Insolvency Statistics in Canada—July 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
July 2022 June 2022 July 2021 June 2022
to
July 2022
July 2021
to
July 2022
07-31-2022 07-31-2021 % Change
Newfoundland and Labrador  138 194 119 -28.9 16.0 1,719 1,880 -8.6

Bankruptcies

50 62 42 -19.4 19.0 621 703 -11.7

Proposals

88 132 77 -33.3 14.3 1,098 1,177 -6.7
Prince Edward Island 41 41 22 0.0 86.4 435 385 13.0

Bankruptcies

15 15 9 0.0 66.7 179 170 5.3

Proposals

26 26 13 0.0 100.0 256 215 19.1
Nova Scotia 293 360 210 -18.6 39.5 3,132 3,161 -0.9

Bankruptcies

101 124 85 -18.5 18.8 1,231 1,373 -10.3

Proposals

192 236 125 -18.6 53.6 1,901 1,788 6.3
New Brunswick 265 260 205 1.9 29.3 2,958 3,256 -9.2

Bankruptcies

91 90 86 1.1 5.8 1,099 1,459 -24.7

Proposals

174 170 119 2.4 46.2 1,859 1,797 3.5
Quebec 2,052 2,322 1,807 -11.6 13.6 25,876 25,495 1.5

Bankruptcies

828 937 817 -11.6 1.3 10,773 11,812 -8.8

Proposals

1,224 1,385 990 -11.6 23.6 15,103 13,683 10.4
Ontario 2,762 3,266 2,276 -15.4 21.4 32,624 31,622 3.2

Bankruptcies

575 730 579 -21.2 -0.7 7,730 8,542 -9.5

Proposals

2,187 2,536 1,697 -13.8 28.9 24,894 23,080 7.9
Manitoba 230 264 174 -12.9 32.2 2,621 2,448 7.1

Bankruptcies

81 63 52 28.6 55.8 769 795 -3.3

Proposals

149 201 122 -25.9 22.1 1,852 1,653 12.0
Saskatchewan 251 293 186 -14.3 34.9 2,944 2,728 7.9

Bankruptcies

58 56 45 3.6 28.9 716 825 -13.2

Proposals

193 237 141 -18.6 36.9 2,228 1,903 17.1
Alberta 1,189 1,337 1,083 -11.1 9.8 14,340 13,705 4.6

Bankruptcies

195 197 215 -1.0 -9.3 2,518 3,200 -21.3

Proposals

994 1,140 868 -12.8 14.5 11,822 10,505 12.5
British Columbia 828 863 677 -4.1 22.3 9,210 8,482 8.6

Bankruptcies

143 162 147 -11.7 -2.7 1,946 2,357 -17.4

Proposals

685 701 530 -2.3 29.2 7,264 6,125 18.6
Northwest Territories 0 4 2 -100.0 -100.0 61 46 32.6

Bankruptcies

0 2 0 -100.0 -- 7 7 0.0

Proposals

0 2 2 -100.0 -100.0 54 39 38.5
Yukon 4 5 2 -20.0 100.0 49 31 58.1

Bankruptcies

1 0 0 -- -- 6 10 -40.0

Proposals

3 5 2 -40.0 50.0 43 21 104.8
Nunavut 1 1 1 0.0 0.0 11 13 -15.4

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

1 1 1 0.0 0.0 10 13 -23.1
Canada 8,054 9,210 6,764 -12.6 19.1 95,980 93,252 2.9

Bankruptcies

2,138 2,438 2,077 -12.3 2.9 27,596 31,253 -11.7

Proposals

5,916 6,772 4,687 -12.6 26.2 68,384 61,999 10.3
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
July 2022 June 2022 July 2021 June 2022
to
July 2022
July 2021
to
July 2022
07-31-2022 07-31-2021 % Change
Newfoundland and Labrador  138 191 117 -27.7 17.9 1,708 1,867 -8.5

