Insolvency Statistics in Canada—August 2022

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
August 2022 July 2022 August 2021 July 2022
to
August 2022
August 2021
to
August 2022
08-31-2022 08-31-2021 % Change
Newfoundland and Labrador  188 138 121 36.2 55.4 1,786 1,875 -4.7

Bankruptcies

60 50 46 20.0 30.4 635 691 -8.1

Proposals

128 88 75 45.5 70.7 1,151 1,184 -2.8
Prince Edward Island 35 41 28 -14.6 25.0 442 381 16.0

Bankruptcies

13 15 7 -13.3 85.7 185 165 12.1

Proposals

22 26 21 -15.4 4.8 257 216 19.0
Nova Scotia 331 293 261 13.0 26.8 3,202 3,177 0.8

Bankruptcies

109 101 123 7.9 -11.4 1,217 1,392 -12.6

Proposals

222 192 138 15.6 60.9 1,985 1,785 11.2
New Brunswick 279 265 243 5.3 14.8 2,994 3,248 -7.8

Bankruptcies

85 91 96 -6.6 -11.5 1,088 1,437 -24.3

Proposals

194 174 147 11.5 32.0 1,906 1,811 5.2
Quebec 2,373 2,052 1,983 15.6 19.7 26,266 25,662 2.4

Bankruptcies

907 828 904 9.5 0.3 10,776 11,824 -8.9

Proposals

1,466 1,224 1,079 19.8 35.9 15,490 13,838 11.9
Ontario 3,148 2,762 2,431 14.0 29.5 33,341 31,683 5.2

Bankruptcies

680 575 612 18.3 11.1 7,798 8,468 -7.9

Proposals

2,468 2,187 1,819 12.8 35.7 25,543 23,215 10.0
Manitoba 294 230 178 27.8 65.2 2,737 2,448 11.8

Bankruptcies

75 81 70 -7.4 7.1 774 804 -3.7

Proposals

219 149 108 47.0 102.8 1,963 1,644 19.4
Saskatchewan 274 251 215 9.2 27.4 3,003 2,752 9.1

Bankruptcies

64 58 64 10.3 0.0 716 827 -13.4

Proposals

210 193 151 8.8 39.1 2,287 1,925 18.8
Alberta 1,271 1,189 1,007 6.9 26.2 14,604 13,831 5.6

Bankruptcies

195 195 180 0.0 8.3 2,533 3,135 -19.2

Proposals

1,076 994 827 8.2 30.1 12,071 10,696 12.9
British Columbia 960 828 708 15.9 35.6 9,462 8,642 9.5

Bankruptcies

179 143 170 25.2 5.3 1,955 2,356 -17.0

Proposals

781 685 538 14.0 45.2 7,507 6,286 19.4
Northwest Territories 5 0 1 -- 400.0 65 43 51.2

Bankruptcies

0 0 0 -- -- 7 5 40.0

Proposals

5 0 1 -- 400.0 58 38 52.6
Yukon 2 4 2 -50.0 0.0 49 33 48.5

Bankruptcies

0 1 1 -100.0 -100.0 5 11 -54.5

Proposals

2 3 1 -33.3 100.0 44 22 100.0
Nunavut 1 1 2 0.0 -50.0 10 15 -33.3

Bankruptcies

0 0 1 -- -100.0 0 1 -100.0

Proposals

1 1 1 0.0 0.0 10 14 -28.6
Canada 9,161 8,054 7,180 13.7 27.6 97,961 93,790 4.4

Bankruptcies

2,367 2,138 2,274 10.7 4.1 27,689 31,116 -11.0

Proposals

6,794 5,916 4,906 14.8 38.5 70,272 62,674 12.1
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
August 2022 July 2022 August 2021 July 2022
to
August 2022
August 2021
to
August 2022
08-31-2022 08-31-2021 % Change
Newfoundland and Labrador  186 138 121 34.8 53.7 1,773 1,863 -4.8

