Read the report Insolvency Statistics in Canada — December 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 21.4% in December 2023 compared to the previous month. Bankruptcies decreased by 18.5% and proposals decreased by 22.2%.
The total number of insolvencies in December 2023 was 19.9% higher than the total number of insolvencies in December 2022. Consumer insolvencies increased by 18.2%, while business insolvencies increased by 57.2%.
For the 12‑month period ending December 31, 2023, the total number of insolvencies increased by 23.6% in comparison to the 12‑month period ending December 31, 2022.
Consumer insolvencies for the 12‑month period ending December 31, 2023, increased by 23% in comparison to the 12‑month period ending December 31, 2022. Consumer bankruptcies increased by 6.6%, while consumer proposals increased by 28.3%. The proportion of proposals in consumer insolvencies increased to 78.7% during the 12‑month period ending December 31, 2023, up from 75.5% during the 12‑month period ending December 31, 2022. For the 12‑month period ending December 31, 2023, consumer insolvency filings accounted for 96.2% of total insolvency filings.
Business insolvencies for the 12‑month period ending December 31, 2023, increased by 41.4% compared with the 12‑month period ending December 31, 2022. Accommodation and food services, Retail trade and Construction registered the biggest increases in the number of insolvencies.
Read the report Insolvency Statistics in Canada—December 2023.