Insolvency Statistics in Canada — October 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
October 2023 September 2023 October 2022 Sept. 2023
to
Oct. 2023
Oct. 2022
to
Oct. 2023
10-31-2023 10-31-2022 % Change
Newfoundland and Labrador 188 162 201 16.0 -6.5 2,205 1,898 16.2
Bankruptcies
51 44 73 15.9 -30.1 700 672 4.2
Proposals
137 118 128 16.1 7.0 1,505 1,226 22.8
Prince Edward Island 34 47 34 -27.7 0.0 501 448 11.8
Bankruptcies
11 8 14 37.5 -21.4 137 171 -19.9
Proposals
23 39 20 -41.0 15.0 364 277 31.4
Nova Scotia 368 366 294 0.5 25.2 4,264 3,344 27.5
Bankruptcies
92 107 90 -14.0 2.2 1,219 1,218 0.1
Proposals
276 259 204 6.6 35.3 3,045 2,126 43.2
New Brunswick 293 296 274 -1.0 6.9 3,525 3,104 13.6
Bankruptcies
59 69 89 -14.5 -33.7 886 1,087 -18.5
Proposals
234 227 185 3.1 26.5 2,639 2,017 30.8
Quebec 3,185 2,957 2,522 7.7 26.3 32,139 27,056 18.8
Bankruptcies
1,045 1,019 888 2.6 17.7 11,014 10,675 3.2
Proposals
2,140 1,938 1,634 10.4 31.0 21,125 16,381 29.0
Ontario 4,030 3,797 3,097 6.1 30.1 43,685 34,562 26.4
Bankruptcies
831 721 613 15.3 35.6 8,695 7,857 10.7
Proposals
3,199 3,076 2,484 4.0 28.8 34,990 26,705 31.0
Manitoba 319 305 243 4.6 31.3 3,560 2,746 29.6
Bankruptcies
66 68 66 -2.9 0.0 905 742 22.0
Proposals
253 237 177 6.8 42.9 2,655 2,004 32.5
Saskatchewan 331 338 279 -2.1 18.6 3,672 3,108 18.1
Bankruptcies
60 52 57 15.4 5.3 685 703 -2.6
Proposals
271 286 222 -5.2 22.1 2,987 2,405 24.2
Alberta 1,623 1,525 1,249 6.4 29.9 17,644 14,854 18.8
Bankruptcies
224 244 210 -8.2 6.7 2,691 2,535 6.2
Proposals
1,399 1,281 1,039 9.2 34.6 14,953 12,319 21.4
British Columbia 1,206 1,129 916 6.8 31.7 12,748 9,916 28.6
Bankruptcies
204 169 144 20.7 41.7 2,168 1,905 13.8
Proposals
1,002 960 772 4.4 29.8 10,580 8,011 32.1
Northwest Territories 4 5 3 -20.0 33.3 58 66 -12.1
Bankruptcies
1 0 0 -- -- 12 5 140.0
Proposals
3 5 3 -40.0 0.0 46 61 -24.6
Yukon 3 0 4 -- -25.0 44 52 -15.4
Bankruptcies
0 0 2 -- -100.0 8 7 14.3
Proposals
3 0 2 -- 50.0 36 45 -20.0
Nunavut 1 3 1 -66.7 0.0 20 11 81.8
Bankruptcies
0 0 0 -- -- 2 0 --
Proposals
1 3 1 -66.7 0.0 18 11 63.6
Canada 11,585 10,930 9,117 6.0 27.1 124,065 101,165 22.6
Bankruptcies
2,644 2,501 2,246 5.7 17.7 29,122 27,577 5.6
Proposals
8,941 8,429 6,871 6.1 30.1 94,943 73,588 29.0

