Insolvency statistics in Canada—Second quarter of 2023 (Part 1)

 

Tables

Glossary

Affiliates:
Companies that are subsidiaries of the filing company or that are controlled by the same person as the filing company.
Bankruptcy:
The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.
Bankruptcy and Insolvency Act (BIA):
A federal act that provides the framework to file and administer insolvencies in Canada.
Business:
Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.
Census Metropolitan Area (CMA):
Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMAs, go to CMA and CA: Detailed definition.
Companies' Creditors Arrangement Act (CCAA):
A federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.
Consumer:
An individual with more than 50% of total liabilities related to consumer goods and services.
Corporation:
A commercial entity or organization.
Economic Region (ER):
Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ERs, go to Economic region (ER).
Individual Business:
An individual who has incurred 50% or more of total liabilities as a result of operating a business.
North American Industry Classification System (NAICS):
System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.
Proposal:
An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.

Table 1: Total BIA Insolvencies

  Volume % Change 12-Month Period Ending
Q2 2023 Q1 2023 Q2 2022 Q1 2023
to
Q2 2023
Q2 2022
to
Q2 2023
06-30-2023 06-30-2022 % Change
Newfoundland and Labrador 662 522 494 26.8 34.0 2,201 1,700 29.5
Bankruptcies 209 179 190 16.8 10.0 739 613 20.6
Proposals 453 343 304 32.1 49.0 1,462 1,087 34.5
Prince Edward Island 141 127 116 11.0 21.6 487 416 17.1
Bankruptcies 35 38 47 -7.9 -25.5 151 173 -12.7
Proposals 106 89 69 19.1 53.6 336 243 38.3
Nova Scotia 1,186 1,018 943 16.5 25.8 4,051 3,049 32.9
Bankruptcies 333 306 367 8.8 -9.3 1,232 1,215 1.4
Proposals 853 712 576 19.8 48.1 2,819 1,834 53.7
New Brunswick 976 821 797 18.9 22.5 3,408 2,898 17.6
Bankruptcies 258 221 296 16.7 -12.8 966 1,094 -11.7
Proposals 718 600 501 19.7 43.3 2,442 1,804 35.4
Quebec 7,951 8,317 6,670 -4.4 19.2 30,257 25,631 18.0
Bankruptcies 2,806 2,750 2,593 2.0 8.2 10,722 10,762 -0.4
Proposals 5,145 5,567 4,077 -7.6 26.2 19,535 14,869 31.4
Ontario 11,526 10,587 9,017 8.9 27.8 40,706 32,138 26.7
Bankruptcies 2,351 2,006 2,113 17.2 11.3 8,238 7,734 6.5
Proposals 9,175 8,581 6,904 6.9 32.9 32,468 24,404 33.0
Manitoba 967 840 710 15.1 36.2 3,321 2,565 29.5
Bankruptcies 271 207 199 30.9 36.2 895 740 20.9
Proposals 696 633 511 10.0 36.2 2,426 1,825 32.9
Saskatchewan 970 921 807 5.3 20.2 3,512 2,879 22.0
Bankruptcies 219 152 168 44.1 30.4 700 703 -0.4
Proposals 751 769 639 -2.3 17.5 2,812 2,176 29.2
Alberta 4,507 4,555 3,980 -1.1 13.2 16,665 14,234 17.1
Bankruptcies 700 694 668 0.9 4.8 2,612 2,538 2.9
Proposals 3,807 3,861 3,312 -1.4 14.9 14,053 11,696 20.2
British Columbia 3,391 3,052 2,511 11.1 35.0 11,921 9,059 31.6
Bankruptcies 578 532 490 8.6 18.0 2,069 1,950 6.1
Proposals 2,813 2,520 2,021 11.6 39.2 9,852 7,109 38.6
Northwest Territories 19 15 17 26.7 11.8 54 63 -14.3
Bankruptcies 7 2 2 250.0 250.0 9 7 28.6
Proposals 12 13 15 -7.7 -20.0 45 56 -19.6
Yukon 15 15 18 0.0 -16.7 52 47 10.6
Bankruptcies 2 5 0 -60.0 11 5 120.0
Proposals 13 10 18 30.0 -27.8 41 42 -2.4
Nunavut 3 5 2 -40.0 50.0 18 11 63.6
Bankruptcies 1 1 0 0.0 2 1 100.0
Proposals 2 4 2 -50.0 0.0 16 10 60.0
Canada 32,314 30,795 26,082 4.9 23.9 116,653 94,690 23.2
Bankruptcies 7,770 7,093 7,133 9.5 8.9 28,346 27,535 2.9
Proposals 24,544 23,702 18,949 3.6 29.5 88,307 67,155 31.5

