Insolvency Statistics in Canada—February 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
February
2022
January
2022
February
2021
Jan. 2022
to
Feb. 2022
Feb. 2021
to
Feb. 2022
02-28-2022 02-28-2021 % Change
Newfoundland and Labrador 145 120 144 20.8 0.7 1,734 1,767 -1.9
Bankruptcies
43 44 53 -2.3 -18.9 638 709 -10.0
Proposals
102 76 91 34.2 12.1 1,096 1,058 3.6
Prince Edward Island 34 33 29 3.0 17.2 394 392 0.5
Bankruptcies
11 14 14 -21.4 -21.4 170 173 -1.7
Proposals
23 19 15 21.1 53.3 224 219 2.3
Nova Scotia 217 194 293 11.9 -25.9 2,919 3,156 -7.5
Bankruptcies
79 79 131 0.0 -39.7 1,214 1,423 -14.7
Proposals
138 115 162 20.0 -14.8 1,705 1,733 -1.6
New Brunswick 215 212 226 1.4 -4.9 2,949 3,123 -5.6
Bankruptcies
78 79 91 -1.3 -14.3 1,211 1,416 -14.5
Proposals
137 133 135 3.0 1.5 1,738 1,707 1.8
Quebec 2,110 1,969 2,172 7.2 -2.9 25,121 24,983 0.6
Bankruptcies
823 815 978 1.0 -15.8 11,176 11,596 -3.6
Proposals
1,287 1,154 1,194 11.5 7.8 13,945 13,387 4.2
Ontario 2,606 2,246 2,580 16.0 1.0 30,771 32,200 -4.4
Bankruptcies
573 499 648 14.8 -11.6 7,866 8,807 -10.7
Proposals
2,033 1,747 1,932 16.4 5.2 22,905 23,393 -2.1
Manitoba 185 157 194 17.8 -4.6 2,485 2,394 3.8
Bankruptcies
41 36 59 13.9 -30.5 768 776 -1.0
Proposals
144 121 135 19.0 6.7 1,717 1,618 6.1
Saskatchewan 218 214 233 1.9 -6.4 2,755 2,522 9.2
Bankruptcies
52 48 67 8.3 -22.4 759 819 -7.3
Proposals
166 166 166 0.0 0.0 1,996 1,703 17.2
Alberta 1,183 975 1,132 21.3 4.5 14,027 12,621 11.1
Bankruptcies
199 189 224 5.3 -11.2 2,725 3,368 -19.1
Proposals
984 786 908 25.2 8.4 11,302 9,253 22.1
British Columbia 746 646 708 15.5 5.4 8,795 8,039 9.4
Bankruptcies
165 143 194 15.4 -14.9 2,153 2,435 -11.6
Proposals
581 503 514 15.5 13.0 6,642 5,604 18.5
Northwest Territories 7 8 1 -12.5 600.0 59 47 25.5
Bankruptcies
1 0 0 -- -- 9 9 0.0
Proposals
6 8 1 -25.0 500.0 50 38 31.6
Yukon 2 4 3 -50.0 -33.3 34 38 -10.5
Bankruptcies
0 0 2 -- -100.0 6 12 -50.0
Proposals
2 4 1 -50.0 100.0 28 26 7.7
Nunavut 0 1 0 -100.0 -- 12 14 -14.3
Bankruptcies
0 0 0 -- -- 1 1 0.0
Proposals
0 1 0 -100.0 -- 11 13 -15.4
Canada 7,668 6,779 7,715 13.1 -0.6 92,055 91,296 0.8
Bankruptcies
2,065 1,946 2,461 6.1 -16.1 28,696 31,544 -9.0
Proposals
5,603 4,833 5,254 15.9 6.6 63,359 59,752 6.0