Bankruptcies

60 50 46 20.0 30.4 625 679 -8.0

Proposals

126 88 75 43.2 68.0 1,148 1,184 -3.0
Prince Edward Island 35 41 27 -14.6 29.6 439 379 15.8

Bankruptcies

13 15 6 -13.3 116.7 182 164 11.0

Proposals

22 26 21 -15.4 4.8 257 215 19.5
Nova Scotia 328 292 260 12.3 26.2 3,178 3,163 0.5

Bankruptcies

106 100 122 6.0 -13.1 1,202 1,380 -12.9

Proposals

222 192 138 15.6 60.9 1,976 1,783 10.8
New Brunswick 278 262 242 6.1 14.9 2,974 3,229 -7.9

Bankruptcies

84 88 95 -4.5 -11.6 1,071 1,424 -24.8

Proposals

194 174 147 11.5 32.0 1,903 1,805 5.4
Quebec 2,216 1,923 1,894 15.2 17.0 24,443 24,204 1.0

Bankruptcies

773 713 830 8.4 -6.9 9,260 10,615 -12.8

Proposals

1,443 1,210 1,064 19.3 35.6 15,183 13,589 11.7
Ontario 3,082 2,701 2,378 14.1 29.6 32,556 31,075 4.8

Bankruptcies

627 530 570 18.3 10.0 7,233 8,031 -9.9

Proposals

2,455 2,171 1,808 13.1 35.8 25,323 23,044 9.9
Manitoba 292 227 175 28.6 66.9 2,709 2,416 12.1

Bankruptcies

74 79 67 -6.3 10.4 756 776 -2.6

Proposals

218 148 108 47.3 101.9 1,953 1,640 19.1
Saskatchewan 266 247 214 7.7 24.3 2,948 2,707 8.9

Bankruptcies

60 57 63 5.3 -4.8 683 790 -13.5

Proposals

206 190 151 8.4 36.4 2,265 1,917 18.2
Alberta 1,253 1,168 993 7.3 26.2 14,429 13,675 5.5

Bankruptcies

181 183 169 -1.1 7.1 2,421 3,029 -20.1

Proposals

1,072 985 824 8.8 30.1 12,008 10,646 12.8
British Columbia 938 818 703 14.7 33.4 9,333 8,549 9.2

Bankruptcies

166 136 167 22.1 -0.6 1,862 2,291 -18.7

Proposals

772 682 536 13.2 44.0 7,471 6,258 19.4
Northwest Territories 5 0 1 -- 400.0 65 43 51.2

Bankruptcies

0 0 0 -- -- 7 5 40.0

Proposals

5 0 1 -- 400.0 58 38 52.6
Yukon 2 4 2 -50.0 0.0 49 33 48.5

Bankruptcies

0 1 1 -100.0 -100.0 5 11 -54.5

Proposals

2 3 1 -33.3 100.0 44 22 100.0
Nunavut 1 1 2 0.0 -50.0 10 15 -33.3

Bankruptcies

0 0 1 -- -100.0 0 1 -100.0

Proposals

1 1 1 0.0 0.0 10 14 -28.6
Canada 8,882 7,822 7,012 13.6 26.7 94,906 91,351 3.9

Bankruptcies

2,144 1,952 2,137 9.8 0.3 25,307 29,196 -13.3

Proposals

6,738 5,870 4,875 14.8 38.2 69,599 62,155 12.0
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
August 2022 July 2022 August 2021 July 2022
to
August 2022
August 2021
to
August 2022
08-31-2022 08-31-2021 % Change
Newfoundland and Labrador  2 0 0 -- -- 13 12 8.3

Bankruptcies

0 0 0 -- -- 10 12 -16.7

Proposals

2 0 0 -- -- 3 0 --
Prince Edward Island 0 0 1 -- -100.0 3 2 50.0

Bankruptcies

0 0 1 -- -100.0 3 1 200.0

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 3 1 1 200.0 200.0 24 14 71.4

