Insolvency Statistics—July 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
July 2023 June 2023 July 2022 Jun. 2023
to
Jul. 2023		 Jul. 2022
to
Jul. 2023		 07-31-2023 07-31-2022 % Change
Newfoundland and Labrador 182 211 138 -13.7 31.9 2,245 1,719 30.6
Bankruptcies 54 74 50 -27.0 8.0 743 621 19.6
Proposals 128 137 88 -6.6 45.5 1,502 1,098 36.8
Prince Edward Island 41 48 41 -14.6 0.0 487 435 12.0
Bankruptcies 11 6 15 83.3 -26.7 147 179 -17.9
Proposals 30 42 26 -28.6 15.4 340 256 32.8
Nova Scotia 337 382 293 -11.8 15.0 4,095 3,132 30.7
Bankruptcies 80 115 101 -30.4 -20.8 1,211 1,231 -1.6
Proposals 257 267 192 -3.7 33.9 2,884 1,901 51.7
New Brunswick 320 344 265 -7.0 20.8 3,463 2,958 17.1
Bankruptcies 81 82 91 -1.2 -11.0 956 1,099 -13.0
Proposals 239 262 174 -8.8 37.4 2,507 1,859 34.9
Quebec 2,482 2,570 2,052 -3.4 21.0 30,687 25,876 18.6
Bankruptcies 834 935 828 -10.8 0.7 10,728 10,773 -0.4
Proposals 1,648 1,635 1,224 0.8 34.6 19,959 15,103 32.2
Ontario 3,542 4,015 2,762 -11.8 28.2 41,486 32,624 27.2
Bankruptcies 692 797 575 -13.2 20.3 8,355 7,730 8.1
Proposals 2,850 3,218 2,187 -11.4 30.3 33,131 24,894 33.1
Manitoba 320 319 230 0.3 39.1 3,411 2,621 30.1
Bankruptcies 71 80 81 -11.3 -12.3 885 769 15.1
Proposals 249 239 149 4.2 67.1 2,526 1,852 36.4
Saskatchewan 257 363 251 -29.2 2.4 3,518 2,944 19.5
Bankruptcies 51 78 58 -34.6 -12.1 693 716 -3.2
Proposals 206 285 193 -27.7 6.7 2,825 2,228 26.8
Alberta 1,340 1,561 1,189 -14.2 12.7 16,816 14,340 17.3
Bankruptcies 185 211 195 -12.3 -5.1 2,602 2,518 3.3
Proposals 1,155 1,350 994 -14.4 16.2 14,214 11,822 20.2
British Columbia 999 1,194 828 -16.3 20.7 12,092 9,210 31.3
Bankruptcies 164 208 143 -21.2 14.7 2,090 1,946 7.4
Proposals 835 986 685 -15.3 21.9 10,002 7,264 37.7
Northwest Territories 3 5 0 -40.0 -- 57 61 -6.6
Bankruptcies 0 1 0 -100.0 -- 9 7 28.6
Proposals 3 4 0 -25.0 -- 48 54 -11.1
Yukon 4 7 4 -42.9 0.0 52 49 6.1
Bankruptcies 0 2 1 -100.0 -100.0 10 6 66.7
Proposals 4 5 3 -20.0 33.3 42 43 -2.3
Nunavut 1 0 1 -- 0.0 18 11 63.6
Bankruptcies 0 0 0 -- -- 2 1 100.0
Proposals 1 0 1 -- 0.0 16 10 60.0
Canada 9,828 11,019 8,054 -10.8 22.0 118,427 95,980 23.4
Bankruptcies 2,223 2,589 2,138 -14.1 4.0 28,431 27,596 3.0
Proposals 7,605 8,430 5,916 -9.8 28.5 89,996 68,384 31.6
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
July 2023 June 2023 July 2022 Jun. 2023
to
Jul. 2023		 Jul. 2022
to
Jul. 2023		 07-31-2023 07-31-2022 % Change
Newfoundland and Labrador 176 208 138 -15.4 27.5 2,226 1,708 30.3
Bankruptcies 52 71 50 -26.8 4.0 732 611 19.8