Bankruptcies

50 59 40 -15.3 25.0 611 690 -11.4

Proposals

88 132 77 -33.3 14.3 1,097 1,177 -6.8
Prince Edward Island 41 41 21 0.0 95.2 431 384 12.2

Bankruptcies

15 15 9 0.0 66.7 175 170 2.9

Proposals

26 26 12 0.0 116.7 256 214 19.6
Nova Scotia 292 358 210 -18.4 39.0 3,110 3,148 -1.2

Bankruptcies

100 122 85 -18.0 17.6 1,218 1,362 -10.6

Proposals

192 236 125 -18.6 53.6 1,892 1,786 5.9
New Brunswick 262 259 204 1.2 28.4 2,938 3,237 -9.2

Bankruptcies

88 89 85 -1.1 3.5 1,082 1,446 -25.2

Proposals

174 170 119 2.4 46.2 1,856 1,791 3.6
Quebec 1,923 2,147 1,720 -10.4 11.8 24,121 24,025 0.4

Bankruptcies

713 789 743 -9.6 -4.0 9,317 10,598 -12.1

Proposals

1,210 1,358 977 -10.9 23.8 14,804 13,427 10.3
Ontario 2,701 3,191 2,226 -15.4 21.3 31,852 31,012 2.7

Bankruptcies

530 671 546 -21.0 -2.9 7,176 8,105 -11.5

Proposals

2,171 2,520 1,680 -13.8 29.2 24,676 22,907 7.7
Manitoba 227 261 169 -13.0 34.3 2,592 2,415 7.3

Bankruptcies

79 62 48 27.4 64.6 749 767 -2.3

Proposals

148 199 121 -25.6 22.3 1,843 1,648 11.8
Saskatchewan 247 289 185 -14.5 33.5 2,896 2,682 8.0

Bankruptcies

57 53 44 7.5 29.5 686 788 -12.9

Proposals

190 236 141 -19.5 34.8 2,210 1,894 16.7
Alberta 1,168 1,315 1,075 -11.2 8.7 14,169 13,555 4.5

Bankruptcies

183 188 210 -2.7 -12.9 2,409 3,099 -22.3

Proposals

985 1,127 865 -12.6 13.9 11,760 10,456 12.5
British Columbia 818 845 672 -3.2 21.7 9,098 8,388 8.5

Bankruptcies

136 146 143 -6.8 -4.9 1,863 2,290 -18.6

Proposals

682 699 529 -2.4 28.9 7,235 6,098 18.6
Northwest Territories 0 4 2 -100.0 -100.0 61 46 32.6

Bankruptcies

0 2 0 -100.0 -- 7 7 0.0

Proposals

0 2 2 -100.0 -100.0 54 39 38.5
Yukon 4 5 2 -20.0 100.0 49 31 58.1

Bankruptcies

1 0 0 -- -- 6 10 -40.0

Proposals

3 5 2 -40.0 50.0 43 21 104.8
Nunavut 1 1 1 0.0 0.0 11 13 -15.4

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

1 1 1 0.0 0.0 10 13 -23.1
Canada 7,822 8,907 6,604 -12.2 18.4 93,036 90,803 2.5

Bankruptcies

1,952 2,196 1,953 -11.1 -0.1 25,300 29,332 -13.7

Proposals

5,870 6,711 4,651 -12.5 26.2 67,736 61,471 10.2
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
July 2022 June 2022 July 2021 June 2022
to
July 2022
July 2021
to
July 2022
07-31-2022 07-31-2021 % Change
Newfoundland and Labrador  0 3 2 -100.0 -100.0 11 13 -15.4

