Insolvency Statistics in Canada—December 2021

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.
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 Insolvencies
Province Volume % Change 12-Month Period Ending
December 2021 November 2021 December 2020 Nov. 2021
to
Dec. 2021
Dec. 2020
to
Dec. 2021
12-31-2021 12-31-2020 % Change
Newfoundland and Labrador 101 149 129 -32.2 -21.7 1,749 1,883 -7.1
Bankruptcies 37 47 45 -21.3 -17.8 653 778 -16.1
Proposals 64 102 84 -37.3 -23.8 1,096 1,105 -0.8
Prince Edward Island 31 44 40 -29.5 -22.5 388 428 -9.3
Bankruptcies 10 16 14 -37.5 -28.6 172 204 -15.7
Proposals 21 28 26 -25.0 -19.2 216 224 -3.6
Nova Scotia 198 259 245 -23.6 -19.2 3,024 3,517 -14.0
Bankruptcies 80 95 106 -15.8 -24.5 1,281 1,615 -20.7
Proposals 118 164 139 -28.0 -15.1 1,743 1,902 -8.4
New Brunswick 217 237 284 -8.4 -23.6 2,997 3,389 -11.6
Bankruptcies 83 82 123 1.2 -32.5 1,251 1,502 -16.7
Proposals 134 155 161 -13.5 -16.8 1,746 1,887 -7.5
Quebec 1,794 2,333 1,910 -23.1 -6.1 25,197 28,282 -10.9
Bankruptcies 797 1,062 977 -25.0 -18.4 11,373 12,972 -12.3
Proposals 997 1,271 933 -21.6 6.9 13,824 15,310 -9.7
Ontario 2,444 2,805 2,660 -12.9 -8.1 30,940 34,751 -11.0
Bankruptcies 666 716 833 -7.0 -20.0 8,027 9,749 -17.7
Proposals 1,778 2,089 1,827 -14.9 -2.7 22,913 25,002 -8.4
Manitoba 208 240 196 -13.3 6.1 2,538 2,562 -0.9
Bankruptcies 73 59 64 23.7 14.1 807 815 -1.0
Proposals 135 181 132 -25.4 2.3 1,731 1,747 -0.9
Saskatchewan 245 226 262 8.4 -6.5 2,772 2,689 3.1
Bankruptcies 56 63 76 -11.1 -26.3 780 918 -15.0
Proposals 189 163 186 16.0 1.6 1,992 1,771 12.5
Alberta 1,056 1,292 1,090 -18.3 -3.1 14,095 13,249 6.4
Bankruptcies 198 246 280 -19.5 -29.3 2,819 3,724 -24.3
Proposals 858 1,046 810 -18.0 5.9 11,276 9,525 18.4
British Columbia 710 735 697 -3.4 1.9 8,773 8,398 4.5
Bankruptcies 153 169 178 -9.5 -14.0 2,221 2,689 -17.4
Proposals 557 566 519 -1.6 7.3 6,552 5,709 14.8
Northwest Territories 10 4 6 150.0 66.7 53 47 12.8
Bankruptcies 1 1 0 0.0 -- 9 10 -10.0
Proposals 9 3 6 200.0 50.0 44 37 18.9
Yukon 5 3 4 66.7 25.0 34 36 -5.6
Bankruptcies 1 0 1 -- 0.0 9 11 -18.2
Proposals 4 3 3 33.3 33.3 25 25 0.0
Nunavut 1 3 4 -66.7 -75.0 12 13 -7.7
Bankruptcies 0 0 0 -- -- 1 1 0.0
Proposals 1 3 4 -66.7 -75.0 11 12 -8.3
Canada 7,020 8,330 7,527 -15.7 -6.7 92,572 99,244 -6.7
Bankruptcies 2,155 2,556 2,697 -15.7 -20.1 29,403 34,988 -16.0
Proposals 4,865 5,774 4,830 -15.7 0.7 63,169 64,256 -1.7
Table 2: Insolvencies Filed by Consumers
ProvinceVolume% Change12-Month Period Ending
December 2021November 2021December 2020Nov. 2021
to
Dec. 2021
Dec. 2020
to
Dec. 2021
12-31-202112-31-2020% Change
Newfoundland and Labrador100149129-32.9-22.51,7371,873-7.3
Bankruptcies374745-21.3-17.8642768-16.4
Proposals6310284-38.2-25.01,0951,105-0.9
Prince Edward Island 30 43 40 -30.2 -25.0 384 426 -9.9
Bankruptcies 9 15 14 -40.0 -35.7 169 203 -16.7
Proposals 21 28 26 -25.0 -19.2 215 223 -3.6
Nova Scotia197258245-23.6-19.63,0073,498-14.0
Bankruptcies8094106-14.9-24.51,2681,599-20.7
Proposals117164139-28.7-15.81,7391,899-8.4
