Insolvency statistics in Canada—Third quarter of 2022 (part 1)

 

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Insolvency statistics in Canada—Third quarter of 2022

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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 CMA s, 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 ER s, 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
Q3 2022 Q2 2022 Q3 2021 Q2 2022
to
Q2 2022		 Q3 2021
to
Q3 2022		 09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 524 494 371 6.1 41.2 1,853 1,815 2.1

Bankruptcies

 182 190 133 -4.2 36.8 662 663 -0.2

Proposals

 342 304 238 12.5 43.7 1,191 1,152 3.4
Prince Edward Island 112 116 80 -3.4 40.0 448 382 17.3

Bankruptcies

 38 47 33 -19.1 15.2 178 169 5.3

Proposals

 74 69 47 7.2 57.4 270 213 26.8
Nova Scotia 946 943 705 0.3 34.2 3,290 3,134 5.0

Bankruptcies

 321 367 298 -12.5 7.7 1,238 1,358 -8.8

Proposals

 625 576 407 8.5 53.6 2,052 1,776 15.5
New Brunswick 833 797 691 4.5 20.5 3,040 3,198 -4.9

Bankruptcies

 272 296 282 -8.1 -3.5 1,084 1,415 -23.4

Proposals

 561 501 409 12.0 37.2 1,956 1,783 9.7
Quebec 7,018 6,670 5,986 5.2 17.2 26,663 25,571 4.3

Bankruptcies

 2,675 2,593 2,702 3.2 -1.0 10,735 11,711 -8.3

Proposals

 4,343 4,077 3,284 6.5 32.2 15,928 13,860 14.9
Ontario 9,167 9,017 7,225 1.7 26.9 34,080 31,485 8.2

Bankruptcies

 1,952 2,113 1,818 -7.6 7.4 7,868 8,364 -5.9

Proposals

 7,215 6,904 5,407 4.5 33.4 26,212 23,121 13.4
Manitoba 762 710 614 7.3 24.1 2,713 2,475 9.6

Bankruptcies

 210 199 200 5.5 5.0 750 792 -5.3

Proposals

 552 511 414 8.0 33.3 1,963 1,683 16.6
Saskatchewan 806 807 609 -0.1 32.3 3,076 2,751 11.8

Bankruptcies

 180 168 172 7.1 4.7 711 831 -14.4

Proposals

 626 639 437 -2.0 43.2 2,365 1,920 23.2
Alberta 3,748 3,980 3,268 -5.8 14.7 14,714 13,967 5.3

Bankruptcies

 592 668 598 -11.4 -1.0 2,532 3,058 -17.2

Proposals

 3,156 3,312 2,670 -4.7 18.2 12,182 10,909 11.7
British Columbia 2,713 2,511 2,078 8.0 30.6 9,694 8,733 11.0

Bankruptcies

 472 490 502 -3.7 -6.0 1,920 2,333 -17.7

Proposals

 2,241 2,021 1,576 10.9 42.2 7,774 6,400 21.5
Northwest Territories 11 17 9 -35.3 22.2 65 45 44.4

Bankruptcies

 0 2 0 -100.0 -- 7 5 40.0

Proposals

 11 15 9 -26.7 22.2 58 40 45.0
Yukon 13 18 9 -27.8 44.4 51 35 45.7

Bankruptcies

 2 0 1 -- 100.0 6 11 -45.5

Proposals

 11 18 8 -38.9 37.5 45 24 87.5
Nunavut 3 2 4 50.0 -25.0 10 14 -28.6

Bankruptcies

 0 0 1 -- -100.0 0 1 -100.0

Proposals

 3 2 3 50.0 0.0 10 13 -23.1
Canada 26,656 26,082 21,649 2.2 23.1 99,697 93,605 6.5