Bankruptcies

3 1 1 200.0 200.0 15 12 25.0

Proposals

0 0 0 -- -- 9 2 350.0
New Brunswick 1 3 1 -66.7 0.0 20 19 5.3

Bankruptcies

1 3 1 -66.7 0.0 17 13 30.8

Proposals

0 0 0 -- -- 3 6 -50.0
Quebec 157 129 89 21.7 76.4 1,823 1,458 25.0

Bankruptcies

134 115 74 16.5 81.1 1,516 1,209 25.4

Proposals

23 14 15 64.3 53.3 307 249 23.3
Ontario 66 61 53 8.2 24.5 785 608 29.1

Bankruptcies

53 45 42 17.8 26.2 565 437 29.3

Proposals

13 16 11 -18.8 18.2 220 171 28.7
Manitoba 2 3 3 -33.3 -33.3 28 32 -12.5

Bankruptcies

1 2 3 -50.0 -66.7 18 28 -35.7

Proposals

1 1 0 0.0 -- 10 4 150.0
Saskatchewan 8 4 1 100.0 700.0 55 45 22.2

Bankruptcies

4 1 1 300.0 300.0 33 37 -10.8

Proposals

4 3 0 33.3 -- 22 8 175.0
Alberta 18 21 14 -14.3 28.6 175 156 12.2

Bankruptcies

14 12 11 16.7 27.3 112 106 5.7

Proposals

4 9 3 -55.6 33.3 63 50 26.0
British Columbia 22 10 5 120.0 340.0 129 93 38.7

Bankruptcies

13 7 3 85.7 333.3 93 65 43.1

Proposals

9 3 2 200.0 350.0 36 28 28.6
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 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 279 232 168 20.3 66.1 3,055  2,439  25.3

Bankruptcies

223 186 137 19.9 62.8 2,382  1,920  24.1

Proposals

56 46 31 21.7 80.6 673 519 29.7
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
August 2022 July 2022 August 2021 July 2022
to
August 2022
August 2021
to
August 2022
08-31-2022 08-31-2021 % Change
Newfoundland and Labrador  0 0 0 -- -- 2 5 -60.0

Bankruptcies

0 0 0 -- -- 1 5 -80.0

Proposals

0 0 0 -- -- 1 0 --
Prince Edward Island 0 0 1 -- -100.0 1 1 0.0

Bankruptcies

0 0 1 -- -100.0 1 1 0.0

Proposals

0 0 0 -- -- 0 0 --
Nova Scotia 2 1 0 100.0 -- 10 7 42.9

Bankruptcies

2 1 0 100.0 -- 6 6 0.0

Proposals

0 0 0 -- -- 4 1 300.0
New Brunswick 1 0 0 -- -- 9 9 0.0

Bankruptcies

1 0 0 -- -- 8 7 14.3

Proposals

0 0 0 -- -- 1 2 -50.0
Quebec 132 117 76 12.8 73.7 1,579 1,268 24.5

Bankruptcies

120 106 66 13.2 81.8 1,379 1,083 27.3

Proposals

12 11 10 9.1 20.0 200 185 8.1
Ontario 47 38 38 23.7 23.7 522 417 25.2

Bankruptcies

40 33 33 21.2 21.2 418 331 26.3

Proposals

7 5 5 40.0 40.0 104 86 20.9
Manitoba 1 3 1 -66.7 0.0 15 12 25.0

Bankruptcies

0 2 1 -100.0 -100.0 9 10 -10.0

Proposals

1 1 0 0.0 -- 6 2 200.0
Saskatchewan 4 0 0 -- -- 11 20 -45.0

Bankruptcies

1 0 0 -- -- 5 17 -70.6

Proposals

3 0 0 -- -- 6 3 100.0
Alberta 7 10 7 -30.0 0.0 81 90 -10.0

Bankruptcies

7 8 7 -12.5 0.0 62 68 -8.8

Proposals

0 2 0 -100.0 -- 19 22 -13.6
British Columbia 6 5 1 20.0 500.0 55 57 -3.5

Bankruptcies

3 3 1 0.0 200.0 41 41 0.0

Proposals

3 2 0 50.0 -- 14 16 -12.5
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 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 200 174 124 14.9 61.3 2,285 1,886 21.2

