Insolvency Statistics—September 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
September 2023 August 2023 September 2022 Aug. 2023
to
Sept. 2023		 Sept. 2022
to
Sept. 2023		 09-30-2023 09-30-2022 % Change
Newfoundland and Labrador 162 197 198 -17.8 -18.2 2,218 1,853 19.7
Bankruptcies
 44 67 72 -34.3 -38.9 722 662 9.1
Proposals
 118 130 126 -9.2 -6.3 1,496 1,191 25.6
Prince Edward Island 47 38 36 23.7 30.6 501 448 11.8
Bankruptcies
 8 8 10 0.0 -20.0 140 178 -21.3
Proposals
 39 30 26 30.0 50.0 361 270 33.7
Nova Scotia 366 382 322 -4.2 13.7 4,190 3,290 27.4
Bankruptcies
 107 119 111 -10.1 -3.6 1,217 1,238 -1.7
Proposals
 259 263 211 -1.5 22.7 2,973 2,052 44.9
New Brunswick 296 315 289 -6.0 2.4 3,506 3,040 15.3
Bankruptcies
 69 72 96 -4.2 -28.1 916 1,084 -15.5
Proposals
 227 243 193 -6.6 17.6 2,590 1,956 32.4
Quebec 2,957 2,798 2,593 5.7 14.0 31,476 26,663 18.1
Bankruptcies
 1,019 957 940 6.5 8.4 10,857 10,735 1.1
Proposals
 1,938 1,841 1,653 5.3 17.2 20,619 15,928 29.5
Ontario 3,797 3,874 3,257 -2.0 16.6 42,752 34,080 25.4
Bankruptcies
 721 778 697 -7.3 3.4 8,477 7,868 7.7
Proposals
 3,076 3,096 2,560 -0.6 20.2 34,275 26,212 30.8
Manitoba 305 300 238 1.7 28.2 3,484 2,713 28.4
Bankruptcies
 68 81 54 -16.0 25.9 905 750 20.7
Proposals
 237 219 184 8.2 28.8 2,579 1,963 31.4
Saskatchewan 338 319 281 6.0 20.3 3,620 3,076 17.7
Bankruptcies
 52 59 58 -11.9 -10.3 682 711 -4.1
Proposals
 286 260 223 10.0 28.3 2,938 2,365 24.2
Alberta 1,525 1,488 1,288 2.5 18.4 17,270 14,714 17.4
Bankruptcies
 244 228 202 7.0 20.8 2,677 2,532 5.7
Proposals
 1,281 1,260 1,086 1.7 18.0 14,593 12,182 19.8
British Columbia 1,129 1,122 925 0.6 22.1 12,458 9,694 28.5
Bankruptcies
 169 178 150 -5.1 12.7 2,108 1,920 9.8
Proposals
 960 944 775 1.7 23.9 10,350 7,774 33.1
Northwest Territories 5 6 6 -16.7 -16.7 57 65 -12.3
Bankruptcies
 0 2 0 -100.0 -- 11 7 57.1
Proposals
 5 4 6 25.0 -16.7 46 58 -20.7
Yukon 0 2 7 -100.0 -100.0 45 51 -11.8
Bankruptcies
 0 1 1 -100.0 -100.0 10 6 66.7
Proposals
 0 1 6 -100.0 -100.0 35 45 -22.2
Nunavut 3 1 1 200.0 200.0 20 10 100.0
Bankruptcies
 0 0 0 -- -- 2 0 --
Proposals
 3 1 1 200.0 200.0 18 10 80.0
Canada 10,930 10,842 9,441 0.8 15.8 121,597 99,697 22.0
Bankruptcies
 2,501 2,550 2,391 -1.9 4.6 28,724 27,691 3.7
Proposals
 8,429 8,292 7,050 1.7 19.6 92,873 72,006 29.0

Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
September 2023 August 2023 September 2022 Aug. 2023
to
Sept. 2023		 Sept. 2022
to
Sept. 2023		 09-30-2023 09-30-2022 % Change
