Read the report Insolvency Statistics in Canada — September 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by less than 1% in September 2023 compared to the previous month. Bankruptcies decreased by 1.9% and proposals increased by 1.7%.
The total number of insolvencies in September 2023 was 15.8% higher than the total number of insolvencies in September 2022. Consumer insolvencies increased by 15%, while business insolvencies increased by 40.4%.
For the 12‑month period ending September 30, 2023, the total number of insolvencies increased by 22% in comparison to the 12‑month period ending September 30, 2022.
Consumer insolvencies for the 12‑month period ending September 30, 2023, increased by 21.5% in comparison to the 12‑month period ending September 30, 2022. Consumer bankruptcies increased by less than 1%, while consumer proposals increased by 28.8%. The proportion of proposals in consumer insolvencies increased to 78.3% during the 12‑month period ending September 30, 2023, up from 73.8% during the 12‑month period ending September 30, 2022. For the 12‑month period ending September 30, 2023, consumer insolvency filings accounted for 96.5% of total insolvency filings.
Business insolvencies for the 12‑month period ending September 30, 2023, increased by 37% compared with the 12‑month period ending September 30, 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—September 2023.