Proposals 124 137 88 -9.5 40.9 1,494 1,097 36.2
Prince Edward Island 41 48 41 -14.6 0.0 484 431 12.3
Bankruptcies 11 6 15 83.3 -26.7 145 175 -17.1
Proposals 30 42 26 -28.6 15.4 339 256 32.4
Nova Scotia 331 379 292 -12.7 13.4 4,058 3,110 30.5
Bankruptcies 77 113 100 -31.9 -23.0 1,185 1,218 -2.7
Proposals 254 266 192 -4.5 32.3 2,873 1,892 51.8
New Brunswick 319 342 262 -6.7 21.8 3,433 2,938 16.8
Bankruptcies 81 81 88 0.0 -8.0 935 1,082 -13.6
Proposals 238 261 174 -8.8 36.8 2,498 1,856 34.6
Quebec 2,300 2,361 1,923 -2.6 19.6 28,358 24,121 17.6
Bankruptcies 696 758 713 -8.2 -2.4 8,849 9,317 -5.0
Proposals 1,604 1,603 1,210 0.1 32.6 19,509 14,804 31.8
Ontario 3,447 3,926 2,701 -12.2 27.6 40,398 31,852 26.8
Bankruptcies 622 733 530 -15.1 17.4 7,539 7,176 5.1
Proposals 2,825 3,193 2,171 -11.5 30.1 32,859 24,676 33.2
Manitoba 318 317 227 0.3 40.1 3,374 2,592 30.2
Bankruptcies 70 79 79 -11.4 -11.4 865 749 15.5
Proposals 248 238 148 4.2 67.6 2,509 1,843 36.1
Saskatchewan 252 355 247 -29.0 2.0 3,456 2,896 19.3
Bankruptcies 48 71 57 -32.4 -15.8 658 686 -4.1
Proposals 204 284 190 -28.2 7.4 2,798 2,210 26.6
Alberta 1,320 1,540 1,168 -14.3 13.0 16,568 14,169 16.9
Bankruptcies 173 200 183 -13.5 -5.5 2,459 2,409 2.1
Proposals 1,147 1,340 985 -14.4 16.4 14,109 11,760 20.0
British Columbia 970 1,160 818 -16.4 18.6 11,876 9,098 30.5
Bankruptcies 145 188 136 -22.9 6.6 1,948 1,863 4.6
Proposals 825 972 682 -15.1 21.0 9,928 7,235 37.2
Northwest Territories 3 5 0 -40.0 -- 54 61 -11.5
Bankruptcies 0 1 0 -100.0 -- 8 7 14.3
Proposals 3 4 0 -25.0 -- 46 54 -14.8
Yukon 4 6 4 -33.3 0.0 51 49 4.1
Bankruptcies 0 1 1 -100.0 -100.0 9 6 50.0
Proposals 4 5 3 -20.0 33.3 42 43 -2.3
Nunavut 1 0 1 -- 0.0 18 11 63.6
Bankruptcies 0 0 0 -- -- 2 1 100.0
Proposals 1 0 1 -- 0.0 16 10 60.0
Canada 9,482 10,647 7,822 -10.9 21.2 114,354 93,036 22.9
Bankruptcies 1,975 2,302 1,952 -14.2 1.2 25,334 25,300 0.1
Proposals 7,507 8,345 5,870 -10.0 27.9 89,020 67,736 31.4
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
July 2023 June 2023 July 2022 Jun. 2023
to
Jul. 2023		 Jul. 2022
to
Jul. 2023		 07-31-2023 07-31-2022 % Change
Newfoundland and Labrador 6 3 0 100.0 -- 19 11 72.7
Bankruptcies 2 3 0 -33.3 -- 11 10 10.0
Proposals 4 0 0 -- -- 8 1 700.0
Prince Edward Island 0 0 0 -- -- 3 4 -25.0
Bankruptcies 0 0 0 -- -- 2 4 -50.0
Proposals 0 0 0 -- -- 1 0 --
Nova Scotia 6 3 1 100.0 500.0 37 22 68.2
Bankruptcies 3 2 1 50.0 200.0 26 13 100.0
Proposals 3 1 0 200.0 -- 11 9 22.2
New Brunswick 1 2 3 -50.0 -66.7 30 20 50.0
Bankruptcies 0 1 3 -100.0 -100.0 21 17 23.5