Bankruptcies

0 3 2 -100.0 -100.0 10 13 -23.1

Proposals

0 0 0 -- -- 1 0 --
Prince Edward Island 0 0 1 -- -100.0 4 1 300.0

Bankruptcies

0 0 0 -- -- 4 0 --

Proposals

0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 1 2 0 -50.0 -- 22 13 69.2

Bankruptcies

1 2 0 -50.0 -- 13 11 18.2

Proposals

0 0 0 -- -- 9 2 350.0
New Brunswick 3 1 1 200.0 200.0 20 19 5.3

Bankruptcies

3 1 1 200.0 200.0 17 13 30.8

Proposals

0 0 0 -- -- 3 6 -50.0
Quebec 129 175 87 -26.3 48.3 1,755 1,470 19.4

Bankruptcies

115 148 74 -22.3 55.4 1,456 1,214 19.9

Proposals

14 27 13 -48.1 7.7 299 256 16.8
Ontario 61 75 50 -18.7 22.0 772 610 26.6

Bankruptcies

45 59 33 -23.7 36.4 554 437 26.8

Proposals

16 16 17 0.0 -5.9 218 173 26.0
Manitoba 3 3 5 0.0 -40.0 29 33 -12.1

Bankruptcies

2 1 4 100.0 -50.0 20 28 -28.6

Proposals

1 2 1 -50.0 0.0 9 5 80.0
Saskatchewan 4 4 1 0.0 300.0 48 46 4.3

Bankruptcies

1 3 1 -66.7 0.0 30 37 -18.9

Proposals

3 1 0 200.0 -- 18 9 100.0
Alberta 21 22 8 -4.5 162.5 171 150 14.0

Bankruptcies

12 9 5 33.3 140.0 109 101 7.9

Proposals

9 13 3 -30.8 200.0 62 49 26.5
British Columbia 10 18 5 -44.4 100.0 112 94 19.1

Bankruptcies

7 16 4 -56.3 75.0 83 67 23.9

Proposals

3 2 1 50.0 200.0 29 27 7.4
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 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 232 303 160 -23.4 45.0 2,944 2,449 20.2

Bankruptcies

186 242 124 -23.1 50.0 2,296 1,921 19.5

Proposals

46 61 36 -24.6 27.8 648 528 22.7
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
July 2022 June 2022 July 2021 June 2022
to
July 2022
July 2021
to
July 2022
07-31-2022 07-31-2021 % 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 0 -- -- 2 0 --

Bankruptcies

0 0 0 -- -- 2 0 --

Proposals

0 0 0 -- -- 0 0 --
Nova Scotia 1 0 0 -- -- 8 7 14.3

Bankruptcies

1 0 0 -- -- 4 6 -33.3

Proposals

0 0 0 -- -- 4 1 300.0
New Brunswick 0 0 0 -- -- 8 9 -11.1

Bankruptcies

0 0 0 -- -- 7 7 0.0

Proposals

0 0 0 -- -- 1 2 -50.0
Quebec 117 145 80 -19.3 46.3 1,523 1,283 18.7

Bankruptcies

106 133 69 -20.3 53.6 1,325 1,089 21.7

Proposals

11 12 11 -8.3 0.0 198 194 2.1
Ontario 38 55 39 -30.9 -2.6 513 419 22.4

Bankruptcies

33 48 30 -31.3 10.0 411 329 24.9

Proposals

5 7 9 -28.6 -44.4 102 90 13.3
Manitoba 3 1 3 200.0 0.0 15 12 25.0

Bankruptcies

2 0 2 -- 0.0 10 10 0.0

Proposals

1 1 1 0.0 0.0 5 2 150.0
Saskatchewan 0 0 0 -- -- 7 21 -66.7

Bankruptcies

0 0 0 -- -- 4 17 -76.5

Proposals

0 0 0 -- -- 3 4 -25.0
Alberta 10 6 3 66.7 233.3 81 87 -6.9

Bankruptcies

8 4 3 100.0 166.7 62 65 -4.6

Proposals

2 2 0 0.0 -- 19 22 -13.6
British Columbia 5 8 3 -37.5 66.7 50 62 -19.4

Bankruptcies

3 8 3 -62.5 0.0 39 45 -13.3

Proposals

2 0 0 -- -- 11 17 -35.3
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 174 215 128 -19.1 35.9 2,209 1,905 16.0

