Insolvency Statistics—December 2023

Tables

Definitions

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 )
The 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.
Consumer
An individual with more than 50% of total liabilities related to consumer goods and services.
Corporation
A commercial entity or organization.
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.

Note:

Monthly statistics for insolvency volumes tend to vary widely. Quarterly and annual statistics can be more indicative of the evolution of insolvency volume.

Table 1: Total BIA Insolvencies
- Volume % Change 12-Month Period Ending
December 2023 November 2023 December 2022 Nov. 2023
to
Dec. 2023		 Dec. 2022
to
Dec. 2023		 12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 164 204 150 -19.6 9.3 2,281 1,940 17.6
Bankruptcies
 46 53 56 -13.2 -17.9 703 684 2.8
Proposals
 118 151 94 -21.9 25.5 1,578 1,256 25.6
Prince Edward Island 30 45 40 -33.3 -25.0 503 446 12.8
Bankruptcies
 6 7 14 -14.3 -57.1 124 171 -27.5
Proposals
 24 38 26 -36.8 -7.7 379 275 37.8
Nova Scotia 296 388 277 -23.7 6.9 4,341 3,494 24.2
Bankruptcies
 77 97 84 -20.6 -8.3 1,211 1,225 -1.1
Proposals
 219 291 193 -24.7 13.5 3,130 2,269 37.9
New Brunswick 238 294 230 -19.0 3.5 3,553 3,154 12.7
Bankruptcies
 70 66 49 6.1 42.9 896 1,048 -14.5
Proposals
 168 228 181 -26.3 -7.2 2,657 2,106 26.2
Quebec 2,418 3,281 1,812 -26.3 33.4 33,389 27,378 22.0
Bankruptcies
 863 1,121 685 -23.0 26.0 11,395 10,419 9.4
Proposals
 1,555 2,160 1,127 -28.0 38.0 21,994 16,959 29.7
Ontario 3,427 4,328 2,854 -20.8 20.1 45,111 35,642 26.6
Bankruptcies
 763 880 608 -13.3 25.5 9,022 7,791 15.8
Proposals
 2,664 3,448 2,246 -22.7 18.6 36,089 27,851 29.6
Manitoba 263 352 262 -25.3 0.4 3,666 2,807 30.6
Bankruptcies
 71 90 73 -21.1 -2.7 925 751 23.2
Proposals
 192 262 189 -26.7 1.6 2,741 2,056 33.3
Saskatchewan 296 321 276 -7.8 7.2 3,753 3,173 18.3
Bankruptcies
 58 52 52 11.5 11.5 703 676 4.0
Proposals
 238 269 224 -11.5 6.3 3,050 2,497 22.1
Alberta 1,406 1,731 1,204 -18.8 16.8 18,175 15,112 20.3
Bankruptcies
 186 253 181 -26.5 2.8 2,714 2,507 8.3
Proposals
 1,220 1,478 1,023 -17.5 19.3 15,461 12,605 22.7
British Columbia 1,026 1,224 875 -16.2 17.3 13,149 10,320 27.4
Bankruptcies
 164 212 158 -22.6 3.8 2,201 1,926 14.3
Proposals
 862 1,012 717 -14.8 20.2 10,948 8,394 30.4
Northwest Territories 6 5 5 20.0 20.0 63 58 8.6
Bankruptcies
 2 0 0 -- -- 14 3 366.7
Proposals
 4 5 5 -20.0 -20.0 49 55 -10.9
Yukon 3 2 0 50.0 -- 44 49 -10.2
Bankruptcies
 0 0 0 -- -- 8 6 33.3
Proposals
 3 2 0 50.0 -- 36 43 -16.3
Nunavut 0 1 2 -100.0 -100.0 15 13 15.4
Bankruptcies
 0 0 0 -- -- 2 0 --
Proposals
 0 1 2 -100.0 -100.0 13 13 0.0
Canada 9,573 12,176 7,987 -21.4 19.9 128,043 103,586 23.6
Bankruptcies
 2,306 2,831 1,960 -18.5 17.7 29,918 27,207 10.0
Proposals
 7,267 9,345 6,027 -22.2 20.6 98,125 76,379 28.5

Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
December 2023 November 2023 December 2022 Nov. 2023
to
Dec. 2023		 Dec. 2022
to
Dec. 2023		 12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 163 199 150 -18.1 8.7 2,252 1,928 16.8
Bankruptcies
 45 51 56 -11.8 -19.6 686 674 1.8
Proposals
 118 148 94 -20.3 25.5 1,566 1,254 24.9
Prince Edward Island 30 45 38 -33.3 -21.1 502 443 13.3
Bankruptcies
 6 7 13 -14.3 -53.8 123 169 -27.2
Proposals
 24 38 25 -36.8 -4.0 379 274 38.3
Nova Scotia 291 384 273 -24.2 6.6 4,299 3,467 24.0
Bankruptcies
 74 95 83 -22.1 -10.8 1,183 1,208 -2.1
Proposals
 217 289 190 -24.9 14.2 3,116 2,259 37.9
New Brunswick 236 292 230 -19.2 2.6 3,521 3,128 12.6
Bankruptcies
 70 65 49 7.7 42.9 875 1,027 -14.8
Proposals
 166 227 181 -26.9 -8.3 2,646 2,101 25.9
Quebec 2,113 3,008 1,626 -29.8 30.0 30,577 25,433 20.2
Bankruptcies
 598 895 531 -33.2 12.6 9,139 8,795 3.9
Proposals
 1,515 2,113 1,095 -28.3 38.4 21,438 16,638 28.8
Ontario 3,258 4,181 2,752 -22.1 18.4 43,831 34,736 26.2
Bankruptcies
 620 765 531 -19.0 16.8 8,031 7,133 12.6
Proposals
 2,638 3,416 2,221 -22.8 18.8 35,800 27,603 29.7
Manitoba 261 348 261 -25.0 0.0 3,623 2,773 30.7
Bankruptcies
 71 87 72 -18.4 -1.4 896 734 22.1
Proposals
 190 261 189 -27.2 0.5 2,727 2,039 33.7
Saskatchewan 292 313 270 -6.7 8.1 3,692 3,116 18.5
Bankruptcies
 55 46 49 19.6 12.2 668 642 4.0
Proposals
 237 267 221 -11.2 7.2 3,024 2,474 22.2
Alberta 1,384 1,696 1,182 -18.4 17.1 17,921 14,875 20.5
Bankruptcies
 174 237 173 -26.6 0.6 2,572 2,374 8.3
Proposals
 1,210 1,459 1,009 -17.1 19.9 15,349 12,501 22.8
British Columbia 1,003 1,208 861 -17.0 16.5 12,896 10,167 26.8
Bankruptcies
 145 199 149 -27.1 -2.7 2,022 1,821 11.0
Proposals
 858 1,009 712 -15.0 20.5 10,874 8,346 30.3
Northwest Territories 6 5 3 20.0 100.0 61 56 8.9
Bankruptcies
 2 0 0 -- -- 12 3 300.0
Proposals
 4 5 3 -20.0 33.3 49 53 -7.5
Yukon 3 2 0 50.0 -- 43 49 -12.2
Bankruptcies
 0 0 0 -- -- 7 6 16.7
Proposals
 3 2 0 50.0 -- 36 43 -16.3
Nunavut 0 1 2 -100.0 -100.0 15 13 15.4
Bankruptcies
 0 0 0 -- -- 2 0 --
Proposals
 0 1 2 -100.0 -100.0 13 13 0.0
Canada 9,040 11,682 7,648 -22.6 18.2 123,233 100,184 23.0
Bankruptcies
 1,860 2,447 1,706 -24.0 9.0 26,216 24,586 6.6
Proposals
 7,180 9,235 5,942 -22.3 20.8 97,017 75,598 28.3

Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
December 2023 November 2023 December 2022 Nov. 2023
to
Dec. 2023		 Dec. 2022
to
Dec. 2023		 12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 1 5 0 -80.0 -- 29 12 141.7
Bankruptcies
 1 2 0 -50.0 -- 17 10 70.0
Proposals
 0 3 0 -100.0 -- 12 2 500.0
Prince Edward Island 0 0 2 -- -100.0 1 3 -66.7
Bankruptcies
 0 0 1 -- -100.0 1 2 -50.0
Proposals
 0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 5 4 4 25.0 25.0 42 27 55.6
Bankruptcies
 3 2 1 50.0 200.0 28 17 64.7
Proposals
 2 2 3 0.0 -33.3 14 10 40.0
New Brunswick 2 2 0 0.0 -- 32 26 23.1
Bankruptcies
 0 1 0 -100.0 -- 21 21 0.0
Proposals
 2 1 0 100.0 -- 11 5 120.0
Quebec 305 273 186 11.7 64.0 2,812 1,945 44.6
Bankruptcies
 265 226 154 17.3 72.1 2,256 1,624 38.9
Proposals
 40 47 32 -14.9 25.0 556 321 73.2
Ontario 169 147 102 15.0 65.7 1,280 906 41.3
Bankruptcies
 143 115 77 24.3 85.7 991 658 50.6
Proposals
 26 32 25 -18.8 4.0 289 248 16.5
Manitoba 2 4 1 -50.0 100.0 43 34 26.5
Bankruptcies
 0 3 1 -100.0 -100.0 29 17 70.6
Proposals
 2 1 0 100.0 -- 14 17 -17.6
Saskatchewan 4 8 6 -50.0 -33.3 61 57 7.0
Bankruptcies
 3 6 3 -50.0 0.0 35 34 2.9
Proposals
 1 2 3 -50.0 -66.7 26 23 13.0
Alberta 22 35 22 -37.1 0.0 254 237 7.2
Bankruptcies
 12 16 8 -25.0 50.0 142 133 6.8
Proposals
 10 19 14 -47.4 -28.6 112 104 7.7
British Columbia 23 16 14 43.8 64.3 253 153 65.4
Bankruptcies
 19 13 9 46.2 111.1 179 105 70.5
Proposals
 4 3 5 33.3 -20.0 74 48 54.2
Northwest Territories 0 0 2 -- -100.0 2 2 0.0
Bankruptcies
 0 0 0 -- -- 2 0 --
Proposals
 0 0 2 -- -100.0 0 2 -100.0
Yukon 0 0 0 -- -- 1 0 --
Bankruptcies
 0 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 533 494 339 7.9 57.2 4,810 3,402 41.4
Bankruptcies
 446 384 254 16.1 75.6 3,702 2,621 41.2
Proposals
 87 110 85 -20.9 2.4 1,108 781 41.9

Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
December 2023 November 2023 December 2022 Nov. 2023
to
Dec. 2023		 Dec. 2022
to
Dec. 2023		 12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 0 1 0 -100.0 -- 6 0 --
Bankruptcies
 0 1 0 -100.0 -- 2 0 --
Proposals
 0 0 0 -- -- 4 0 --
Prince Edward Island 0 0 2 -- -100.0 0 3 -100.0
Bankruptcies
 0 0 1 -- -100.0 0 2 -100.0
Proposals
 0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 1 2 1 -50.0 0.0 17 11 54.5
Bankruptcies
 1 1 0 0.0 -- 13 6 116.7
Proposals
 0 1 1 -100.0 -100.0 4 5 -20.0
New Brunswick 0 0 0 -- -- 12 11 9.1
Bankruptcies
 0 0 0 -- -- 12 9 33.3
Proposals
 0 0 0 -- -- 0 2 -100.0
Quebec 294 243 166 21.0 77.1 2,505 1,685 48.7
Bankruptcies
 262 208 141 26.0 85.8 2,103 1,470 43.1
Proposals
 32 35 25 -8.6 28.0 402 215 87.0
Ontario 126 97 65 29.9 93.8 890 584 52.4
Bankruptcies
 118 83 54 42.2 118.5 767 480 59.8
Proposals
 8 14 11 -42.9 -27.3 123 104 18.3
Manitoba 0 0 0 -- -- 7 14 -50.0
Bankruptcies
 0 0 0 -- -- 6 7 -14.3
Proposals
 0 0 0 -- -- 1 7 -85.7
Saskatchewan 0 0 1 -- -100.0 4 13 -69.2
Bankruptcies
 0 0 1 -- -100.0 3 7 -57.1
Proposals
 0 0 0 -- -- 1 6 -83.3
Alberta 8 22 7 -63.6 14.3 140 112 25.0
Bankruptcies
 4 12 5 -66.7 -20.0 87 74 17.6
Proposals
 4 10 2 -60.0 100.0 53 38 39.5
British Columbia 12 11 6 9.1 100.0 130 62 109.7
Bankruptcies
 12 10 4 20.0 200.0 112 44 154.5
Proposals
 0 1 2 -100.0 -100.0 18 18 0.0
Northwest Territories 0 0 0 -- -- 2 0 --
Bankruptcies
 0 0 0 -- -- 2 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 441 376 248 17.3 77.8 3,713 2,495 48.8
Bankruptcies
 397 315 206 26.0 92.7 3,107 2,099 48.0
Proposals
 44 61 42 -27.9 4.8 606 396 53.0

Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
December 2023 November 2023 December 2022 Nov. 2023
to
Dec. 2023		 Dec. 2022
to
Dec. 2023		 12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 1 4 0 -75.0 -- 23 12 91.7
Bankruptcies
 1 1 0 0.0 -- 15 10 50.0
Proposals
 0 3 0 -100.0 -- 8 2 300.0
Prince Edward Island 0 0 0 -- -- 1 0 --
Bankruptcies
 0 0 0 -- -- 1 0 --
Proposals
 0 0 0 -- -- 0 0 --
Nova Scotia 4 2 3 100.0 33.3 25 16 56.3
Bankruptcies
 2 1 1 100.0 100.0 15 11 36.4
Proposals
 2 1 2 100.0 0.0 10 5 100.0
New Brunswick 2 2 0 0.0 -- 20 15 33.3
Bankruptcies
 0 1 0 -100.0 -- 9 12 -25.0
Proposals
 2 1 0 100.0 -- 11 3 266.7
Quebec 11 30 20 -63.3 -45.0 307 260 18.1
Bankruptcies
 3 18 13 -83.3 -76.9 153 154 -0.6
Proposals
 8 12 7 -33.3 14.3 154 106 45.3
Ontario 43 50 37 -14.0 16.2 390 322 21.1
Bankruptcies
 25 32 23 -21.9 8.7 224 178 25.8
Proposals
 18 18 14 0.0 28.6 166 144 15.3
Manitoba 2 4 1 -50.0 100.0 36 20 80.0
Bankruptcies
 0 3 1 -100.0 -100.0 23 10 130.0
Proposals
 2 1 0 100.0 -- 13 10 30.0
Saskatchewan 4 8 5 -50.0 -20.0 57 44 29.5
Bankruptcies
 3 6 2 -50.0 50.0 32 27 18.5
Proposals
 1 2 3 -50.0 -66.7 25 17 47.1
Alberta 14 13 15 7.7 -6.7 114 125 -8.8
Bankruptcies
 8 4 3 100.0 166.7 55 59 -6.8
Proposals
 6 9 12 -33.3 -50.0 59 66 -10.6
British Columbia 11 5 8 120.0 37.5 123 91 35.2
Bankruptcies
 7 3 5 133.3 40.0 67 61 9.8
Proposals
 4 2 3 100.0 33.3 56 30 86.7
Northwest Territories 0 0 2 -- -100.0 0 2 -100.0
Bankruptcies
 0 0 0 -- -- 0 0 --
Proposals
 0 0 2 -- -100.0 0 2 -100.0
Yukon 0 0 0 -- -- 1 0 --
Bankruptcies
 0 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 92 118 91 -22.0 1.1 1,097 907 20.9
Bankruptcies
 49 69 48 -29.0 2.1 595 522 14.0
Proposals
 43 49 43 -12.2 0.0 502 385 30.4