Table 2: BIA Insolvencies Filed by Consumers

- Volume % Change 12-Month Period Ending
October 2023 September 2023 October 2022 Sept. 2023
to
Oct. 2023
Oct. 2022
to
Oct. 2023
10-31-2023 10-31-2022 % Change
Newfoundland and Labrador 187 157 201 19.1 -7.0 2,181 1,886 15.6
Bankruptcies
50 42 73 19.0 -31.5 685 663 3.3
Proposals
137 115 128 19.1 7.0 1,496 1,223 22.3
Prince Edward Island 34 47 34 -27.7 0.0 498 445 11.9
Bankruptcies
11 8 14 37.5 -21.4 135 168 -19.6
Proposals
23 39 20 -41.0 15.0 363 277 31.0
Nova Scotia 366 362 291 1.1 25.8 4,225 3,321 27.2
Bankruptcies
90 105 87 -14.3 3.4 1,194 1,202 -0.7
Proposals
276 257 204 7.4 35.3 3,031 2,119 43.0
New Brunswick 287 294 271 -2.4 5.9 3,493 3,079 13.4
Bankruptcies
54 67 86 -19.4 -37.2 864 1,065 -18.9
Proposals
233 227 185 2.6 25.9 2,629 2,014 30.5
Quebec 2,877 2,712 2,344 6.1 22.7 29,510 25,180 17.2
Bankruptcies
810 823 738 -1.6 9.8 8,918 9,118 -2.2
Proposals
2,067 1,889 1,606 9.4 28.7 20,592 16,062 28.2
Ontario 3,911 3,702 3,019 5.6 29.5 42,516 33,724 26.1
Bankruptcies
733 650 556 12.8 31.8 7,814 7,249 7.8
Proposals
3,178 3,052 2,463 4.1 29.0 34,702 26,475 31.1
Manitoba 316 299 236 5.7 33.9 3,518 2,715 29.6
Bankruptcies
63 62 63 1.6 0.0 877 726 20.8
Proposals
253 237 173 6.8 46.2 2,641 1,989 32.8
Saskatchewan 323 335 277 -3.6 16.6 3,613 3,055 18.3
Bankruptcies
56 51 56 9.8 0.0 654 669 -2.2
Proposals
267 284 221 -6.0 20.8 2,959 2,386 24.0
Alberta 1,596 1,507 1,227 5.9 30.1 17,402 14,645 18.8
Bankruptcies
212 234 196 -9.4 8.2 2,554 2,414 5.8
Proposals
1,384 1,273 1,031 8.7 34.2 14,848 12,231 21.4
British Columbia 1,187 1,107 906 7.2 31.0 12,509 9,781 27.9
Bankruptcies
192 151 137 27.2 40.1 2,007 1,808 11.0
Proposals
995 956 769 4.1 29.4 10,502 7,973 31.7
Northwest Territories 3 5 3 -40.0 0.0 54 66 -18.2
Bankruptcies
0 0 0 -- -- 10 5 100.0
Proposals
3 5 3 -40.0 0.0 44 61 -27.9
Yukon 3 0 4 -- -25.0 43 52 -17.3
Bankruptcies
0 0 2 -- -100.0 7 7 0.0
Proposals
3 0 2 -- 50.0 36 45 -20.0
Nunavut 1 3 1 -66.7 0.0 20 11 81.8
Bankruptcies
0 0 0 -- -- 2 0 --
Proposals
1 3 1 -66.7 0.0 18 11 63.6
Canada 11,091 10,530 8,814 5.3 25.8 119,582 97,960 22.1
Bankruptcies
2,271 2,193 2,008 3.6 13.1 25,721 25,094 2.5
Proposals
8,820 8,337 6,806 5.8 29.6 93,861 72,866 28.8