Bankruptcies

153 193 107 -20.7 43.0 1,865 1,573 18.6

Proposals

21 22 21 -4.5 0.0 344 332 3.6
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
July 2022 June 2022 July 2021 June 2022
to
July 2022
July 2021
to
July 2022
07-31-2022 07-31-2021 % Change
Newfoundland and Labrador  0 3 2 -100.0 -100.0 9 8 12.5

Bankruptcies

0 3 2 -100.0 -100.0 9 8 12.5

Proposals

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

Bankruptcies

0 0 0 -- -- 2 0 --

Proposals

0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 0 2 0 -100.0 -- 14 6 133.3

Bankruptcies

0 2 0 -100.0 -- 9 5 80.0

Proposals

0 0 0 -- -- 5 1 400.0
New Brunswick 3 1 1 200.0 200.0 12 10 20.0

Bankruptcies

3 1 1 200.0 200.0 10 6 66.7

Proposals

0 0 0 -- -- 2 4 -50.0
Quebec 12 30 7 -60.0 71.4 232 187 24.1

Bankruptcies

9 15 5 -40.0 80.0 131 125 4.8

Proposals

3 15 2 -80.0 50.0 101 62 62.9
Ontario 23 20 11 15.0 109.1 259 191 35.6

Bankruptcies

12 11 3 9.1 300.0 143 108 32.4

Proposals

11 9 8 22.2 37.5 116 83 39.8
Manitoba 0 2 2 -100.0 -100.0 14 21 -33.3

Bankruptcies

0 1 2 -100.0 -100.0 10 18 -44.4

Proposals

0 1 0 -100.0 -- 4 3 33.3
Saskatchewan 4 4 1 0.0 300.0 41 25 64.0

Bankruptcies

1 3 1 -66.7 0.0 26 20 30.0

Proposals

3 1 0 200.0 -- 15 5 200.0
Alberta 11 16 5 -31.3 120.0 90 63 42.9

Bankruptcies

4 5 2 -20.0 100.0 47 36 30.6

Proposals

7 11 3 -36.4 133.3 43 27 59.3
British Columbia 5 10 2 -50.0 150.0 62 32 93.8

Bankruptcies

4 8 1 -50.0 300.0 44 22 100.0

Proposals

1 2 1 -50.0 0.0 18 10 80.0
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 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 58 88 32 -34.1 81.3 735 544 35.1

Bankruptcies

33 49 17 -32.7 94.1 431 348 23.9

Proposals

25 39 15 -35.9 66.7 304 196 55.1
Table 4: BIA Insolvencies by NAICS Sectors
- Volume % Change 12-Month Period Ending
July 2022 June 2022 July 2022 June 2022
to
July 2022
July 2021
to
July 2022
07-31-2022 07-31-2021 % Change
Agriculture, Forestry, Fishing and Hunting 4 3 6 33.3 -33.3 73 57 28.1

Bankruptcies

3 2 4 50.0 -25.0 64 44 45.5

Proposals

1 1 2 0.0 -50.0 9 13 -30.8
Mining and Oil and Gas Extraction 2 2 4 0.0 -50.0 20 58 -65.5