Bankruptcies

 6,896 7,133 6,740 -3.3 2.3 27,691 30,711 -9.8

Proposals

 19,760 18,949 14,909 4.3 32.5 72,006 62,894 14.5
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
Q3 2022 Q2 2022 Q3 2021 Q2 2022
to
Q2 2022		 Q3 2021
to
Q3 2022		 09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 520 488 368 6.6 41.3 1,839 1,804 1.9

Bankruptcies

 180 184 130 -2.2 38.5 651 652 -0.2

Proposals

 340 304 238 11.8 42.9 1,188 1,152 3.1
Prince Edward Island 112 116 78 -3.4 43.6 445 380 17.1

Bankruptcies

 38 47 32 -19.1 18.8 175 168 4.2

Proposals

 74 69 46 7.2 60.9 270 212 27.4
Nova Scotia 941 938 704 0.3 33.7 3,265 3,120 4.6

Bankruptcies

 316 364 297 -13.2 6.4 1,222 1,346 -9.2

Proposals

 625 574 407 8.9 53.6 2,043 1,774 15.2
New Brunswick 825 793 688 4.0 19.9 3,017 3,179 -5.1

Bankruptcies

 265 293 279 -9.6 -5.0 1,065 1,401 -24.0

Proposals

 560 500 409 12.0 36.9 1,952 1,778 9.8
Quebec 6,589 6,193 5,691 6.4 15.8 24,816 24,133 2.8

Bankruptcies

 2,313 2,190 2,456 5.6 -5.8 9,204 10,521 -12.5

Proposals

 4,276 4,003 3,235 6.8 32.2 15,612 13,612 14.7
Ontario 8,960 8,817 7,065 1.6 26.8 33,272 30,872 7.8

Bankruptcies

 1,790 1,969 1,704 -9.1 5.0 7,278 7,926 -8.2

Proposals

 7,170 6,848 5,361 4.7 33.7 25,994 22,946 13.3
Manitoba 755 704 603 7.2 25.2 2,686 2,445 9.9

Bankruptcies

 207 195 191 6.2 8.4 734 767 -4.3

Proposals

 548 509 412 7.7 33.0 1,952 1,678 16.3
Saskatchewan 788 794 602 -0.8 30.9 3,020 2,706 11.6

Bankruptcies

 170 161 168 5.6 1.2 675 795 -15.1

Proposals

 618 633 434 -2.4 42.4 2,345 1,911 22.7
Alberta 3,675 3,929 3,234 -6.5 13.6 14,517 13,814 5.1

Bankruptcies

 558 640 577 -12.8 -3.3 2,417 2,959 -18.3

Proposals

 3,117 3,289 2,657 -5.2 17.3 12,100 10,855 11.5
British Columbia 2,668 2,477 2,058 7.7 29.6 9,562 8,643 10.6

Bankruptcies

 442 465 488 -4.9 -9.4 1,824 2,272 -19.7

Proposals

 2,226 2,012 1,570 10.6 41.8 7,738 6,371 21.5
Northwest Territories 11 17 9 -35.3 22.2 65 45 44.4

Bankruptcies

 0 2 0 -100.0 -- 7 5 40.0

Proposals

 11 15 9 -26.7 22.2 58 40 45.0
Yukon 13 18 9 -27.8 44.4 51 35 45.7

Bankruptcies

 2 0 1 -- 100.0 6 11 -45.5

Proposals

 11 18 8 -38.9 37.5 45 24 87.5
Nunavut 3 2 4 50.0 -25.0 10 14 -28.6

Bankruptcies

 0 0 1 -- -100.0 0 1 -100.0

Proposals

 3 2 3 50.0 0.0 10 13 -23.1
Canada 25,860 25,286 21,113 2.3 22.5 96,565 91,190 5.9

Bankruptcies

 6,281 6,510 6,324 -3.5 -0.7 25,258 28,824 -12.4

Proposals

 19,579 18,776 14,789 4.3 32.4 71,307 62,366 14.3
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
Q3 2022 Q2 2022 Q3 2021 Q2 2022
to
Q2 2022		 Q3 2021
to
Q3 2022		 09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 4 6 3 -33.3 33.3 14 11 27.3