Newfoundland and Labrador 157 194 196 -19.1 -19.9 2,195 1,839 19.4
Bankruptcies
 42 64 70 -34.4 -40.0 708 651 8.8
Proposals
 115 130 126 -11.5 -8.7 1,487 1,188 25.2
Prince Edward Island 47 38 36 23.7 30.6 498 445 11.9
Bankruptcies
 8 8 10 0.0 -20.0 138 175 -21.1
Proposals
 39 30 26 30.0 50.0 360 270 33.3
Nova Scotia 362 379 321 -4.5 12.8 4,150 3,265 27.1
Bankruptcies
 105 117 110 -10.3 -4.5 1,191 1,222 -2.5
Proposals
 257 262 211 -1.9 21.8 2,959 2,043 44.8
New Brunswick 294 313 285 -6.1 3.2 3,477 3,017 15.2
Bankruptcies
 67 71 93 -5.6 -28.0 896 1,065 -15.9
Proposals
 227 242 192 -6.2 18.2 2,581 1,952 32.2
Quebec 2,712 2,573 2,450 5.4 10.7 28,977 24,816 16.8
Bankruptcies
 823 774 827 6.3 -0.5 8,846 9,204 -3.9
Proposals
 1,889 1,799 1,623 5.0 16.4 20,131 15,612 28.9
Ontario 3,702 3,783 3,177 -2.1 16.5 41,624 33,272 25.1
Bankruptcies
 650 708 633 -8.2 2.7 7,637 7,278 4.9
Proposals
 3,052 3,075 2,544 -0.7 20.0 33,987 25,994 30.7
Manitoba 299 293 236 2.0 26.7 3,438 2,686 28.0
Bankruptcies
 62 78 54 -20.5 14.8 877 734 19.5
Proposals
 237 215 182 10.2 30.2 2,561 1,952 31.2
Saskatchewan 335 317 275 5.7 21.8 3,567 3,020 18.1
Bankruptcies
 51 58 53 -12.1 -3.8 654 675 -3.1
Proposals
 284 259 222 9.7 27.9 2,913 2,345 24.2
Alberta 1,507 1,465 1,254 2.9 20.2 17,033 14,517 17.3
Bankruptcies
 234 220 194 6.4 20.6 2,538 2,417 5.0
Proposals
 1,273 1,245 1,060 2.2 20.1 14,495 12,100 19.8
British Columbia 1,107 1,095 912 1.1 21.4 12,228 9,562 27.9
Bankruptcies
 151 159 140 -5.0 7.9 1,952 1,824 7.0
Proposals
 956 936 772 2.1 23.8 10,276 7,738 32.8
Northwest Territories 5 6 6 -16.7 -16.7 54 65 -16.9
Bankruptcies
 0 2 0 -100.0 -- 10 7 42.9
Proposals
 5 4 6 25.0 -16.7 44 58 -24.1
Yukon 0 2 7 -100.0 -100.0 44 51 -13.7
Bankruptcies
 0 1 1 -100.0 -100.0 9 6 50.0
Proposals
 0 1 6 -100.0 -100.0 35 45 -22.2
Nunavut 3 1 1 200.0 200.0 20 10 100.0
Bankruptcies
 0 0 0 -- -- 2 0 --
Proposals
 3 1 1 200.0 200.0 18 10 80.0
Canada 10,530 10,459 9,156 0.7 15.0 117,305 96,565 21.5
Bankruptcies
 2,193 2,260 2,185 -3.0 0.4 25,458 25,258 0.8
Proposals
 8,337 8,199 6,971 1.7 19.6 91,847 71,307 28.8

Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
September 2023 August 2023 September 2022 Aug. 2023
to
Sept. 2023		 Sept. 2022
to
Sept. 2023		 09-30-2023 09-30-2022 % Change
Newfoundland and Labrador 5 3 2 66.7 150.0 23 14 64.3
Bankruptcies
 2 3 2 -33.3 0.0 14 11 27.3
Proposals
 3 0 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 4 3 1 33.3 300.0 40 25 60.0
Bankruptcies