Table 3: BIA Insolvencies Filed by Businesses

- Volume % Change 12-Month Period Ending
October 2023 September 2023 October 2022 Sept. 2023
to
Oct. 2023
Oct. 2022
to
Oct. 2023
10-31-2023 10-31-2022 % Change
Newfoundland and Labrador 1 5 0 -80.0 -- 24 12 100.0
Bankruptcies
1 2 0 -50.0 -- 15 9 66.7
Proposals
0 3 0 -100.0 -- 9 3 200.0
Prince Edward Island 0 0 0 -- -- 3 3 0.0
Bankruptcies
0 0 0 -- -- 2 3 -33.3
Proposals
0 0 0 -- -- 1 0 --
Nova Scotia 2 4 3 -50.0 -33.3 39 23 69.6
Bankruptcies
2 2 3 0.0 -33.3 25 16 56.3
Proposals
0 2 0 -100.0 -- 14 7 100.0
New Brunswick 6 2 3 200.0 100.0 32 25 28.0
Bankruptcies
5 2 3 150.0 66.7 22 22 0.0
Proposals
1 0 0 -- -- 10 3 233.3
Quebec 308 245 178 25.7 73.0 2,629 1,876 40.1
Bankruptcies
235 196 150 19.9 56.7 2,096 1,557 34.6
Proposals
73 49 28 49.0 160.7 533 319 67.1
Ontario 119 95 78 25.3 52.6 1,169 838 39.5
Bankruptcies
98 71 57 38.0 71.9 881 608 44.9
Proposals
21 24 21 -12.5 0.0 288 230 25.2
Manitoba 3 6 7 -50.0 -57.1 42 31 35.5
Bankruptcies
3 6 3 -50.0 0.0 28 16 75.0
Proposals
0 0 4 -- -100.0 14 15 -6.7
Saskatchewan 8 3 2 166.7 300.0 59 53 11.3
Bankruptcies
4 1 1 300.0 300.0 31 34 -8.8
Proposals
4 2 1 100.0 300.0 28 19 47.4
Alberta 27 18 22 50.0 22.7 242 209 15.8
Bankruptcies
12 10 14 20.0 -14.3 137 121 13.2
Proposals
15 8 8 87.5 87.5 105 88 19.3
British Columbia 19 22 10 -13.6 90.0 239 135 77.0
Bankruptcies
12 18 7 -33.3 71.4 161 97 66.0
Proposals
7 4 3 75.0 133.3 78 38 105.3
Northwest Territories 1 0 0 -- -- 4 0 --
Bankruptcies
1 0 0 -- -- 2 0 --
Proposals
0 0 0 -- -- 2 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 494 400 303 23.5 63.0 4,483 3,205 39.9
Bankruptcies
373 308 238 21.1 56.7 3,401 2,483 37.0
Proposals
121 92 65 31.5 86.2 1,082 722 49.9

Table 3a: BIA Insolvencies Filed by Corporations

- Volume % Change 12-Month Period Ending
October 2023 September 2023 October 2022 Sept. 2023
to
Oct. 2023
Oct. 2022
to
Oct. 2023
10-31-2023 10-31-2022 % Change
Newfoundland and Labrador 0 1 0 -100.0 -- 5 1 400.0
Bankruptcies
0 0 0 -- -- 1 0 --
Proposals
0 1 0 -100.0 -- 4 1 300.0
Prince Edward Island 0 0 0 -- -- 2 1 100.0
Bankruptcies
0 0 0 -- -- 1 1 0.0
Proposals
0 0 0 -- -- 1 0 --
Nova Scotia 2 1 1 100.0 100.0 15 11 36.4
Bankruptcies
2 0 1 -- 100.0 11 7 57.1
Proposals
0 1 0 -100.0 -- 4 4 0.0
New Brunswick 4 0 2 -- 100.0 15 11 36.4
Bankruptcies
4 0 2 -- 100.0 13 11 18.2
Proposals
0 0 0 -- -- 2 0 --
Quebec 274 224 161 22.3 70.2 2,310 1,630 41.7
Bankruptcies
221 184 139 20.1 59.0 1,928 1,420 35.8
Proposals
53 40 22 32.5 140.9 382 210 81.9
Ontario 91 69 50 31.9 82.0 798 554 44.0
Bankruptcies
84 56 42 50.0 100.0 677 448 51.1
Proposals
7 13 8 -46.2 -12.5 121 106 14.2
Manitoba 1 2 2 -50.0 -50.0 7 14 -50.0
Bankruptcies
1 2 0 -50.0 -- 6 7 -14.3
Proposals
0 0 2 -- -100.0 1 7 -85.7
Saskatchewan 0 1 0 -100.0 -- 5 12 -58.3
Bankruptcies
0 1 0 -100.0 -- 4 6 -33.3
Proposals
0 0 0 -- -- 1 6 -83.3
Alberta 21 10 13 110.0 61.5 130 100 30.0
Bankruptcies
11 7 12 57.1 -8.3 85 67 26.9
Proposals
10 3 1 233.3 900.0 45 33 36.4
British Columbia 9 7 5 28.6 80.0 115 59 94.9
Bankruptcies
8 6 3 33.3 166.7 96 43 123.3
Proposals
1 1 2 0.0 -50.0 19 16 18.8
Northwest Territories 1 0 0 -- -- 2 0 --
Bankruptcies
1 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 403 315 234 27.9 72.2 3,404 2,393 42.2
Bankruptcies
332 256 199 29.7 66.8 2,824 2,010 40.5
Proposals
71 59 35 20.3 102.9 580 383 51.4