Table 2: BIA Insolvencies Filed by Consumers

  Volume % Change 12-Month Period Ending
February
2022
January
2022
February
2021
Jan. 2022
to
Feb. 2022
Feb. 2021
to
Feb. 2022
02-28-2022 02-28-2021 % Change
Newfoundland and Labrador 144 120 144 20.0 0.0 1,722 1,758 -2.0
Bankruptcies
42 44 53 -4.5 -20.8 627 700 -10.4
Proposals
102 76 91 34.2 12.1 1,095 1,058 3.5
Prince Edward Island 34 32 29 6.3 17.2 389 391 -0.5
Bankruptcies
11 13 14 -15.4 -21.4 166 173 -4.0
Proposals
23 19 15 21.1 53.3 223 218 2.3
Nova Scotia 213 193 292 10.4 -27.1 2,901 3,143 -7.7
Bankruptcies
78 78 130 0.0 -40.0 1,203 1,411 -14.7
Proposals
135 115 162 17.4 -16.7 1,698 1,732 -2.0
New Brunswick 213 209 226 1.9 -5.8 2,933 3,101 -5.4
Bankruptcies
77 76 91 1.3 -15.4 1,197 1,403 -14.7
Proposals
136 133 135 2.3 0.7 1,736 1,698 2.2
Quebec 1,962 1,835 2,039 6.9 -3.8 23,533 23,539 0.0
Bankruptcies
704 702 870 0.3 -19.1 9,868 10,435 -5.4
Proposals
1,258 1,133 1,169 11.0 7.6 13,665 13,104 4.3
Ontario 2,526 2,201 2,535 14.8 -0.4 30,126 31,507 -4.4
Bankruptcies
523 463 616 13.0 -15.1 7,401 8,304 -10.9
Proposals
2,003 1,738 1,919 15.2 4.4 22,725 23,203 -2.1
Manitoba 183 154 190 18.8 -3.7 2,454 2,356 4.2
Bankruptcies
39 35 57 11.4 -31.6 743 747 -0.5
Proposals
144 119 133 21.0 8.3 1,711 1,609 6.3
Saskatchewan 214 211 228 1.4 -6.1 2,707 2,487 8.8
Bankruptcies
49 45 62 8.9 -21.0 724 790 -8.4
Proposals
165 166 166 -0.6 -0.6 1,983 1,697 16.9
Alberta 1,162 967 1,125 20.2 3.3 13,874 12,481 11.2
Bankruptcies
184 181 220 1.7 -16.4 2,622 3,267 -19.7
Proposals
978 786 905 24.4 8.1 11,252 9,214 22.1
British Columbia 732 631 702 16.0 4.3 8,706 7,917 10.0
Bankruptcies
158 131 189 20.6 -16.4 2,096 2,354 -11.0
Proposals
574 500 513 14.8 11.9 6,610 5,563 18.8
Northwest Territories 7 8 1 -12.5 600.0 59 47 25.5
Bankruptcies
1 0 0 -- -- 9 9 0.0
Proposals
6 8 1 -25.0 500.0 50 38 31.6
Yukon 2 4 3 -50.0 -33.3 34 38 -10.5
Bankruptcies
0 0 2 -- -100.0 6 12 -50.0
Proposals
2 4 1 -50.0 100.0 28 26 7.7
Nunavut 0 1 0 -100.0 -- 12 13 -7.7
Bankruptcies
0 0 0 -- -- 1 0 --
Proposals
0 1 0 -100.0 -- 11 13 -15.4
Canada 7,392 6,566 7,514 12.6 -1.6 89,450 88,778 0.8
Bankruptcies
1,866 1,768 2,304 5.5 -19.0 26,663 29,605 -9.9
Proposals
5,526 4,798 5,210 15.2 6.1 62,787 59,173 6.1