 2 2 1 0.0 100.0 26 16 62.5
Proposals
 2 1 0 100.0 -- 14 9 55.6
New Brunswick 2 2 4 0.0 -50.0 29 23 26.1
Bankruptcies
 2 1 3 100.0 -33.3 20 19 5.3
Proposals
 0 1 1 -100.0 -100.0 9 4 125.0
Quebec 245 225 143 8.9 71.3 2,499 1,847 35.3
Bankruptcies
 196 183 113 7.1 73.5 2,011 1,531 31.4
Proposals
 49 42 30 16.7 63.3 488 316 54.4
Ontario 95 91 80 4.4 18.8 1,128 808 39.6
Bankruptcies
 71 70 64 1.4 10.9 840 590 42.4
Proposals
 24 21 16 14.3 50.0 288 218 32.1
Manitoba 6 7 2 -14.3 200.0 46 27 70.4
Bankruptcies
 6 3 0 100.0 -- 28 16 75.0
Proposals
 0 4 2 -100.0 -100.0 18 11 63.6
Saskatchewan 3 2 6 50.0 -50.0 53 56 -5.4
Bankruptcies
 1 1 5 0.0 -80.0 28 36 -22.2
Proposals
 2 1 1 100.0 100.0 25 20 25.0
Alberta 18 23 34 -21.7 -47.1 237 197 20.3
Bankruptcies
 10 8 8 25.0 25.0 139 115 20.9
Proposals
 8 15 26 -46.7 -69.2 98 82 19.5
British Columbia 22 27 13 -18.5 69.2 230 132 74.2
Bankruptcies
 18 19 10 -5.3 80.0 156 96 62.5
Proposals
 4 8 3 -50.0 33.3 74 36 105.6
Northwest Territories 0 0 0 -- -- 3 0 --
Bankruptcies
 0 0 0 -- -- 1 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 400 383 285 4.4 40.4 4,292 3,132 37.0
Bankruptcies
 308 290 206 6.2 49.5 3,266 2,433 34.2
Proposals
 92 93 79 -1.1 16.5 1,026 699 46.8

Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
September 2023 August 2023 September 2022 Aug. 2023
to
Sept. 2023		 Sept. 2022
to
Sept. 2023		 09-30-2023 09-30-2022 % Change
Newfoundland and Labrador 1 1 0 0.0 -- 5 1 400.0
Bankruptcies
 0 1 0 -100.0 -- 1 0 --
Proposals
 1 0 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 1 1 0 0.0 -- 14 10 40.0
Bankruptcies
 0 1 0 -100.0 -- 10 6 66.7
Proposals
 1 0 0 -- -- 4 4 0.0
New Brunswick 0 1 2 -100.0 -100.0 13 10 30.0
Bankruptcies
 0 1 2 -100.0 -100.0 11 9 22.2
Proposals
 0 0 0 -- -- 2 1 100.0
Quebec 224 196 121 14.3 85.1 2,197 1,600 37.3
Bankruptcies
 184 169 102 8.9 80.4 1,846 1,393 32.5
Proposals
 40 27 19 48.1 110.5 351 207 69.6
Ontario 69 63 52 9.5 32.7 757 534 41.8
Bankruptcies
 56 53 46 5.7 21.7 635 432 47.0
Proposals
 13 10 6 30.0 116.7 122 102 19.6
Manitoba 2 0 0 -- -- 8 12 -33.3
Bankruptcies
 2 0 0 -- -- 5 7 -28.6
Proposals
 0 0 0 -- -- 3 5 -40.0
Saskatchewan 1 0 1 -- 0.0 5 12 -58.3
Bankruptcies
 1 0 1 -- 0.0 4 6 -33.3
Proposals
 0 0 0 -- -- 1 6 -83.3
Alberta 10 13 23 -23.1 -56.5 122 94 29.8
Bankruptcies
 7 5 3 40.0 133.3 86 61 41.0
Proposals
 3 8 20 -62.5 -85.0 36 33 9.1
British Columbia 7 18 6 -61.1 16.7 111 57 94.7
Bankruptcies
 6 14 5 -57.1 20.0 91 42 116.7
Proposals