Proposals 1 1 0 0.0 -- 9 3 200.0
Quebec 182 209 129 -12.9 41.1 2,329 1,755 32.7
Bankruptcies 138 177 115 -22.0 20.0 1,879 1,456 29.1
Proposals 44 32 14 37.5 214.3 450 299 50.5
Ontario 95 89 61 6.7 55.7 1,088 772 40.9
Bankruptcies 70 64 45 9.4 55.6 816 554 47.3
Proposals 25 25 16 0.0 56.3 272 218 24.8
Manitoba 2 2 3 0.0 -33.3 37 29 27.6
Bankruptcies 1 1 2 0.0 -50.0 20 20 0.0
Proposals 1 1 1 0.0 0.0 17 9 88.9
Saskatchewan 5 8 4 -37.5 25.0 62 48 29.2
Bankruptcies 3 7 1 -57.1 200.0 35 30 16.7
Proposals 2 1 3 100.0 -33.3 27 18 50.0
Alberta 20 21 21 -4.8 -4.8 248 171 45.0
Bankruptcies 12 11 12 9.1 0.0 143 109 31.2
Proposals 8 10 9 -20.0 -11.1 105 62 69.4
British Columbia 29 34 10 -14.7 190.0 216 112 92.9
Bankruptcies 19 20 7 -5.0 171.4 142 83 71.1
Proposals 10 14 3 -28.6 233.3 74 29 155.2
Northwest Territories 0 0 0 -- -- 3 0 --
Bankruptcies 0 0 0 -- -- 1 0 --
Proposals 0 0 0 -- -- 2 0 --
Yukon 0 1 0 -100.0 -- 1 0 --
Bankruptcies 0 1 0 -100.0 -- 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 346 372 232 -7.0 49.1 4,073 2,944 38.3
Bankruptcies 248 287 186 -13.6 33.3 3,097 2,296 34.9
Proposals 98 85 46 15.3 113.0 976 648 50.6
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
July 2023 June 2023 July 2022 Jun. 2023
to
Jul. 2023		 Jul. 2022
to
Jul. 2023		 07-31-2023 07-31-2022 % Change
Newfoundland and Labrador 3 0 0 -- -- 3 2 50.0
Bankruptcies 0 0 0 -- -- 0 1 -100.0
Proposals 3 0 0 -- -- 3 1 200.0
Prince Edward Island 0 0 0 -- -- 2 2 0.0
Bankruptcies 0 0 0 -- -- 1 2 -50.0
Proposals 0 0 0 -- -- 1 0 --
Nova Scotia 1 1 1 0.0 0.0 14 8 75.0
Bankruptcies 0 1 1 -100.0 -100.0 11 4 175.0
Proposals 1 0 0 -- -- 3 4 -25.0
New Brunswick 0 0 0 -- -- 15 8 87.5
Bankruptcies 0 0 0 -- -- 13 7 85.7
Proposals 0 0 0 -- -- 2 1 100.0
Quebec 165 187 117 -11.8 41.0 2,030 1,523 33.3
Bankruptcies 127 164 106 -22.6 19.8 1,715 1,325 29.4
Proposals 38 23 11 65.2 245.5 315 198 59.1
Ontario 70 58 38 20.7 84.2 724 513 41.1
Bankruptcies 53 51 33 3.9 60.6 612 411 48.9
Proposals 17 7 5 142.9 240.0 112 102 9.8
Manitoba 0 0 3 -- -100.0 7 15 -53.3
Bankruptcies 0 0 2 -- -100.0 3 10 -70.0
Proposals 0 0 1 -- -100.0 4 5 -20.0
Saskatchewan 0 1 0 -100.0 -- 9 7 28.6
Bankruptcies 0 1 0 -100.0 -- 5 4 25.0
Proposals 0 0 0 -- -- 4 3 33.3
Alberta 11 11 10 0.0 10.0 129 81 59.3
Bankruptcies 7 7 8 0.0 -12.5 84 62 35.5
Proposals 4 4 2 0.0 100.0 45 19 136.8
British Columbia 18 14 5 28.6 260.0 98 50 96.0
Bankruptcies 15 12 3 25.0 400.0 79 39 102.6
Proposals 3 2 2 50.0 50.0 19 11 72.7
Northwest Territories 0 0 0 -- -- 1 0 --
