Highlights
Read the report Insolvency Statistics in Canada—January 2021.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 3.7% in January 2021 compared to the previous month. Bankruptcies decreased by 16.3% and proposals increased by 3.4%.
The total number of insolvencies in January 2021 was 36.1% lower than the total number of insolvencies in January 2020. Consumer insolvencies decreased by 35.8%, while business insolvencies decreased by 47.1%.
For the 12month period ending January 31, 2021, the total number of insolvencies decreased by 33.0% compared with the 12month period ending January 31, 2020.
Consumer insolvencies for the 12month period ending January 31, 2021, decreased by 33.1% compared with the 12month period ending January 31, 2020. Consumer bankruptcies decreased by 42.5%, while consumer proposals decreased by 27.0%. The proportion of proposals in consumer insolvencies increased to 66.3% during the 12month period ending January 31, 2021, up from 60.8% during the 12month period ending January 31, 2020. For the 12month period ending January 31, 2021, consumer insolvency filings accounted for 97.2% of total insolvency filings.
Business insolvencies for the 12month period ending January 31, 2021, decreased by 28.5% compared with the 12month period ending January 31, 2020. The two sectors that registered the biggest decrease in the number of insolvencies were construction, and manufacturing. Arts, entertainment and recreation as well as management of companies and enterprises experienced the biggest increase in insolvencies.
Four Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in January 2021. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada reports, which pertain to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, do not include CCAA filings.
Read the report Insolvency Statistics in Canada—January 2021.