Table 3b: BIA Insolvencies Filed by Individual Businesses

- Volume % Change 12-Month Period Ending
October 2023 September 2023 October 2022 Sept. 2023
to
Oct. 2023
Oct. 2022
to
Oct. 2023
10-31-2023 10-31-2022 % Change
Newfoundland and Labrador 1 4 0 -75.0 -- 19 11 72.7
Bankruptcies
1 2 0 -50.0 -- 14 9 55.6
Proposals
0 2 0 -100.0 -- 5 2 150.0
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 0 3 2 -100.0 -100.0 24 12 100.0
Bankruptcies
0 2 2 -100.0 -100.0 14 9 55.6
Proposals
0 1 0 -100.0 -- 10 3 233.3
New Brunswick 2 2 1 0.0 100.0 17 14 21.4
Bankruptcies
1 2 1 -50.0 0.0 9 11 -18.2
Proposals
1 0 0 -- -- 8 3 166.7
Quebec 34 21 17 61.9 100.0 319 246 29.7
Bankruptcies
14 12 11 16.7 27.3 168 137 22.6
Proposals
20 9 6 122.2 233.3 151 109 38.5
Ontario 28 26 28 7.7 0.0 371 284 30.6
Bankruptcies
14 15 15 -6.7 -6.7 204 160 27.5
Proposals
14 11 13 27.3 7.7 167 124 34.7
Manitoba 2 4 5 -50.0 -60.0 35 17 105.9
Bankruptcies
2 4 3 -50.0 -33.3 22 9 144.4
Proposals
0 0 2 -- -100.0 13 8 62.5
Saskatchewan 8 2 2 300.0 300.0 54 41 31.7
Bankruptcies
4 0 1 -- 300.0 27 28 -3.6
Proposals
4 2 1 100.0 300.0 27 13 107.7
Alberta 6 8 9 -25.0 -33.3 112 109 2.8
Bankruptcies
1 3 2 -66.7 -50.0 52 54 -3.7
Proposals
5 5 7 0.0 -28.6 60 55 9.1
British Columbia 10 15 5 -33.3 100.0 124 76 63.2
Bankruptcies
4 12 4 -66.7 0.0 65 54 20.4
Proposals
6 3 1 100.0 500.0 59 22 168.2
Northwest Territories 0 0 0 -- -- 2 0 --
Bankruptcies
0 0 0 -- -- 0 0 --
Proposals
0 0 0 -- -- 2 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 91 85 69 7.1 31.9 1,079 812 32.9
Bankruptcies
41 52 39 -21.2 5.1 577 473 22.0
Proposals
50 33 30 51.5 66.7 502 339 48.1