Bankruptcies 0 0 0 -- -- 1 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 268 272 174 -1.5 54.0 3,032 2,209 37.3
Bankruptcies 202 236 153 -14.4 32.0 2,524 1,865 35.3
Proposals 66 36 21 83.3 214.3 508 344 47.7
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
July 2023 June 2023 July 2022 Jun. 2023
to
Jul. 2023		 Jul. 2022
to
Jul. 2023		 07-31-2023 07-31-2022 % Change
Newfoundland and Labrador 3 3 0 0.0 -- 16 9 77.8
Bankruptcies 2 3 0 -33.3 -- 11 9 22.2
Proposals 1 0 0 -- -- 5 0 --
Prince Edward Island 0 0 0 -- -- 1 2 -50.0
Bankruptcies 0 0 0 -- -- 1 2 -50.0
Proposals 0 0 0 -- -- 0 0 --
Nova Scotia 5 2 0 150.0 -- 23 14 64.3
Bankruptcies 3 1 0 200.0 -- 15 9 66.7
Proposals 2 1 0 100.0 -- 8 5 60.0
New Brunswick 1 2 3 -50.0 -66.7 15 12 25.0
Bankruptcies 0 1 3 -100.0 -100.0 8 10 -20.0
Proposals 1 1 0 0.0 -- 7 2 250.0
Quebec 17 22 12 -22.7 41.7 299 232 28.9
Bankruptcies 11 13 9 -15.4 22.2 164 131 25.2
Proposals 6 9 3 -33.3 100.0 135 101 33.7
Ontario 25 31 23 -19.4 8.7 364 259 40.5
Bankruptcies 17 13 12 30.8 41.7 204 143 42.7
Proposals 8 18 11 -55.6 -27.3 160 116 37.9
Manitoba 2 2 0 0.0 -- 30 14 114.3
Bankruptcies 1 1 0 0.0 -- 17 10 70.0
Proposals 1 1 0 0.0 -- 13 4 225.0
Saskatchewan 5 7 4 -28.6 25.0 53 41 29.3
Bankruptcies 3 6 1 -50.0 200.0 30 26 15.4
Proposals 2 1 3 100.0 -33.3 23 15 53.3
Alberta 9 10 11 -10.0 -18.2 119 90 32.2
Bankruptcies 5 4 4 25.0 25.0 59 47 25.5
Proposals 4 6 7 -33.3 -42.9 60 43 39.5
British Columbia 11 20 5 -45.0 120.0 118 62 90.3
Bankruptcies 4 8 4 -50.0 0.0 63 44 43.2
Proposals 7 12 1 -41.7 600.0 55 18 205.6
Northwest Territories 0 0 0 -- -- 2 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 2 0 --
Yukon 0 1 0 -100.0 -- 1 0 --
Bankruptcies 0 1 0 -100.0 -- 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 78 100 58 -22.0 34.5 1,041 735 41.6
Bankruptcies 46 51 33 -9.8 39.4 573 431 32.9
Proposals 32 49 25 -34.7 28.0 468 304 53.9
Table 4: BIA Insolvencies by NAICS Economic Sectors, Canada
- Volume % Change 12-Month Period Ending
July 2023 June 2023 July 2022 Jun. 2023
to
Jul. 2023		 Jul. 2022
to
Jul. 2023		 07-31-2023 07-31-2022 % Change
Agriculture, Forestry, Fishing and Hunting 8 5 4 60.0 100.0 80 73 9.6
Bankruptcies 6 3 3 100.0 100.0 57 64 -10.9
Proposals 2 2 1 0.0 100.0 23 9 155.6
Mining and Oil and Gas Extraction 4 2 2 100.0 100.0 32 20 60.0
Bankruptcies 2 1 2 100.0 0.0 21 16 31.3
Proposals 2 1 0 100.0 -- 11 4 175.0
Utilities 0 1 0 -100.0 -- 8 6 33.3
Bankruptcies 0 1 0 -100.0 -- 3 5 -40.0
Proposals 0 0 0 -- -- 5 1 400.0
Construction 45 59 23 -23.7 95.7 602 437 37.8
Bankruptcies 28 45 17 -37.8 64.7 412 314 31.2