Table 4: BIA Insolvencies by NAICS Economic Sectors, Canada
- Volume % Change 12-Month Period Ending
December 2023 November 2023 December 2022 Nov. 2023
to
Dec. 2023		 Dec. 2022
to
Dec. 2023		 12-31-2023 12-31-2022 % Change
Agriculture, Forestry, Fishing and Hunting 10 6 6 66.7 66.7 86 77 11.7
Bankruptcies
 9 4 5 125.0 80.0 63 62 1.6
Proposals
 1 2 1 -50.0 0.0 23 15 53.3
Mining and Oil and Gas Extraction 1 10 3 -90.0 -66.7 48 29 65.5
Bankruptcies
 1 2 1 -50.0 0.0 24 23 4.3
Proposals
 0 8 2 -100.0 -100.0 24 6 300.0
Utilities 2 0 2 -- 0.0 10 7 42.9
Bankruptcies
 2 0 0 -- -- 7 4 75.0
Proposals
 0 0 2 -- -100.0 3 3 0.0
Construction 75 60 54 25.0 38.9 681 519 31.2
Bankruptcies
 55 46 33 19.6 66.7 500 357 40.1
Proposals
 20 14 21 42.9 -4.8 181 162 11.7
Manufacturing 49 47 25 4.3 96.0 413 267 54.7
Bankruptcies
 39 36 16 8.3 143.8 312 199 56.8
Proposals
 10 11 9 -9.1 11.1 101 68 48.5
Wholesale Trade 23 33 19 -30.3 21.1 230 152 51.3
Bankruptcies
 21 27 16 -22.2 31.3 187 122 53.3
Proposals
 2 6 3 -66.7 -33.3 43 30 43.3
Retail Trade 60 56 49 7.1 22.4 573 374 53.2
Bankruptcies
 53 41 42 29.3 26.2 464 317 46.4
Proposals
 7 15 7 -53.3 0.0 109 57 91.2
Transportation and Warehousing 40 37 28 8.1 42.9 338 289 17.0
Bankruptcies
 34 33 23 3.0 47.8 257 223 15.2
Proposals
 6 4 5 50.0 20.0 81 66 22.7
Information and Cultural Industries 16 12 5 33.3 220.0 102 70 45.7
Bankruptcies
 15 10 5 50.0 200.0 87 44 97.7
Proposals
 1 2 0 -50.0 -- 15 26 -42.3
Finance and Insurance 9 6 8 50.0 12.5 69 40 72.5
Bankruptcies
 9 5 7 80.0 28.6 53 28 89.3
Proposals
 0 1 1 -100.0 -100.0 16 12 33.3
Real Estate and Rental and Leasing 20 17 10 17.6 100.0 153 116 31.9
Bankruptcies
 17 13 8 30.8 112.5 110 93 18.3
Proposals
 3 4 2 -25.0 50.0 43 23 87.0
Professional, Scientific and Technical Services 38 35 16 8.6 137.5 370 242 52.9
Bankruptcies
 34 21 9 61.9 277.8 274 177 54.8
Proposals
 4 14 7 -71.4 -42.9 96 65 47.7
Management of Companies and Enterprises 14 14 7 0.0 100.0 104 82 26.8
Bankruptcies
 11 12 4 -8.3 175.0 83 70 18.6
Proposals
 3 2 3 50.0 0.0 21 12 75.0
Administrative and Support, Waste Management and Remediation Services 23 24 14 -4.2 64.3 254 178 42.7
Bankruptcies
 20 20 10 0.0 100.0 175 122 43.4
Proposals
 3 4 4 -25.0 -25.0 79 56 41.1
Educational Services 6 8 7 -25.0 -14.3 55 35 57.1
Bankruptcies
 5 6 5 -16.7 0.0 42 28 50.0
Proposals
 1 2 2 -50.0 -50.0 13 7 85.7
Health Care and Social Assistance 10 10 9 0.0 11.1 108 102 5.9
Bankruptcies
 8 9 6 -11.1 33.3 76 67 13.4
Proposals
 2 1 3 100.0 -33.3 32 35 -8.6
Arts, Entertainment and Recreation 19 14 4 35.7 375.0 134 84 59.5
Bankruptcies
 18 9 3 100.0 500.0 114 73 56.2
Proposals
 1 5 1 -80.0 0.0 20 11 81.8
Accommodation and Food Services 71 67 51 6.0 39.2 719 500 43.8
Bankruptcies
 60 59 44 1.7 36.4 584 423 38.1
Proposals
 11 8 7 37.5 57.1 135 77 75.3
Other Services (except Public Administration) 46 38 22 21.1 109.1 351 229 53.3
Bankruptcies
 34 31 17 9.7 100.0 283 179 58.1
Proposals
 12 7 5 71.4 140.0 68 50 36.0
Public Administration 1 0 0 -- -- 9 8 12.5
Bankruptcies
 1 0 0 -- -- 4 8 -50.0
Proposals
 0 0 0 -- -- 5 0 --
Canada 533 494 339 7.9 57.2 4,807 3,400 41.4
Bankruptcies
 446 384 254 16.1 75.6 3,699 2,619 41.2
Proposals
 87 110 85 -20.9 2.4 1,108 781 41.9
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