Table 4: BIA Insolvencies by NAICS Economic Sectors, Canada

- Volume % Change 12-Month Period Ending
October 2023 September 2023 October 2022 Sept. 2023
to
Oct. 2023
Oct. 2022
to
Oct. 2023
10-31-2023 10-31-2022 % Change
Agriculture, Forestry, Fishing and Hunting 3 6 3 -50.0 0.0 82 74 10.8
Bankruptcies
2 4 2 -50.0 0.0 58 62 -6.5
Proposals
1 2 1 -50.0 0.0 24 12 100.0
Mining and Oil and Gas Extraction 0 6 1 -100.0 -100.0 43 23 87.0
Bankruptcies
0 6 1 -100.0 -100.0 25 19 31.6
Proposals
0 0 0 -- -- 18 4 350.0
Utilities 2 0 0 -- -- 10 6 66.7
Bankruptcies
2 0 0 -- -- 5 5 0.0
Proposals
0 0 0 -- -- 5 1 400.0
Construction 72 57 48 26.3 50.0 660 477 38.4
Bankruptcies
58 44 36 31.8 61.1 473 332 42.5
Proposals
14 13 12 7.7 16.7 187 145 29.0
Manufacturing 52 32 30 62.5 73.3 372 244 52.5
Bankruptcies
37 26 20 42.3 85.0 278 181 53.6
Proposals
15 6 10 150.0 50.0 94 63 49.2
Wholesale Trade 23 23 16 0.0 43.8 215 137 56.9
Bankruptcies
16 22 13 -27.3 23.1 170 110 54.5
Proposals
7 1 3 600.0 133.3 45 27 66.7
Retail Trade 51 48 31 6.3 64.5 542 338 60.4
Bankruptcies
46 34 24 35.3 91.7 445 282 57.8
Proposals
5 14 7 -64.3 -28.6 97 56 73.2
Transportation and Warehousing 29 36 25 -19.4 16.0 308 279 10.4
Bankruptcies
19 29 18 -34.5 5.6 228 214 6.5
Proposals
10 7 7 42.9 42.9 80 65 23.1
Information and Cultural Industries 21 9 6 133.3 250.0 88 65 35.4
Bankruptcies
15 6 5 150.0 200.0 72 42 71.4
Proposals
6 3 1 100.0 500.0 16 23 -30.4
Finance and Insurance 8 5 1 60.0 700.0 65 41 58.5
Bankruptcies
7 4 1 75.0 600.0 49 26 88.5
Proposals
1 1 0 0.0 -- 16 15 6.7
Real Estate and Rental and Leasing 13 13 9 0.0 44.4 141 120 17.5
Bankruptcies
5 11 8 -54.5 -37.5 99 92 7.6
Proposals
8 2 1 300.0 700.0 42 28 50.0
Professional, Scientific and Technical Services 33 35 25 -5.7 32.0 340 237 43.5
Bankruptcies
23 25 19 -8.0 21.1 246 183 34.4
Proposals
10 10 6 0.0 66.7 94 54 74.1
Management of Companies and Enterprises 18 6 14 200.0 28.6 98 72 36.1
Bankruptcies
14 5 13 180.0 7.7 79 60 31.7
Proposals
4 1 1 300.0 300.0 19 12 58.3
Administrative and Support, Waste Management and Remediation Services 27 29 11 -6.9 145.5 238 178 33.7
Bankruptcies
21 18 7 16.7 200.0 157 123 27.6
Proposals
6 11 4 -45.5 50.0 81 55 47.3
Educational Services 8 3 5 166.7 60.0 56 26 115.4
Bankruptcies
5 2 4 150.0 25.0 43 20 115.0
Proposals
3 1 1 200.0 200.0 13 6 116.7
Health Care and Social Assistance 12 8 7 50.0 71.4 104 97 7.2
Bankruptcies
7 5 6 40.0 16.7 67 70 -4.3
Proposals
5 3 1 66.7 400.0 37 27 37.0
Arts, Entertainment and Recreation 13 8 5 62.5 160.0 112 85 31.8
Bankruptcies
11 6 5 83.3 120.0 95 73 30.1
Proposals
2 2 0 0.0 -- 17 12 41.7
Accommodation and Food Services 71 44 49 61.4 44.9 688 486 41.6
Bankruptcies
55 38 41 44.7 34.1 553 417 32.6
Proposals
16 6 8 166.7 100.0 135 69 95.7
Other Services (except Public Administration) 37 31 17 19.4 117.6 306 212 44.3
Bankruptcies
30 22 15 36.4 100.0 249 164 51.8
Proposals
7 9 2 -22.2 250.0 57 48 18.8
Public Administration 1 0 0 -- -- 12 5 140.0
Bankruptcies
0 0 0 -- -- 7 5 40.0
Proposals
1 0 0 -- -- 5 0 --
Canada 494 399 303 23.8 63.0 4,480 3,202 39.9
Bankruptcies
373 307 238 21.5 56.7 3,398 2,480 37.0
Proposals
121 92 65 31.5 86.2 1,082 722 49.9