Bankruptcies

174 153 109 13.7 59.6 1,930 1,569 23.0

Proposals

26 21 15 23.8 73.3 355 317 12.0
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
August 2022 July 2022 August 2021 July 2022
to
August 2022
August 2021
to
August 2022
08-31-2022 08-31-2021 % Change
Newfoundland and Labrador  2 0 0 -- -- 11 7 57.1

Bankruptcies

0 0 0 -- -- 9 7 28.6

Proposals

2 0 0 -- -- 2 0 --
Prince Edward Island 0 0 0 -- -- 2 1 100.0

Bankruptcies

0 0 0 -- -- 2 0 --

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 1 0 1 -- 0.0 14 7 100.0

Bankruptcies

1 0 1 -- 0.0 9 6 50.0

Proposals

0 0 0 -- -- 5 1 400.0
New Brunswick 0 3 1 -100.0 -100.0 11 10 10.0

Bankruptcies

0 3 1 -100.0 -100.0 9 6 50.0

Proposals

0 0 0 -- -- 2 4 -50.0
Quebec 25 12 13 108.3 92.3 244 190 28.4

Bankruptcies

14 9 8 55.6 75.0 137 126 8.7

Proposals

11 3 5 266.7 120.0 107 64 67.2
Ontario 19 23 15 -17.4 26.7 263 191 37.7

Bankruptcies

13 12 9 8.3 44.4 147 106 38.7

Proposals

6 11 6 -45.5 0.0 116 85 36.5
Manitoba 1 0 2 -- -50.0 13 20 -35.0

Bankruptcies

1 0 2 -- -50.0 9 18 -50.0

Proposals

0 0 0 -- -- 4 2 100.0
Saskatchewan 4 4 1 0.0 300.0 44 25 76.0

Bankruptcies

3 1 1 200.0 200.0 28 20 40.0

Proposals

1 3 0 -66.7 -- 16 5 220.0
Alberta 11 11 7 0.0 57.1 94 66 42.4

Bankruptcies

7 4 4 75.0 75.0 50 38 31.6

Proposals

4 7 3 -42.9 33.3 44 28 57.1
British Columbia 16 5 4 220.0 300.0 74 36 105.6

Bankruptcies

10 4 2 150.0 400.0 52 24 116.7

Proposals

6 1 2 500.0 200.0 22 12 83.3
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 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 79 58 44 36.2 79.5 770 553 39.2

Bankruptcies

49 33 28 48.5 75.0 452 351 28.8

Proposals

30 25 16 20.0 87.5 318 202 57.4
Table 4: BIA Insolvencies by NAICS Sectors
- Volume % Change 12-Month Period Ending
August 2022 July 2022 August 2022 July 2022
to
August 2022
August 2021
to
August 2022
08-31-2022 08-31-2021 % Change
Agriculture, Forestry, Fishing and Hunting 7 4 5 75.0 40.0 75 59 27.1

Bankruptcies

5 3 5 66.7 0.0 64 46 39.1

Proposals

2 1 0 100.0 -- 11 13 -15.4
Mining and Oil and Gas Extraction 2 2 3 0.0 -33.3 19 58 -67.2