New Brunswick 215 236 279 -8.9 -22.9 2,985 3,365 -11.3
Bankruptcies 81 81 122 0.0 -33.6 1,241 1,486 -16.5
Proposals 134 155 157 -13.5 -14.6 1,744 1,879 -7.2
Quebec1,6272,1741,775-25.2-8.323,66726,683-11.3
Bankruptcies660935856-29.4-22.910,11311,714-13.7
Proposals9671,239919-22.05.213,55414,969-9.5
Ontario 2,362 2,750 2,600 -14.1 -9.2 30,327 33,992 -10.8
Bankruptcies 608 676 787 -10.1 -22.7 7,580 9,213 -17.7
Proposals 1,754 2,074 1,813 -15.4 -3.3 22,747 24,779 -8.2
Manitoba206240194-14.26.22,5072,527-0.8
Bankruptcies72596222.016.1782787-0.6
Proposals134181132-26.01.51,7251,740-0.9
Saskatchewan 241 224 257 7.6 -6.2 2,724 2,640 3.2
Bankruptcies 52 62 71 -16.1 -26.8 744 878 -15.3
Proposals 189 162 186 16.7 1.6 1,980 1,762 12.4
Alberta1,0441,2871,083-18.9-3.613,95613,0896.6
Bankruptcies191242276-21.1-30.82,7313,602-24.2
Proposals8531,045807-18.45.711,2259,48718.3
British Columbia 707 731 694 -3.3 1.9 8,699 8,270 5.2
Bankruptcies 151 165 176 -8.5 -14.2 2,172 2,609 -16.7
Proposals 556 566 518 -1.8 7.3 6,527 5,661 15.3
Northwest Territories1046150.066.7534712.8
Bankruptcies1100.0--910-10.0
Proposals936200.050.0443718.9
Yukon 5 3 4 66.7 25.0 34 36 -5.6
Bankruptcies 1 0 1 -- 0.0 9 11 -18.2
Proposals 4 3 3 33.3 33.3 25 25 0.0
Nunavut134-66.7-75.012120.0
Bankruptcies000----10--
Proposals134-66.7-75.01112-8.3
Canada6,7458,1027,310-16.7-7.790,09296,458-6.6
Bankruptcies1,9432,3772,516-18.3-22.827,46132,880-16.5
Proposals4,8025,7254,794-16.10.262,63163,578-1.5
Table 3: Insolvencies Filed by Businesses
ProvinceVolume% Change12-Month Period Ending
December 2021November 2021December 2020Nov. 2021
to
Dec. 2021
Dec. 2020
to
Dec. 2021
12-31-202112-31-2020% Change
Newfoundland and Labrador100----121020.0
Bankruptcies000----111010.0
Proposals100----10--
Prince Edward Island 1 1 0 0.0 -- 4 2 100.0
Bankruptcies 1 1 0 0.0 -- 3 1 200.0
Proposals 0 0 0 -- -- 1 1 0.0
Nova Scotia1100.0--1719-10.5
Bankruptcies010-100.0--1316-18.8
Proposals100----4333.3
New Brunswick 2 1 5 100.0 -60.0 12 24 -50.0
Bankruptcies 2 1 1 100.0 100.0 10 16 -37.5
Proposals 0 0 4 -- -100.0 2 8 -75.0
Quebec1671591355.023.71,5301,599-4.3
Bankruptcies1371271217.913.21,2601,2580.2
Proposals303214-6.3114.3270341-20.8
Ontario 82 55 60 49.1 36.7 613 759 -19.2
Bankruptcies 58 40 46 45.0 26.1 447 536 -16.6
Proposals 24 15 14 60.0 71.4 166 223 -25.6
Manitoba202--0.03135-11.4
Bankruptcies102---50.02528-10.7
Proposals100----67-14.3
Saskatchewan 4 2 5 100.0 -20.0 48 49 -2.0
Bankruptcies 4 1 5 300.0 -20.0 36 40 -10.0
Proposals 0 1 0 -100.0 -- 12 9 33.3
Alberta1257140.071.4139160-13.1
Bankruptcies74475.075.088122-27.9
Proposals513400.066.7513834.2
British Columbia 3 4 3 -25.0 0.0 74 128 -42.2
Bankruptcies 2 4 2 -50.0 0.0 49 80 -38.8
Proposals 1 0 1 -- 0.0 25 48 -47.9
Northwest Territories000----00--
Bankruptcies000----00--
Proposals000----00--
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut000----01-100.0
Bankruptcies000----01-100.0
Proposals000----00--
Canada27522821720.626.72,480 2,786 -11.0
Bankruptcies21217918118.417.11,942 2,108 -7.9