Table 3: BIA Insolvencies Filed by Businesses

  Volume % Change 12-Month Period Ending
February
2022
January
2022
February
2021
Jan. 2022
to
Feb. 2022
Feb. 2021
to
Feb. 2022
02-28-2022 02-28-2021 % Change
Newfoundland and Labrador 1 0 0 -- -- 12 9 33.3
Bankruptcies
1 0 0 -- -- 11 9 22.2
Proposals
0 0 0 -- -- 1 0 --
Prince Edward Island 0 1 0 -100.0 -- 5 1 400.0
Bankruptcies
0 1 0 -100.0 -- 4 0 --
Proposals
0 0 0 -- -- 1 1 0.0
Nova Scotia 4 1 1 300.0 300.0 18 13 38.5
Bankruptcies
1 1 1 0.0 0.0 11 12 -8.3
Proposals
3 0 0 -- -- 7 1 600.0
New Brunswick 2 3 0 -33.3 -- 16 22 -27.3
Bankruptcies
1 3 0 -66.7 -- 14 13 7.7
Proposals
1 0 0 -- -- 2 9 -77.8
Quebec 148 134 133 10.4 11.3 1,588 1,444 10.0
Bankruptcies
119 113 108 5.3 10.2 1,308 1,161 12.7
Proposals
29 21 25 38.1 16.0 280 283 -1.1
Ontario 80 45 45 77.8 77.8 645 693 -6.9
Bankruptcies
50 36 32 38.9 56.3 465 503 -7.6
Proposals
30 9 13 233.3 130.8 180 190 -5.3
Manitoba 2 3 4 -33.3 -50.0 31 38 -18.4
Bankruptcies
2 1 2 100.0 0.0 25 29 -13.8
Proposals
0 2 2 -100.0 -100.0 6 9 -33.3
Saskatchewan 4 3 5 33.3 -20.0 48 35 37.1
Bankruptcies
3 3 5 0.0 -40.0 35 29 20.7
Proposals
1 0 0 -- -- 13 6 116.7
Alberta 21 8 7 162.5 200.0 153 140 9.3
Bankruptcies
15 8 4 87.5 275.0 103 101 2.0
Proposals
6 0 3 -- 100.0 50 39 28.2
British Columbia 14 15 6 -6.7 133.3 89 122 -27.0
Bankruptcies
7 12 5 -41.7 40.0 57 81 -29.6
Proposals
7 3 1 133.3 600.0 32 41 -22.0
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 1 -100.0
Bankruptcies
0 0 0 -- -- 0 1 -100.0
Proposals
0 0 0 -- -- 0 0 --
Canada 276 213 201 29.6 37.3 2,605 2,518 3.5
Bankruptcies
199 178 157 11.8 26.8 2,033 1,939 4.8
Proposals
77 35 44 120.0 75.0 572 579 -1.2

Table 3a: BIA Insolvencies Filed by Corporations

  Volume % Change 12-Month Period Ending
February
2022
January
2022
February
2021
Jan. 2022
to
Feb. 2022
Feb. 2021
to
Feb. 2022
02-28-2022 02-28-2021 % Change
Newfoundland and Labrador 0 0 0 -- -- 4 4 0.0
Bankruptcies
0 0 0 -- -- 3 4 -25.0
Proposals
0 0 0 -- -- 1 0 --
Prince Edward Island 0 1 0 -100.0 -- 2 1 100.0
Bankruptcies
0 1 0 -100.0 -- 2 0 --
Proposals
0 0 0 -- -- 0 1 -100.0
Nova Scotia 3 0 1 -- 200.0 6 8 -25.0
Bankruptcies
0 0 1 -- -100.0 2 8 -75.0
Proposals
3 0 0 -- -- 4 0 --
New Brunswick 0 1 0 -100.0 -- 9 12 -25.0
Bankruptcies
0 1 0 -100.0 -- 8 9 -11.1
Proposals
0 0 0 -- -- 1 3 -66.7
Quebec 124 116 113 6.9 9.7 1,388 1,270 9.3
Bankruptcies
103 105 96 -1.9 7.3 1,190 1,048 13.5
Proposals
21 11 17 90.9 23.5 198 222 -10.8
Ontario 52 26 34 100.0 52.9 449 476 -5.7
Bankruptcies
35 22 26 59.1 34.6 353 374 -5.6
Proposals
17 4 8 325.0 112.5 96 102 -5.9
Manitoba 2 2 1 0.0 100.0 16 15 6.7
Bankruptcies
2 0 0 -- -- 12 9 33.3
Proposals
0 2 1 -100.0 -100.0 4 6 -33.3
Saskatchewan 1 1 0 0.0 -- 17 9 88.9
Bankruptcies
1 1 0 0.0 -- 14 7 100.0
Proposals
0 0 0 -- -- 3 2 50.0
Alberta 11 3 6 266.7 83.3 86 80 7.5
Bankruptcies
7 3 3 133.3 133.3 62 61 1.6
Proposals
4 0 3 -- 33.3 24 19 26.3
British Columbia 5 9 6 -44.4 -16.7 42 90 -53.3
Bankruptcies
2 7 5 -71.4 -60.0 29 58 -50.0
Proposals
3 2 1 50.0 200.0 13 32 -59.4
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 1 -100.0
Bankruptcies
0 0 0 -- -- 0 1 -100.0
Proposals
0 0 0 -- -- 0 0 --
Canada 198 159 161 24.5 23.0 2,019 1,966 2.7
Bankruptcies
150 140 131 7.1 14.5 1,675 1,579 6.1
Proposals
48 19 30 152.6 60.0 344 387 -11.1

