Highlights
Read the report Insolvency Statistics in Canada—July 2022.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 12.6% in July 2022 compared to the previous month. Bankruptcies decreased by 12.3% and proposals decreased by 12.6%.
The total number of insolvencies in July 2022 was 19.1% higher than the total number of insolvencies in July 2021. Consumer insolvencies increased by 18.4%, while business insolvencies increased by 45.0%.
For the 12 month period ending July 31, 2022, the total number of insolvencies increased by 2.9% in comparison to the 12 month period ending July 31, 2021.
Consumer insolvencies for the 12 month period ending July 31, 2022, increased by 2.5% in comparison to the 12 month period ending July 31, 2021. Consumer bankruptcies decreased by 13.7%, while consumer proposals increased by 10.2%. The proportion of proposals in consumer insolvencies increased to 72.8% during the 12 month period ending July 31, 2022, up from 67.7% during the 12 month period ending July 31, 2021. For the 12 month period ending July 31, 2022, consumer insolvency filings accounted for 96.9% of total insolvency filings.
Business insolvencies for the 12 month period ending July 31, 2022, increased by 20.2% compared with the 12 month period ending July 31, 2021. The sectors that registered the biggest decrease in the number of insolvencies were mining and oil and gas extraction, management of companies and enterprises. Construction, accommodation and food services as well as transportation and warehousing registered the biggest increases in the number of insolvencies.
Three Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in July 2022. Please refer to the CCAA Records List for additional details.