Proposals63493628.675.0538 678 -20.6
Table 3a: Insolvencies Filed by Corporations
ProvinceVolume% Change12-Month Period Ending
December 2021November 2021December 2020Nov. 2021
to
Dec. 2021
Dec. 2020
to
Dec. 2021
12-31-202112-31-2020% Change
Newfoundland and Labrador100----5366.7
Bankruptcies000----4333.3
Proposals100----10--
Prince Edward Island 0 0 0 -- -- 1 1 0.0
Bankruptcies 0 0 0 -- -- 1 0 --
Proposals 0 0 0 -- -- 0 1 -100.0
Nova Scotia010-100.0--611-45.5
Bankruptcies010-100.0--59-44.4
Proposals000----12-50.0
New Brunswick 2 1 2 100.0 0.0 9 14 -35.7
Bankruptcies 2 1 1 100.0 100.0 7 12 -41.7
Proposals 0 0 1 -- -100.0 2 2 0.0
Quebec15213512612.620.61,3381,414-5.4
Bankruptcies13011511513.013.01,1471,1380.8
Proposals22201110.0100.0191276-30.8
Ontario 66 35 36 88.6 83.3 435 490 -11.2
Bankruptcies 50 29 31 72.4 61.3 349 381 -8.4
Proposals 16 6 5 166.7 220.0 86 109 -21.1
Manitoba001---100.01314-7.1
Bankruptcies001---100.010911.1
Proposals000----35-40.0
Saskatchewan 0 0 3 -- -100.0 15 13 15.4
Bankruptcies 0 0 3 -- -100.0 12 11 9.1
Proposals 0 0 0 -- -- 3 2 50.0
Alberta713600.0133.38196-15.6
Bankruptcies612500.0200.05776-25.0
Proposals101--0.0242020.0
British Columbia 2 3 1 -33.3 100.0 39 85 -54.1
Bankruptcies 2 3 0 -33.3 -- 28 54 -48.1
Proposals 0 0 1 -- -100.0 11 31 -64.5
Northwest Territories000----00--
Bankruptcies000----00--
Proposals000----00--
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut000----01-100.0
Bankruptcies000----01-100.0
Proposals000----00--
Canada23017617230.733.71,9422,142-9.3
Bankruptcies19015015326.724.21,6201,694-4.4
Proposals40261953.8110.5322448-28.1
Table 3b: Insolvencies Filed by Individual Businesses
ProvinceVolume% Change12-Month Period Ending
December 2021November 2021December 2020Nov. 2021
to
Dec. 2021
Dec. 2020
to
Dec. 2021
12-31-202112-31-2020% Change
Newfoundland and Labrador000----770.0
Bankruptcies000----770.0
Proposals000----00--
Prince Edward Island 1 1 0 0.0 -- 3 1 200.0
Bankruptcies 1 1 0 0.0 -- 2 1 100.0
Proposals 0 0 0 -- -- 1 0 --
Nova Scotia100----11837.5
Bankruptcies000----8714.3
Proposals100----31200.0
New Brunswick 0 0 3 -- -100.0 3 10 -70.0
Bankruptcies 0 0 0 -- -- 3 4 -25.0
Proposals 0 0 3 -- -100.0 0 6 -100.0
Quebec15249-37.566.71921853.8
Bankruptcies7126-41.716.7113120-5.8
Proposals8123-33.3166.7796521.5
Ontario 16 20 24 -20.0 -33.3 178 269 -33.8
Bankruptcies 8 11 15 -27.3 -46.7 98 155 -36.8
Proposals 8 9 9 -11.1 -11.1 80 114 -29.8
Manitoba201--100.01821-14.3
Bankruptcies101--0.01519-21.1
Proposals100----3250.0
Saskatchewan 4 2 2 100.0 100.0 33 36 -8.3
Bankruptcies 4 1 2 300.0 100.0 24 29 -17.2
Proposals 0 1 0 -100.0 -- 9 7 28.6
Alberta54425.025.05864-9.4
Bankruptcies132-66.7-50.03146-32.6
Proposals412300.0100.0271850.0
British Columbia 1 1 2 0.0 -50.0 35 43 -18.6
Bankruptcies 0 1 2 -100.0 -100.0 21 26 -19.2
Proposals 1 0 0 -- -- 14 17 -17.6
Northwest Territories000----00--
Bankruptcies000----00--
Proposals000----00--
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut000----00--
