Insolvency statistics in Canada—Third quarter of 2023 (part 1)

Tables

• Table 1: Total BIA Insolvencies
• Table 2: BIA Insolvencies Filed by Consumers
• Table 3: BIA Insolvencies Filed by Businesses
• Table 3a: BIA Insolvencies Filed by Corporations
• Table 3b: BIA Insolvencies Filed by Individual Businesses
• Table 4: BIA Insolvencies by NAICS Economic Sectors, Canada
• Table 5: BIA Insolvencies Filed by Consumers by ER
• Table 6: BIA Insolvencies Filed by Businesses by ER
• Table 7: BIA Insolvencies Filed by Consumers by CMA
• Table 8: BIA Insolvencies Filed by Businesses by CMA
• Table 9: Total CCAA Proceedings
• Table 10: CCAA Proceedings by Province
• Table 11: CCAA Proceedings by NAICS Sectors

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.