Table 3b: BIA Insolvencies Filed by Individual Businesses

  Volume % Change 12-Month Period Ending
February
2022
January
2022
February
2021
Jan. 2022
to
Feb. 2022
Feb. 2021
to
Feb. 2022
02-28-2022 02-28-2021 % Change
Newfoundland and Labrador 1 0 0 -- -- 8 5 60.0
Bankruptcies
1 0 0 -- -- 8 5 60.0
Proposals
0 0 0 -- -- 0 0 --
Prince Edward Island 0 0 0 -- -- 3 0 --
Bankruptcies
0 0 0 -- -- 2 0 --
Proposals
0 0 0 -- -- 1 0 --
Nova Scotia 1 1 0 0.0 -- 12 5 140.0
Bankruptcies
1 1 0 0.0 -- 9 4 125.0
Proposals
0 0 0 -- -- 3 1 200.0
New Brunswick 2 2 0 0.0 -- 7 10 -30.0
Bankruptcies
1 2 0 -50.0 -- 6 4 50.0
Proposals
1 0 0 -- -- 1 6 -83.3
Quebec 24 18 20 33.3 20.0 200 174 14.9
Bankruptcies
16 8 12 100.0 33.3 118 113 4.4
Proposals
8 10 8 -20.0 0.0 82 61 34.4
Ontario 28 19 11 47.4 154.5 196 217 -9.7
Bankruptcies
15 14 6 7.1 150.0 112 129 -13.2
Proposals
13 5 5 160.0 160.0 84 88 -4.5
Manitoba 0 1 3 -100.0 -100.0 15 23 -34.8
Bankruptcies
0 1 2 -100.0 -100.0 13 20 -35.0
Proposals
0 0 1 -- -100.0 2 3 -33.3
Saskatchewan 3 2 5 50.0 -40.0 31 26 19.2
Bankruptcies
2 2 5 0.0 -60.0 21 22 -4.5
Proposals
1 0 0 -- -- 10 4 150.0
Alberta 10 5 1 100.0 900.0 67 60 11.7
Bankruptcies
8 5 1 60.0 700.0 41 40 2.5
Proposals
2 0 0 -- -- 26 20 30.0
British Columbia 9 6 0 50.0 -- 47 32 46.9
Bankruptcies
5 5 0 0.0 -- 28 23 21.7
Proposals
4 1 0 300.0 -- 19 9 111.1
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 78 54 40 44.4 95.0 586 552 6.2
Bankruptcies
49 38 26 28.9 88.5 358 360 -0.6
Proposals
29 16 14 81.3 107.1 228 192 18.8