Table 2: BIA Insolvencies Filed by Consumers

  Volume % Change 12-Month Period Ending
Q2 2023 Q1 2023 Q2 2022 Q1 2023
to
Q2 2023
Q2 2022
to
Q2 2023
06-30-2023 06-30-2022 % Change
Newfoundland and Labrador 657 519 488 26.6 34.6 2,188 1,687 29.7
Bankruptcies 205 177 184 15.8 11.4 730 601 21.5
Proposals 452 342 304 32.2 48.7 1,458 1,086 34.3
Prince Edward Island 140 127 116 10.2 20.7 484 411 17.8
Bankruptcies 34 38 47 -10.5 -27.7 149 169 -11.8
Proposals 106 89 69 19.1 53.6 335 242 38.4
Nova Scotia 1,177 1,009 938 16.7 25.5 4,019 3,028 32.7
Bankruptcies 327 298 364 9.7 -10.2 1,208 1,203 0.4
Proposals 850 711 574 19.5 48.1 2,811 1,825 54.0
New Brunswick 967 813 793 18.9 21.9 3,376 2,880 17.2
Bankruptcies 251 216 293 16.2 -14.3 942 1,079 -12.7
Proposals 716 597 500 19.9 43.2 2,434 1,801 35.1
Quebec 7,309 7,685 6,193 -4.9 18.0 27,981 23,918 17.0
Bankruptcies 2,293 2,250 2,190 1.9 4.7 8,866 9,347 -5.1
Proposals 5,016 5,435 4,003 -7.7 25.3 19,115 14,571 31.2
Ontario 11,250 10,299 8,817 9.2 27.6 39,652 31,377 26.4
Bankruptcies 2,153 1,780 1,969 21.0 9.3 7,447 7,192 3.5
Proposals 9,097 8,519 6,848 6.8 32.8 32,205 24,185 33.2
Manitoba 958 830 704 15.4 36.1 3,283 2,534 29.6
Bankruptcies 265 200 195 32.5 35.9 874 718 21.7
Proposals 693 630 509 10.0 36.1 2,409 1,816 32.7
Saskatchewan 953 907 794 5.1 20.0 3,451 2,834 21.8
Bankruptcies 207 147 161 40.8 28.6 667 673 -0.9
Proposals 746 760 633 -1.8 17.9 2,784 2,161 28.8
Alberta 4,454 4,499 3,929 -1.0 13.4 16,416 14,076 16.6
Bankruptcies 667 655 640 1.8 4.2 2,469 2,436 1.4
Proposals 3,787 3,844 3,289 -1.5 15.1 13,947 11,640 19.8
British Columbia 3,323 3,003 2,477 10.7 34.2 11,724 8,952 31.0
Bankruptcies 534 497 465 7.4 14.8 1,939 1,870 3.7
Proposals 2,789 2,506 2,012 11.3 38.6 9,785 7,082 38.2
Northwest Territories 19 14 17 35.7 11.8 51 63 -19.0
Bankruptcies 7 1 2 600.0 250.0 8 7 14.3
Proposals 12 13 15 -7.7 -20.0 43 56 -23.2
Yukon 14 15 18 -6.7 -22.2 51 47 8.5
Bankruptcies 1 5 0 -80.0 10 5 100.0
Proposals 13 10 18 30.0 -27.8 41 42 -2.4
Nunavut 3 5 2 -40.0 50.0 18 11 63.6
Bankruptcies 1 1 0 0.0 2 1 100.0
Proposals 2 4 2 -50.0 0.0 16 10 60.0
Canada 31,224 29,725 25,286 5.0 23.5 112,694 91,818 22.7
Bankruptcies 6,945 6,265 6,510 10.9 6.7 25,311 25,301 0.0
Proposals 24,279 23,460 18,776 3.5 29.3 87,383 66,517 31.4