Bankruptcies

 2 6 3 -66.7 -33.3 11 11 0.0

Proposals

 2 0 0 -- -- 3 0 --
Prince Edward Island 0 0 2 -- -100.0 3 2 50.0

Bankruptcies

 0 0 1 -- -100.0 3 1 200.0

Proposals

 0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 5 5 1 0.0 400.0 25 14 78.6

Bankruptcies

 5 3 1 66.7 400.0 16 12 33.3

Proposals

 0 2 0 -100.0 -- 9 2 350.0
New Brunswick 8 4 3 100.0 166.7 23 19 21.1

Bankruptcies

 7 3 3 133.3 133.3 19 14 35.7

Proposals

 1 1 0 0.0 -- 4 5 -20.0
Quebec 429 477 295 -10.1 45.4 1,847 1,438 28.4

Bankruptcies

 362 403 246 -10.2 47.2 1,531 1,190 28.7

Proposals

 67 74 49 -9.5 36.7 316 248 27.4
Ontario 207 200 160 3.5 29.4 808 613 31.8

Bankruptcies

 162 144 114 12.5 42.1 590 438 34.7

Proposals

 45 56 46 -19.6 -2.2 218 175 24.6
Manitoba 7 6 11 16.7 -36.4 27 30 -10.0

Bankruptcies

 3 4 9 -25.0 -66.7 16 25 -36.0

Proposals

 4 2 2 100.0 100.0 11 5 120.0
Saskatchewan 18 13 7 38.5 157.1 56 45 24.4

Bankruptcies

 10 7 4 42.9 150.0 36 36 0.0

Proposals

 8 6 3 33.3 166.7 20 9 122.2
Alberta 73 51 34 43.1 114.7 197 153 28.8

Bankruptcies

 34 28 21 21.4 61.9 115 99 16.2

Proposals

 39 23 13 69.6 200.0 82 54 51.9
British Columbia 45 34 20 32.4 125.0 132 90 46.7

Bankruptcies

 30 25 14 20.0 114.3 96 61 57.4

Proposals

 15 9 6 66.7 150.0 36 29 24.1
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

 0 0 0 -- -- 0 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 796 796 536 0.0 48.5 3,132 2,415 29.7

Bankruptcies

 615 623 416 -1.3 47.8 2,433 1,887 28.9

Proposals

 181 173 120 4.6 50.8 699 528 32.4
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
Q3 2022 Q2 2022 Q3 2021 Q2 2022
to
Q2 2022		 Q3 2021
to
Q3 2022		 09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 0 0 1 -- -100.0 1 4 -75.0