 1 4 1 -75.0 0.0 20 15 33.3
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 315 293 205 7.5 53.7 3,235 2,331 38.8
Bankruptcies
 256 244 159 4.9 61.0 2,691 1,957 37.5
Proposals
 59 49 46 20.4 28.3 544 374 45.5

Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
September 2023 August 2023 September 2022 Aug. 2023
to
Sept. 2023		 Sept. 2022
to
Sept. 2023		 09-30-2023 09-30-2022 % Change
Newfoundland and Labrador 4 2 2 100.0 100.0 18 13 38.5
Bankruptcies
 2 2 2 0.0 0.0 13 11 18.2
Proposals
 2 0 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 3 2 1 50.0 200.0 26 15 73.3
Bankruptcies
 2 1 1 100.0 100.0 16 10 60.0
Proposals
 1 1 0 0.0 -- 10 5 100.0
New Brunswick 2 1 2 100.0 0.0 16 13 23.1
Bankruptcies
 2 0 1 -- 100.0 9 10 -10.0
Proposals
 0 1 1 -100.0 -100.0 7 3 133.3
Quebec 21 29 22 -27.6 -4.5 302 247 22.3
Bankruptcies
 12 14 11 -14.3 9.1 165 138 19.6
Proposals
 9 15 11 -40.0 -18.2 137 109 25.7
Ontario 26 28 28 -7.1 -7.1 371 274 35.4
Bankruptcies
 15 17 18 -11.8 -16.7 205 158 29.7
Proposals
 11 11 10 0.0 10.0 166 116 43.1
Manitoba 4 7 2 -42.9 100.0 38 15 153.3
Bankruptcies
 4 3 0 33.3 -- 23 9 155.6
Proposals
 0 4 2 -100.0 -100.0 15 6 150.0
Saskatchewan 2 2 5 0.0 -60.0 48 44 9.1
Bankruptcies
 0 1 4 -100.0 -100.0 24 30 -20.0
Proposals
 2 1 1 100.0 100.0 24 14 71.4
Alberta 8 10 11 -20.0 -27.3 115 103 11.7
Bankruptcies
 3 3 5 0.0 -40.0 53 54 -1.9
Proposals
 5 7 6 -28.6 -16.7 62 49 26.5
British Columbia 15 9 7 66.7 114.3 119 75 58.7
Bankruptcies
 12 5 5 140.0 140.0 65 54 20.4
Proposals
 3 4 2 -25.0 50.0 54 21 157.1
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 85 90 80 -5.6 6.3 1,057 801 32.0
Bankruptcies
 52 46 47 13.0 10.6 575 476 20.8
Proposals
 33 44 33 -25.0 0.0 482 325 48.3

Table 4: BIA Insolvencies by NAICS Economic Sectors, Canada
- Volume % Change 12-Month Period Ending
September 2023 August 2023 September 2022 Aug. 2023
to
Sept. 2023		 Sept. 2022
to
Sept. 2023		 09-30-2023 09-30-2022 % Change
Agriculture, Forestry, Fishing and Hunting 6 5 2 20.0 200.0 82 75 9.3
Bankruptcies
 4 3 1 33.3 300.0 58 64 -9.4
Proposals
 2 2 1 0.0 100.0 24 11 118.2
Mining and Oil and Gas Extraction 6 12 4 -50.0 50.0 44 23 91.3
Bankruptcies
 6 4 3 50.0 100.0 26 18 44.4
Proposals
 0 8 1 -100.0 -100.0 18 5 260.0
Utilities 0 0 0 -- -- 8 6 33.3
Bankruptcies
 0 0 0 -- -- 3 5 -40.0
Proposals
 0 0 0 -- -- 5 1 400.0
Construction 57 62 40 -8.1 42.5 636 471 35.0
Bankruptcies
 44 48 24 -8.3 83.3 451 326 38.3
Proposals
 13 14 16 -7.1 -18.8 185 145 27.6
