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

 

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