Table 4: BIA Insolvencies by NAICS Sectors

  Volume % Change 12-Month Period Ending
February
2022
January
2022
February
2021
Jan. 2022
to
Feb. 2022
Feb. 2021
to
Feb. 2022
02-28-2022 02-28-2021 % Change
Agriculture, Forestry, Fishing and Hunting 18 7 2 157.1 800.0 69 58 19.0
Bankruptcies
17 5 2 240.0 750.0 59 45 31.1
Proposals
1 2 0 -50.0 -- 10 13 -23.1
Mining and Oil and Gas Extraction 3 4 2 -25.0 50.0 38 41 -7.3
Bankruptcies
2 4 2 -50.0 0.0 30 26 15.4
Proposals
1 0 0 -- -- 8 15 -46.7
Utilities 1 0 0 -- -- 4 5 -20.0
Bankruptcies
1 0 0 -- -- 3 5 -40.0
Proposals
0 0 0 -- -- 1 0 --
Construction 32 29 31 10.3 3.2 371 303 22.4
Bankruptcies
21 23 25 -8.7 -16.0 273 235 16.2
Proposals
11 6 6 83.3 83.3 98 68 44.1
Manufacturing 22 20 24 10.0 -8.3 226 217 4.1
Bankruptcies
18 17 18 5.9 0.0 179 158 13.3
Proposals
4 3 6 33.3 -33.3 47 59 -20.3
Wholesale Trade 11 7 8 57.1 37.5 102 128 -20.3
Bankruptcies
10 5 8 100.0 25.0 81 103 -21.4
Proposals
1 2 0 -50.0 -- 21 25 -16.0
Retail Trade 28 23 15 21.7 86.7 282 323 -12.7
Bankruptcies
26 21 10 23.8 160.0 229 232 -1.3
Proposals
2 2 5 0.0 -60.0 53 91 -41.8
Transportation and Warehousing 30 19 15 57.9 100.0 215 143 50.3
Bankruptcies
19 17 12 11.8 58.3 172 114 50.9
Proposals
11 2 3 450.0 266.7 43 29 48.3
Information and Cultural Industries 16 2 3 700.0 433.3 50 38 31.6
Bankruptcies
5 1 2 400.0 150.0 33 28 17.9
Proposals
11 1 1 1000.0 1000.0 17 10 70.0
Finance and Insurance 0 1 5 -100.0 -100.0 39 46 -15.2
Bankruptcies
0 1 5 -100.0 -100.0 30 37 -18.9
Proposals
0 0 0 -- -- 9 9 0.0
Real Estate and Rental and Leasing 4 5 10 -20.0 -60.0 108 139 -22.3
Bankruptcies
2 5 9 -60.0 -77.8 75 104 -27.9
Proposals
2 0 1 -- 100.0 33 35 -5.7
Professional, Scientific and Technical Services 17 16 7 6.3 142.9 181 163 11.0
Bankruptcies
11 11 5 0.0 120.0 146 131 11.5
Proposals
6 5 2 20.0 200.0 35 32 9.4
Management of Companies and Enterprises 9 7 8 28.6 12.5 69 85 -18.8
Bankruptcies
6 6 6 0.0 0.0 53 64 -17.2
Proposals
3 1 2 200.0 50.0 16 21 -23.8
Administrative and Support, Waste Management and Remediation Services 25 12 13 108.3 92.3 161 119 35.3
Bankruptcies
17 8 10 112.5 70.0 117 87 34.5
Proposals
8 4 3 100.0 166.7 44 32 37.5
Educational Services 1 3 3 -66.7 -66.7 26 35 -25.7
Bankruptcies
1 2 3 -50.0 -66.7 20 29 -31.0
Proposals
0 1 0 -100.0 -- 6 6 0.0
Health Care and Social Assistance 8 10 10 -20.0 -20.0 72 66 9.1
Bankruptcies
5 9 6 -44.4 -16.7 54 52 3.8
Proposals
3 1 4 200.0 -25.0 18 14 28.6
Arts, Entertainment and Recreation 8 10 7 -20.0 14.3 75 105 -28.6
Bankruptcies
7 8 5 -12.5 40.0 57 82 -30.5
Proposals
1 2 2 -50.0 -50.0 18 23 -21.7
Accommodation and Food Services 25 24 27 4.2 -7.4 375 375 0.0
Bankruptcies
18 24 20 -25.0 -10.0 307 304 1.0
Proposals
7 0 7 -- 0.0 68 71 -4.2
Other Services (except Public Administration) 18 14 11 28.6 63.6 137 126 8.7
Bankruptcies
13 11 9 18.2 44.4 110 101 8.9
Proposals
5 3 2 66.7 150.0 27 25 8.0
Public Administration 0 0 0 -- -- 4 3 33.3
Bankruptcies
0 0 0 -- -- 4 2 100.0
Proposals
0 0 0 -- -- 0 1 -100.0
Canada 276 213 201 29.6 37.3 2,604 2,518 3.4
Bankruptcies
199 178 157 11.8 26.8 2,032 1,939 4.8
Proposals
77 35 44 120.0 75.0 572 579 -1.2