Proposals 17 14 6 21.4 183.3 190 123 54.5
Manufacturing 25 32 18 -21.9 38.9 335 225 48.9
Bankruptcies 16 21 11 -23.8 45.5 246 168 46.4
Proposals 9 11 7 -18.2 28.6 89 57 56.1
Wholesale Trade 19 17 8 11.8 137.5 196 122 60.7
Bankruptcies 14 11 6 27.3 133.3 153 101 51.5
Proposals 5 6 2 -16.7 150.0 43 21 104.8
Retail Trade 38 59 29 -35.6 31.0 490 318 54.1
Bankruptcies 33 50 20 -34.0 65.0 407 260 56.5
Proposals 5 9 9 -44.4 -44.4 83 58 43.1
Transportation and Warehousing 25 19 26 31.6 -3.8 292 254 15.0
Bankruptcies 18 14 22 28.6 -18.2 220 194 13.4
Proposals 7 5 4 40.0 75.0 72 60 20.0
Information and Cultural Industries 4 5 2 -20.0 100.0 67 59 13.6
Bankruptcies 4 5 1 -20.0 300.0 56 37 51.4
Proposals 0 0 1 -- -100.0 11 22 -50.0
Finance and Insurance 12 3 1 300.0 1,100.0 62 34 82.4
Bankruptcies 10 2 1 400.0 900.0 48 20 140.0
Proposals 2 1 0 100.0 -- 14 14 0.0
Real Estate and Rental and Leasing 16 11 9 45.5 77.8 143 116 23.3
Bankruptcies 12 10 8 20.0 50.0 109 81 34.6
Proposals 4 1 1 300.0 300.0 34 35 -2.9
Professional, Scientific and Technical Services 23 33 16 -30.3 43.8 302 219 37.9
Bankruptcies 18 22 13 -18.2 38.5 218 172 26.7
Proposals 5 11 3 -54.5 66.7 84 47 78.7
Management of Companies and Enterprises 4 4 0 0.0 -- 89 57 56.1
Bankruptcies 4 4 0 0.0 -- 76 47 61.7
Proposals 0 0 0 -- -- 13 10 30.0
Administrative and Support, Waste Management and Remediation Services 27 18 9 50.0 200.0 203 172 18.0
Bankruptcies 19 15 4 26.7 375.0 133 126 5.6
Proposals 8 3 5 166.7 60.0 70 46 52.2
Educational Services 3 0 2 -- 50.0 52 24 116.7
Bankruptcies 2 0 1 -- 100.0 41 19 115.8
Proposals 1 0 1 -- 0.0 11 5 120.0
Health Care and Social Assistance 14 17 8 -17.6 75.0 106 84 26.2
Bankruptcies 4 12 8 -66.7 -50.0 63 68 -7.4
Proposals 10 5 0 100.0 -- 43 16 168.8
Arts, Entertainment and Recreation 18 7 14 157.1 28.6 96 87 10.3
Bankruptcies 11 7 13 57.1 -15.4 83 73 13.7
Proposals 7 0 1 -- 600.0 13 14 -7.1
Accommodation and Food Services 39 54 40 -27.8 -2.5 641 443 44.7
Bankruptcies 30 42 38 -28.6 -21.1 525 378 38.9
Proposals 9 12 2 -25.0 350.0 116 65 78.5
Other Services (except Public Administration) 22 25 18 -12.0 22.2 265 187 41.7
Bankruptcies 17 21 15 -19.0 13.3 218 146 49.3
Proposals 5 4 3 25.0 66.7 47 41 14.6
Public Administration 0 0 2 -- -100.0 11 4 175.0
Bankruptcies 0 0 2 -- -100.0 7 4 75.0
Proposals 0 0 0 -- -- 4 0 --
Canada 346 371 231 -6.7 49.8 4,072 2,941 38.5
Bankruptcies 248 286 185 -13.3 34.1 3,096 2,293 35.0
Proposals 98 85 46 15.3 113.0 976 648 50.6
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