Manufacturing 32 29 25 10.3 28.0 350 232 50.9
Bankruptcies
 26 23 18 13.0 44.4 261 174 50.0
Proposals
 6 6 7 0.0 -14.3 89 58 53.4
Wholesale Trade 23 9 9 155.6 155.6 208 131 58.8
Bankruptcies
 22 8 7 175.0 214.3 167 107 56.1
Proposals
 1 1 2 0.0 -50.0 41 24 70.8
Retail Trade 48 38 24 26.3 100.0 522 330 58.2
Bankruptcies
 34 31 23 9.7 47.8 423 276 53.3
Proposals
 14 7 1 100.0 1,300.0 99 54 83.3
Transportation and Warehousing 36 24 16 50.0 125.0 304 272 11.8
Bankruptcies
 29 16 13 81.3 123.1 227 212 7.1
Proposals
 7 8 3 -12.5 133.3 77 60 28.3
Information and Cultural Industries 9 5 3 80.0 200.0 73 61 19.7
Bankruptcies
 6 5 2 20.0 200.0 62 39 59.0
Proposals
 3 0 1 -- 200.0 11 22 -50.0
Finance and Insurance 5 3 3 66.7 66.7 58 42 38.1
Bankruptcies
 4 0 2 -- 100.0 43 27 59.3
Proposals
 1 3 1 -66.7 0.0 15 15 0.0
Real Estate and Rental and Leasing 13 6 12 116.7 8.3 137 121 13.2
Bankruptcies
 11 4 10 175.0 10.0 102 92 10.9
Proposals
 2 2 2 0.0 0.0 35 29 20.7
Professional, Scientific and Technical Services 35 35 28 0.0 25.0 332 235 41.3
Bankruptcies
 25 28 20 -10.7 25.0 242 185 30.8
Proposals
 10 7 8 42.9 25.0 90 50 80.0
Management of Companies and Enterprises 6 7 5 -14.3 20.0 94 60 56.7
Bankruptcies
 5 4 4 25.0 25.0 78 49 59.2
Proposals
 1 3 1 -66.7 0.0 16 11 45.5
Administrative and Support, Waste Management and Remediation Services 29 20 19 45.0 52.6 222 179 24.0
Bankruptcies
 18 11 12 63.6 50.0 143 125 14.4
Proposals
 11 9 7 22.2 57.1 79 54 46.3
Educational Services 3 2 2 50.0 50.0 53 24 120.8
Bankruptcies
 2 2 1 0.0 100.0 42 18 133.3
Proposals
 1 0 1 -- 0.0 11 6 83.3
Health Care and Social Assistance 8 10 19 -20.0 -57.9 99 93 6.5
Bankruptcies
 5 9 5 -44.4 0.0 66 67 -1.5
Proposals
 3 1 14 200.0 -78.6 33 26 26.9
Arts, Entertainment and Recreation 8 11 4 -27.3 100.0 104 85 22.4
Bankruptcies
 6 11 4 -45.5 50.0 89 72 23.6
Proposals
 2 0 0 -- -- 15 13 15.4
Accommodation and Food Services 44 70 40 -37.1 10.0 666 474 40.5
Bankruptcies
 38 54 35 -29.6 8.6 539 405 33.1
Proposals
 6 16 5 -62.5 20.0 127 69 84.1
Other Services (except Public Administration) 31 33 30 -6.1 3.3 286 210 36.2
Bankruptcies
 22 27 22 -18.5 0.0 234 164 42.7
Proposals
 9 6 8 50.0 12.5 52 46 13.0
Public Administration 0 1 0 -100.0 -- 11 5 120.0
Bankruptcies
 0 1 0 -100.0 -- 7 5 40.0
Proposals
 0 0 0 -- -- 4 0 --
Canada 399 382 285 4.5 40.0 4,289 3,129 37.1
Bankruptcies
 307 289 206 6.2 49.0 3,263 2,430 34.3
Proposals
 92 93 79 -1.1 16.5 1,026 699 46.8
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