Table 3: BIA Insolvencies Filed by Businesses

  Volume % Change 12-Month Period Ending
Q2 2023 Q1 2023 Q2 2022 Q1 2023
to
Q2 2023
Q2 2022
to
Q2 2023
06-30-2023 06-30-2022 % Change
Newfoundland and Labrador 5 3 6 66.7 -16.7 13 13 0.0
Bankruptcies 4 2 6 100.0 -33.3 9 12 -25.0
Proposals 1 1 0 0.0 4 1 300.0
Prince Edward Island 1 0 0 3 5 -40.0
Bankruptcies 1 0 0 2 4 -50.0
Proposals 0 0 0 1 1 0.0
Nova Scotia 9 9 5 0.0 80.0 32 21 52.4
Bankruptcies 6 8 3 -25.0 100.0 24 12 100.0
Proposals 3 1 2 200.0 50.0 8 9 -11.1
New Brunswick 9 8 4 12.5 125.0 32 18 77.8
Bankruptcies 7 5 3 40.0 133.3 24 15 60.0
Proposals 2 3 1 -33.3 100.0 8 3 166.7
Quebec 642 632 477 1.6 34.6 2,276 1,713 32.9
Bankruptcies 513 500 403 2.6 27.3 1,856 1,415 31.2
Proposals 129 132 74 -2.3 74.3 420 298 40.9
Ontario 276 288 200 -4.2 38.0 1,054 761 38.5
Bankruptcies 198 226 144 -12.4 37.5 791 542 45.9
Proposals 78 62 56 25.8 39.3 263 219 20.1
Manitoba 9 10 6 -10.0 50.0 38 31 22.6
Bankruptcies 6 7 4 -14.3 50.0 21 22 -4.5
Proposals 3 3 2 0.0 50.0 17 9 88.9
Saskatchewan 17 14 13 21.4 30.8 61 45 35.6
Bankruptcies 12 5 7 140.0 71.4 33 30 10.0
Proposals 5 9 6 -44.4 -16.7 28 15 86.7
Alberta 53 56 51 -5.4 3.9 249 158 57.6
Bankruptcies 33 39 28 -15.4 17.9 143 102 40.2
Proposals 20 17 23 17.6 -13.0 106 56 89.3
British Columbia 68 49 34 38.8 100.0 197 107 84.1
Bankruptcies 44 35 25 25.7 76.0 130 80 62.5
Proposals 24 14 9 71.4 166.7 67 27 148.1
Northwest Territories 0 1 0 -100.0 3 0
Bankruptcies 0 1 0 -100.0 1 0
Proposals 0 0 0 2 0
Yukon 1 0 0 1 0
Bankruptcies 1 0 0 1 0
Proposals 0 0 0 0 0
Nunavut 0 0 0 0 0
Bankruptcies 0 0 0 0 0
Proposals 0 0 0 0 0
Canada 1,090 1,070 796 1.9 36.9 3,959 2,872 37.8
Bankruptcies 825 828 623 -0.4 32.4 3,035 2,234 35.9
Proposals 265 242 173 9.5 53.2 924 638 44.8

Table 3a: BIA Insolvencies Filed by Corporations

  Volume % Change 12-Month Period Ending
Q2 2023 Q1 2023 Q2 2022 Q1 2023
to
Q2 2023
Q2 2022
to
Q2 2023
06-30-2023 06-30-2022 % Change
Newfoundland and Labrador 0 0 0 0 2 -100.0
Bankruptcies 0 0 0 0 1 -100.0
Proposals 0 0 0 0 1 -100.0
Prince Edward Island 0 0 0 2 2 0.0
Bankruptcies 0 0 0 1 2 -50.0
Proposals 0 0 0 1 0
Nova Scotia 5 4 1 25.0 400.0 14 7 100.0
Bankruptcies 4 4 1 0.0 300.0 12 3 300.0
Proposals 1 0 0 2 4 -50.0
New Brunswick 3 4 1 -25.0 200.0 15 8 87.5
Bankruptcies 3 4 1 -25.0 200.0 13 7 85.7
Proposals 0 0 0 2 1 100.0
Quebec 546 563 410 -3.0 33.2 1,982 1,486 33.4
Bankruptcies 462 470 366 -1.7 26.2 1,694 1,288 31.5
Proposals 84 93 44 -9.7 90.9 288 198 45.5
Ontario 181 193 139 -6.2 30.2 692 514 34.6
Bankruptcies 150 170 113 -11.8 32.7 592 408 45.1
Proposals 31 23 26 34.8 19.2 100 106 -5.7
Manitoba 1 3 3 -66.7 -66.7 10 15 -33.3
Bankruptcies 1 2 2 -50.0 -50.0 5 10 -50.0
Proposals 0 1 1 -100.0 -100.0 5 5 0.0
Saskatchewan 2 1 4 100.0 -50.0 9 7 28.6
Bankruptcies 2 0 1 100.0 5 4 25.0
Proposals 0 1 3 -100.0 -100.0 4 3 33.3
Alberta 25 30 19 -16.7 31.6 128 74 73.0
Bankruptcies 18 23 14 -21.7 28.6 85 57 49.1
Proposals 7 7 5 0.0 40.0 43 17 152.9
British Columbia 28 27 13 3.7 115.4 85 48 77.1
Bankruptcies 24 23 10 4.3 140.0 67 39 71.8
Proposals 4 4 3 0.0 33.3 18 9 100.0
Northwest Territories 0 1 0 -100.0 1 0
Bankruptcies 0 1 0 -100.0 1 0
Proposals 0 0 0 0 0
Yukon 0 0 0 0 0
Bankruptcies 0 0 0 0 0
Proposals 0 0 0 0 0
Nunavut 0 0 0 0 0
Bankruptcies 0 0 0 0 0
Proposals 0 0 0 0 0
Canada 791 826 590 -4.2 34.1 2,938 2,163 35.8
Bankruptcies 664 697 508 -4.7 30.7 2,475 1,819 36.1
Proposals 127 129 82 -1.6 54.9 463 344 34.6

