Insolvency Statistics in Canada — July 2023 (Highlights)

Read the report Insolvency Statistics in Canada — July 2023.

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 10.8% in July 2023 compared to the previous month. Bankruptcies decreased by 14.1% and proposals decreased by 9.8%.

The total number of insolvencies in July 2023 was 22% higher than the total number of insolvencies in July 2022. Consumer insolvencies increased by 21.2%, while business insolvencies increased by 49.1%.

For the 12‑month period ending July 31, 2023, the total number of insolvencies increased by 23.4% in comparison to the 12‑month period ending July 31, 2022.

Consumer insolvencies for the 12‑month period ending July 31, 2023, increased by 22.9% in comparison to the 12‑month period ending July 31, 2022. Consumer bankruptcies increased by less than 1%, while consumer proposals increased by 31.4%. The proportion of proposals in consumer insolvencies increased to 77.8% during the 12‑month period ending July 31, 2023, up from 72.8% during the 12‑month period ending July 31, 2022. For the 12‑month period ending June 31, 2023, consumer insolvency filings accounted for 96.6% of total insolvency filings.

Business insolvencies for the 12‑month period ending July 31, 2023, increased by 38.3% compared with the 12‑month period ending July 31, 2022. Accommodation and Food Services; Retail Trade; and Construction registered the largest increases in the number of insolvencies.

Read the report Insolvency Statistics in Canada—July 2023.