Bankruptcies

2 2 3 0.0 -33.3 15 43 -65.1

Proposals

0 0 0 -- -- 4 15 -73.3
Utilities 0 0 0 -- -- 6 3 100.0

Bankruptcies

0 0 0 -- -- 5 2 150.0

Proposals

0 0 0 -- -- 1 1 0.0
Construction 45 23 26 95.7 73.1 456 326 39.9

Bankruptcies

29 17 21 70.6 38.1 322 261 23.4

Proposals

16 6 5 166.7 220.0 134 65 106.2
Manufacturing 21 18 22 16.7 -4.5 224 229 -2.2

Bankruptcies

16 11 19 45.5 -15.8 165 179 -7.8

Proposals

5 7 3 -28.6 66.7 59 50 18.0
Wholesale Trade 11 8 8 37.5 37.5 125 110 13.6

Bankruptcies

9 6 8 50.0 12.5 102 89 14.6

Proposals

2 2 0 0.0 -- 23 21 9.5
Retail Trade 30 29 15 3.4 100.0 333 254 31.1

Bankruptcies

26 20 13 30.0 100.0 273 200 36.5

Proposals

4 9 2 -55.6 100.0 60 54 11.1
Transportation and Warehousing 32 26 13 23.1 146.2 273 180 51.7

Bankruptcies

25 22 8 13.6 212.5 211 144 46.5

Proposals

7 4 5 75.0 40.0 62 36 72.2
Information and Cultural Industries 5 2 3 150.0 66.7 61 41 48.8

Bankruptcies

3 1 2 200.0 50.0 38 35 8.6

Proposals

2 1 1 100.0 100.0 23 6 283.3
Finance and Insurance 9 1 2 800.0 350.0 41 55 -25.5

Bankruptcies

7 1 0 600.0 -- 27 45 -40.0

Proposals

2 0 2 -- 0.0 14 10 40.0
Real Estate and Rental and Leasing 13 9 2 44.4 550.0 127 119 6.7

Bankruptcies

12 8 1 50.0 1100.0 92 94 -2.1

Proposals

1 1 1 0.0 0.0 35 25 40.0
Professional, Scientific and Technical Services 12 16 11 -25.0 9.1 220 162 35.8

Bankruptcies

9 13 9 -30.8 0.0 172 139 23.7

Proposals

3 3 2 0.0 50.0 48 23 108.7
Management of Companies and Enterprises 3 0 3 -- 0.0 57 76 -25.0

Bankruptcies

3 0 3 -- 0.0 47 57 -17.5

Proposals

0 0 0 -- -- 10 19 -47.4
Administrative and Support, Waste Management and Remediation Services 11 9 5 22.2 120.0 178 133 33.8

Bankruptcies

7 4 4 75.0 75.0 129 98 31.6

Proposals

4 5 1 -20.0 300.0 49 35 40.0
Educational Services 2 2 1 0.0 100.0 25 29 -13.8

Bankruptcies

2 1 1 100.0 100.0 20 24 -16.7

Proposals

0 1 0 -100.0 -- 5 5 0.0
Health Care and Social Assistance 6 8 8 -25.0 -25.0 82 72 13.9

Bankruptcies

6 8 5 -25.0 20.0 69 51 35.3

Proposals

0 0 3 -- -100.0 13 21 -38.1
Arts, Entertainment and Recreation 7 14 7 -50.0 0.0 87 78 11.5

Bankruptcies

7 13 6 -46.2 16.7 74 55 34.5

Proposals

0 1 1 -100.0 -100.0 13 23 -43.5
Accommodation and Food Services 49 40 22 22.5 122.7 470 327 43.7

Bankruptcies

43 38 19 13.2 126.3 402 253 58.9

Proposals

6 2 3 200.0 100.0 68 74 -8.1
Other Services (except Public Administration) 13 18 12 -27.8 8.3 188 123 52.8

Bankruptcies

11 15 10 -26.7 10.0 147 101 45.5

Proposals

2 3 2 -33.3 0.0 41 22 86.4
Public Administration 1 2 0 -50.0 -- 5 5 0.0

Bankruptcies

1 2 0 -50.0 -- 5 4 25.0

Proposals

0 0 0 -- -- 0 1 -100.0
Canada 279 231 168 20.8 66.1 3,052 2,439 25.1
Bankruptcies 223 185 137 20.5 62.8 2,379 1,920 23.9
Proposals 56 46 31 21.7 80.6 673 519 29.7