Bankruptcies

2 2 4 0.0 -50.0 16 43 -62.8

Proposals

0 0 0 -- -- 4 15 -73.3
Utilities 0 3 0 -100.0 -- 6 4 50.0

Bankruptcies

0 2 0 -100.0 -- 5 3 66.7

Proposals

0 1 0 -100.0 -- 1 1 0.0
Construction 23 54 16 -57.4 43.8 437 319 37.0

Bankruptcies

17 39 12 -56.4 41.7 314 256 22.7

Proposals

6 15 4 -60.0 50.0 123 63 95.2
Manufacturing 18 17 19 5.9 -5.3 225 220 2.3

Bankruptcies

11 12 17 -8.3 -35.3 168 169 -0.6

Proposals

7 5 2 40.0 250.0 57 51 11.8
Wholesale Trade 8 14 10 -42.9 -20.0 122 112 8.9

Bankruptcies

6 12 8 -50.0 -25.0 101 88 14.8

Proposals

2 2 2 0.0 0.0 21 24 -12.5
Retail Trade 29 46 20 -37.0 45.0 318 268 18.7

Bankruptcies

20 33 14 -39.4 42.9 260 209 24.4

Proposals

9 13 6 -30.8 50.0 58 59 -1.7
Transportation and Warehousing 26 21 13 23.8 100.0 254 177 43.5

Bankruptcies

22 16 11 37.5 100.0 194 146 32.9

Proposals

4 5 2 -20.0 100.0 60 31 93.5
Information and Cultural Industries 2 7 5 -71.4 -60.0 59 41 43.9

Bankruptcies

1 7 4 -85.7 -75.0 37 34 8.8

Proposals

1 0 1 -- 0.0 22 7 214.3
Finance and Insurance 1 3 2 -66.7 -50.0 34 53 -35.8

Bankruptcies

1 1 2 0.0 -50.0 20 45 -55.6

Proposals

0 2 0 -100.0 -- 14 8 75.0
Real Estate and Rental and Leasing 9 13 6 -30.8 50.0 116 122 -4.9

Bankruptcies

8 11 3 -27.3 166.7 81 97 -16.5

Proposals

1 2 3 -50.0 -66.7 35 25 40.0
Professional, Scientific and Technical Services 16 21 11 -23.8 45.5 219 165 32.7

Bankruptcies

13 19 11 -31.6 18.2 172 143 20.3

Proposals

3 2 0 50.0 -- 47 22 113.6
Management of Companies and Enterprises 0 5 6 -100.0 -100.0 57 81 -29.6

Bankruptcies

0 4 3 -100.0 -100.0 47 60 -21.7

Proposals

0 1 3 -100.0 -100.0 10 21 -52.4
Administrative and Support, Waste Management and Remediation Services 9 14 12 -35.7 -25.0 172 132 30.3

Bankruptcies

4 11 10 -63.6 -60.0 126 98 28.6

Proposals

5 3 2 66.7 150.0 46 34 35.3
Educational Services 2 0 1 -- 100.0 24 31 -22.6

Bankruptcies

1 0 0 -- -- 19 25 -24.0

Proposals

1 0 1 -- 0.0 5 6 -16.7
Health Care and Social Assistance 8 9 4 -11.1 100.0 84 67 25.4

Bankruptcies

8 7 2 14.3 300.0 68 47 44.7

Proposals

0 2 2 -100.0 -100.0 16 20 -20.0
Arts, Entertainment and Recreation 14 7 3 100.0 366.7 87 79 10.1

Bankruptcies

13 7 3 85.7 333.3 73 55 32.7

Proposals

1 0 0 -- -- 14 24 -41.7
Accommodation and Food Services 40 55 16 -27.3 150.0 443 340 30.3

Bankruptcies

38 50 12 -24.0 216.7 378 259 45.9

Proposals

2 5 4 -60.0 -50.0 65 81 -19.8
Other Services (except Public Administration) 18 9 6 100.0 200.0 187 118 58.5

Bankruptcies

15 7 4 114.3 275.0 146 96 52.1

Proposals

3 2 2 50.0 50.0 41 22 86.4
Public Administration 2 0 0 -- -- 4 5 -20.0

Bankruptcies

2 0 0 -- -- 4 4 0.0

Proposals

0 0 0 -- -- 0 1 -100.0
Canada 231 303 160 -23.8 44.4 2,941 2,449 20.1
Bankruptcies 185 242 124 -23.6 49.2 2,293 1,921 19.4
Proposals 46 61 36 -24.6 27.8 648 528 22.7