2%, while consumer proposals increased by 17.1%. The proportion of proposals in consumer insolvencies increased to 74.4% during the 12‑month period ending October 31, 2022, up from 68.8% during the 12‑month period ending October 31, 2021. For the 12‑month period ending October 31, 2022, consumer insolvency filings accounted for 96.8% of total insolvency filings.
Business insolvencies for the 12‑month period ending October 31, 2022, increased by 33.3% compared with the 12‑month period ending October 31, 2021. The sectors that registered the biggest decrease in the number of insolvencies were mining and oil and gas extraction, and finance and insurance. Accommodation and food services, and construction registered the biggest increases in the number of insolvencies.
Read the report Insolvency Statistics in Canada — October 2022.