Bankruptcies000----00--
Proposals000----00--
Canada455245-13.50.0538644-16.5
Bankruptcies222928-24.1-21.4322414-22.2
Proposals2323170.035.3216230-6.1
Table 4: Insolvencies byNAICS Economic Sectors, Canada
sectorVolume% Change12-Month Period Ending
December 2021November 2021December 2020Nov. 2021
to
Dec. 2021
Dec. 2020
to
Dec. 2021
12-31-202112-31-2020% Change
Agriculture, Forestry, Fishing and Hunting365-50.0-40.05161-16.4
Bankruptcies353-40.00.044440.0
Proposals012-100.0-100.0717-58.8
Mining and Oil and Gas Extraction 0 0 2 -- -100.0 39 36 8.3
Bankruptcies 0 0 2 -- -100.0 28 25 12.0
Proposals 0 0 0 -- -- 11 11 0.0
Utilities010-100.0--35-40.0
Bankruptcies010-100.0--25-60.0
Proposals000----10--
Construction 37 35 18 5.7 105.6 369 338 9.2
Bankruptcies 25 24 17 4.2 47.1 277 258 7.4
Proposals 12 11 1 9.1 1100.0 92 80 15.0
Manufacturing1616160.00.0224231-3.0
Bankruptcies101314-23.1-28.61711653.6
Proposals632100.0200.05366-19.7
Wholesale Trade 17 9 10 88.9 70.0 101 139 -27.3
Bankruptcies 11 8 6 37.5 83.3 81 110 -26.4
Proposals 6 1 4 500.0 50.0 20 29 -31.0
Retail Trade27222222.722.7255377-32.4
Bankruptcies24161950.026.3201270-25.6
Proposals363-50.00.054107-49.5
Transportation and Warehousing 22 15 15 46.7 46.7 190 164 15.9
Bankruptcies 16 13 10 23.1 60.0 156 123 26.8
Proposals 6 2 5 200.0 20.0 34 41 -17.1
Information and Cultural Industries364-50.0-25.04048-16.7
Bankruptcies263-66.7-33.33436-5.6
Proposals101--0.0612-50.0
Finance and Insurance 5 7 7 -28.6 -28.6 53 38 39.5
Bankruptcies 4 4 7 0.0 -42.9 44 28 57.1
Proposals 1 3 0 -66.7 -- 9 10 -10.0
Real Estate and Rental and Leasing16132123.1-23.8118140-15.7
Bankruptcies71121-36.4-66.784102-17.6
Proposals920350.0--3438-10.5
Professional, Scientific and Technical Services 19 19 19 0.0 0.0 170 186 -8.6
Bankruptcies 16 17 16 -5.9 0.0 141 142 -0.7
Proposals 3 2 3 50.0 0.0 29 44 -34.1
Management of Companies and Enterprises848100.00.06496-33.3
Bankruptcies728250.0-12.54968-27.9
Proposals120-50.0--1528-46.4
Administrative and Support, Waste Management and Remediation Services 20 11 13 81.8 53.8 145 120 20.8
Bankruptcies 15 8 9 87.5 66.7 108 84 28.6
Proposals 5 3 4 66.7 25.0 37 36 2.8
Educational Services3330.00.02639-33.3
Bankruptcies2230.0-33.32132-34.4
Proposals1100.0--57-28.6
Health Care and Social Assistance 7 4 5 75.0 40.0 66 68 -2.9
Bankruptcies 7 4 4 75.0 75.0 48 53 -9.4
Proposals 0 0 1 -- -100.0 18 15 20.0
Arts, Entertainment and Recreation75640.016.768117-41.9
Bankruptcies624200.050.04993-47.3
Proposals132-66.7-50.01924-20.8
Accommodation and Food Services 53 40 31 32.5 71.0 367 441 -16.8
Bankruptcies 48 34 25 41.2 92.0 296 357 -17.1
Proposals 5 6 6 -16.7 -16.7 71 84 -15.5
Other Services (except Public Administration)12101220.00.0126139-9.4
Bankruptcies971028.6-10.0103111-7.2
Proposals3320.050.02328-17.9
Public Administration 0 1 0 -100.0 -- 4 3 33.3
Bankruptcies 0 1 0 -100.0 -- 4 2 100.0
Proposals 0 0 0 -- -- 0 1 -100.0
Canada27522721721.126.72,4792,786-11.0
Bankruptcies21217818119.117.11,9412,108-7.9
Proposals63493628.675.0538678-20.6