Bankruptcies

 0 0 1 -- -100.0 0 4 -100.0

Proposals

 0 0 0 -- -- 1 0 --
Prince Edward Island 0 0 1 -- -100.0 1 1 0.0

Bankruptcies

 0 0 1 -- -100.0 1 1 0.0

Proposals

 0 0 0 -- -- 0 0 --
Nova Scotia 3 1 0 200.0 -- 10 7 42.9

Bankruptcies

 3 1 0 200.0 -- 6 6 0.0

Proposals

 0 0 0 -- -- 4 1 300.0
New Brunswick 3 1 1 200.0 200.0 10 10 0.0

Bankruptcies

 3 1 1 200.0 200.0 9 8 12.5

Proposals

 0 0 0 -- -- 1 2 -50.0
Quebec 370 410 256 -9.8 44.5 1,600 1,249 28.1

Bankruptcies

 328 366 223 -10.4 47.1 1,393 1,070 30.2

Proposals

 42 44 33 -4.5 27.3 207 179 15.6
Ontario 137 139 117 -1.4 17.1 534 415 28.7

Bankruptcies

 119 113 95 5.3 25.3 432 331 30.5

Proposals

 18 26 22 -30.8 -18.2 102 84 21.4
Manitoba 4 3 7 33.3 -42.9 12 14 -14.3

Bankruptcies

 2 2 5 0.0 -60.0 7 11 -36.4

Proposals

 2 1 2 100.0 0.0 5 3 66.7
Saskatchewan 5 4 0 25.0 -- 12 20 -40.0

Bankruptcies

 2 1 0 100.0 -- 6 17 -64.7

Proposals

 3 3 0 0.0 -- 6 3 100.0
Alberta 40 19 20 110.5 100.0 94 95 -1.1

Bankruptcies

 18 14 14 28.6 28.6 61 68 -10.3

Proposals

 22 5 6 340.0 266.7 33 27 22.2
British Columbia 17 13 8 30.8 112.5 57 51 11.8

Bankruptcies

 11 10 8 10.0 37.5 42 36 16.7

Proposals

 6 3 0 100.0 -- 15 15 0.0
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

 0 0 0 -- -- 0 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 579 590 411 -1.9 40.9 2,331 1,866 24.9

Bankruptcies

 486 508 348 -4.3 39.7 1,957 1,552 26.1

Proposals

 93 82 63 13.4 47.6 374 314 19.1
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
Q3 2022 Q2 2022 Q3 2021 Q2 2022
to
Q2 2022		 Q3 2021
to
Q3 2022		 09-30-2022 09-30-2021 % Change
Newfoundland and Labrador 4 6 2 -33.3 100.0 13 7 85.7

Bankruptcies

 2 6 2 -66.7 0.0 11 7 57.1

Proposals

 2 0 0 -- -- 2 0 --
Prince Edward Island 0 0 1 -- -100.0 2 1 100.0

Bankruptcies

 0 0 0 -- -- 2 0 --

Proposals

 0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 2 4 1 -50.0 100.0 15 7 114.3

Bankruptcies

 2 2 1 0.0 100.0 10 6 66.7

Proposals

 0 2 0 -100.0 -- 5 1 400.0
New Brunswick 5 3 2 66.7 150.0 13 9 44.4

Bankruptcies

 4 2 2 100.0 100.0 10 6 66.7

Proposals

 1 1 0 0.0 -- 3 3 0.0
Quebec 59 67 39 -11.9 51.3 247 189 30.7

Bankruptcies

 34 37 23 -8.1 47.8 138 120 15.0

Proposals

 25 30 16 -16.7 56.3 109 69 58.0
Ontario 70 61 43 14.8 62.8 274 198 38.4

Bankruptcies

 43 31 19 38.7 126.3 158 107 47.7

Proposals

 27 30 24 -10.0 12.5 116 91 27.5
Manitoba 3 3 4 0.0 -25.0 15 16 -6.3

Bankruptcies

 1 2 4 -50.0 -75.0 9 14 -35.7

Proposals

 2 1 0 100.0 -- 6 2 200.0
Saskatchewan 13 9 7 44.4 85.7 44 25 76.0

Bankruptcies

 8 6 4 33.3 100.0 30 19 57.9

Proposals

 5 3 3 66.7 66.7 14 6 133.3
Alberta 33 32 14 3.1 135.7 103 58 77.6

Bankruptcies

 16 14 7 14.3 128.6 54 31 74.2

Proposals

 17 18 7 -5.6 142.9 49 27 81.5
British Columbia 28 21 12 33.3 133.3 75 39 92.3

Bankruptcies

 19 15 6 26.7 216.7 54 25 116.0

Proposals

 9 6 6 50.0 50.0 21 14 50.0
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

 0 0 0 -- -- 0 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 217 206 125 5.3 73.6 801 549 45.9

Bankruptcies

 129 115 68 12.2 89.7 476 335 42.1

Proposals

 88 91 57 -3.3 54.4 325 214 51.9
 
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