Table 3b: BIA Insolvencies Filed by Individual Businesses

  Volume % Change 12-Month Period Ending
Q2 2023 Q1 2023 Q2 2022 Q1 2023
to
Q2 2023
Q2 2022
to
Q2 2023
06-30-2023 06-30-2022 % Change
Newfoundland and Labrador 5 3 6 66.7 -16.7 13 11 18.2
Bankruptcies 4 2 6 100.0 -33.3 9 11 -18.2
Proposals 1 1 0 0.0 4 0
Prince Edward Island 1 0 0 1 3 -66.7
Bankruptcies 1 0 0 1 2 -50.0
Proposals 0 0 0 0 1 -100.0
Nova Scotia 4 5 4 -20.0 0.0 18 14 28.6
Bankruptcies 2 4 2 -50.0 0.0 12 9 33.3
Proposals 2 1 2 100.0 0.0 6 5 20.0
New Brunswick 6 4 3 50.0 100.0 17 10 70.0
Bankruptcies 4 1 2 300.0 100.0 11 8 37.5
Proposals 2 3 1 -33.3 100.0 6 2 200.0
Quebec 96 69 67 39.1 43.3 294 227 29.5
Bankruptcies 51 30 37 70.0 37.8 162 127 27.6
Proposals 45 39 30 15.4 50.0 132 100 32.0
Ontario 95 95 61 0.0 55.7 362 247 46.6
Bankruptcies 48 56 31 -14.3 54.8 199 134 48.5
Proposals 47 39 30 20.5 56.7 163 113 44.2
Manitoba 8 7 3 14.3 166.7 28 16 75.0
Bankruptcies 5 5 2 0.0 150.0 16 12 33.3
Proposals 3 2 1 50.0 200.0 12 4 200.0
Saskatchewan 15 13 9 15.4 66.7 52 38 36.8
Bankruptcies 10 5 6 100.0 66.7 28 26 7.7
Proposals 5 8 3 -37.5 66.7 24 12 100.0
Alberta 28 26 32 7.7 -12.5 121 84 44.0
Bankruptcies 15 16 14 -6.3 7.1 58 45 28.9
Proposals 13 10 18 30.0 -27.8 63 39 61.5
British Columbia 40 22 21 81.8 90.5 112 59 89.8
Bankruptcies 20 12 15 66.7 33.3 63 41 53.7
Proposals 20 10 6 100.0 233.3 49 18 172.2
Northwest Territories 0 0 0 2 0
Bankruptcies 0 0 0 0 0
Proposals 0 0 0 2 0
Yukon 1 0 0 1 0
Bankruptcies 1 0 0 1 0
Proposals 0 0 0 0 0
Nunavut 0 0 0 0 0
Bankruptcies 0 0 0 0 0
Proposals 0 0 0 0 0
Canada 299 244 206 22.5 45.1 1,021 709 44.0
Bankruptcies 161 131 115 22.9 40.0 560 415 34.9
Proposals 138 113 91 22.1 51.6 461 294 56.8