Highlights
Read the report Insolvency Statistics in Canada—May 2022.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 5.5% in May 2022 compared to the previous month. Bankruptcies increased by 1.9% and proposals increased by 6.8%.
The total number of insolvencies in May 2022 was 13.6% higher than the total number of insolvencies in May 2021. Consumer insolvencies increased by 13.3%, while business insolvencies increased by 27.0%.
For the 12month period ending May 31, 2022, the total number of insolvencies increased by 1.0% in comparison to the 12month period ending May 31, 2021.
Consumer insolvencies for the 12month period ending May 31, 2022, increased by 0.8% in comparison to the 12month period ending May 31, 2021. Consumer bankruptcies decreased by 13.9%, while consumer proposals increased by 7.9%. The proportion of proposals in consumer insolvencies increased to 71.9% during the 12month period ending May 31, 2022, up from 67.1% during the 12month period ending May 31, 2021. For the 12month period ending May 31, 2022, consumer insolvency filings accounted for 97.0% of total insolvency filings.
Business insolvencies for the 12month period ending May 31, 2022, increased by 10.2% compared with the 12month period ending May 31, 2021. The sectors that registered the biggest decrease in the number of insolvencies were mining and oil and gas extraction, real estate and rental and leasing, as well as arts, entertainment and recreation. Construction, transportation and warehousing as well as administrative and support, waste management and remediation services experienced the biggest increase in insolvencies.
Three Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 2022. Please refer to the CCAA Records List for additional details.