Insolvency Statistics in Canada—October 2021

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.
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 Insolvencies
- Volume % Change 12-Month Period Ending
October 2021 September 2021 October 2020 Sept. 2021 to
Oct. 2021
Oct. 2020 to
Oct. 2021
10-31-2021 10-31-2020 % Change
Newfoundland and Labrador 156 131 178 19.1 -12.4 1,793 2,093 -14.3

Bankruptcies

63 45 71 40.0 -11.3 655 921 -28.9

Proposals

93 86 107 8.1 -13.1 1,138 1,172 -2.9
Prince Edward Island 34 30 26 13.3 30.8 390 481 -18.9

Bankruptcies

21 17 13 23.5 61.5 177 245 -27.8

Proposals

13 13 13 0.0 0.0 213 236 -9.7
Nova Scotia 240 234 288 2.6 -16.7 3,086 3,956 -22.0

Bankruptcies

110 90 132 22.2 -16.7 1,336 1,844 -27.5

Proposals

130 144 156 -9.7 -16.7 1,750 2,112 -17.1
New Brunswick 210 243 269 -13.6 -21.9 3,139 3,529 -11.1

Bankruptcies

86 100 134 -14.0 -35.8 1,367 1,567 -12.8

Proposals

124 143 135 -13.3 -8.1 1,772 1,962 -9.7
Quebec 2,129 2,196 2,463 -3.1 -13.6 25,237 30,985 -18.6

Bankruptcies

948 981 1,119 -3.4 -15.3 11,540 14,254 -19.0

Proposals

1,181 1,215 1,344 -2.8 -12.1 13,697 16,731 -18.1
Ontario 2,615 2,518 2,904 3.9 -10.0 31,196 36,724 -15.1

Bankruptcies

624 627 727 -0.5 -14.2 8,261 10,528 -21.5

Proposals

1,991 1,891 2,177 5.3 -8.5 22,935 26,196 -12.4
Manitoba 210 262 206 -19.8 1.9 2,479 2,717 -8.8

Bankruptcies

74 78 63 -5.1 17.5 803 877 -8.4

Proposals

136 184 143 -26.1 -4.9 1,676 1,840 -8.9
Saskatchewan 247 208 216 18.8 14.4 2,782 2,844 -2.2

Bankruptcies

65 63 75 3.2 -13.3 821 1,017 -19.3

Proposals

182 145 141 25.5 29.1 1,961 1,827 7.3
Alberta 1,109 1,178 1,135 -5.9 -2.3 13,941 13,894 0.3

Bankruptcies

207 203 330 2.0 -37.3 2,935 4,070 -27.9

Proposals

902 975 805 -7.5 12.0 11,006 9,824 12.0
British Columbia 694 693 687 0.1 1.0 8,740 8,820 -0.9

Bankruptcies

159 185 237 -14.1 -32.9 2,255 2,993 -24.7

Proposals

535 508 450 5.3 18.9 6,485 5,827 11.3
Northwest Territories 2 6 2 -66.7 0.0 45 50 -10.0

Bankruptcies

2 0 0 -- -- 7 12 -41.7

Proposals

0 6 2 -100.0 -100.0 38 38 0.0
Yukon 3 5 1 -40.0 200.0 37 34 8.8

Bankruptcies

1 0 1 -- 0.0 11 13 -15.4

Proposals

2 5 0 -60.0 -- 26 21 23.8
Nunavut 0 1 0 -100.0 -- 14 10 40.0

Bankruptcies

0 0 0 -- -- 1 3 -66.7

Proposals

0 1 0 -100.0 -- 13 7 85.7
Canada 7,649 7,705 8,375 -0.7 -8.7 92,879 106,137 -12.5

Bankruptcies

2,360 2,389 2,902 -1.2 -18.7 30,169 38,344 -21.3

Proposals

5,289 5,316 5,473 -0.5 -3.4 62,710 67,793 -7.5
Table 2: Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
October 2021 September 2021 October 2020 Sept. 2021 to
Oct. 2021
Oct. 2020 to
Oct. 2021
10-31-2021 10-31-2020 % Change
Newfoundland and Labrador 154 130 178 18.5 -13.5 1,780 2,077 -14.3

Bankruptcies

61 44 71 38.6 -14.1 642 908 -29.3

Proposals

93 86 107 8.1 -13.1 1,138 1,169 -2.7
Prince Edward Island 34 30 26 13.3 30.8 388 476 -18.5

Bankruptcies

21 17 13 23.5 61.5 176 241 -27.0

Proposals

13 13 13 0.0 0.0 212 235 -9.8
Nova Scotia 235 234 284 0.4 -17.3 3,071 3,926 -21.8

Bankruptcies

107 90 129 18.9 -17.1 1,324 1,817 -27.1

Proposals

128 144 155 -11.1 -17.4 1,747 2,109 -17.2
New Brunswick 209 242 266 -13.6 -21.4 3,122 3,510 -11.1

Bankruptcies

86 99 131 -13.1 -34.4 1,356 1,553 -12.7

Proposals

123 143 135 -14.0 -8.9 1,766 1,957 -9.8
Quebec 1,980 2,077 2,330 -4.7 -15.0 23,783 29,277 -18.8

Bankruptcies

824 883 1,019 -6.7 -19.1 10,326 12,949 -20.3

Proposals

1,156 1,194 1,311 -3.2 -11.8 13,457 16,328 -17.6
Ontario 2,567 2,461 2,837 4.3 -9.5 30,602 35,946 -14.9

Bankruptcies

585 588 681 -0.5 -14.1 7,830 9,983 -21.6

Proposals

1,982 1,873 2,156 5.8 -8.1 22,772 25,963 -12.3
Manitoba 207 259 204 -20.1 1.5 2,448 2,678 -8.6

Bankruptcies

71 76 61 -6.6 16.4 777 846 -8.2

Proposals

136 183 143 -25.7 -4.9 1,671 1,832 -8.8
Saskatchewan 242 203 216 19.2 12.0 2,732 2,785 -1.9

Bankruptcies

62 61 75 1.6 -17.3 782 971 -19.5

Proposals

180 142 141 26.8 27.7 1,950 1,814 7.5
Alberta 1,099 1,166 1,119 -5.7 -1.8 13,794 13,726 0.5

Bankruptcies

199 198 319 0.5 -37.6 2,839 3,944 -28.0

Proposals

900 968 800 -7.0 12.5 10,955 9,782 12.0
British Columbia 687 683 672 0.6 2.2 8,658 8,692 -0.4

Bankruptcies

153 178 224 -14.0 -31.7 2,201 2,913 -24.4

Proposals

534 505 448 5.7 19.2 6,457 5,779 11.7
Northwest Territories 2 6 2 -66.7 0.0 45 50 -10.0

Bankruptcies

2 0 0 -- -- 7 12 -41.7

Proposals

0 6 2 -100.0 -100.0 38 38 0.0
Yukon 3 5 1 -40.0 200.0 37 34 8.8

Bankruptcies

1 0 1 -- 0.0 11 13 -15.4

Proposals

2 5 0 -60.0 -- 26 21 23.8
Nunavut 0 1 0 -100.0 -- 14 7 100.0

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

0 1 0 -100.0 -- 13 7 85.7
Canada 7,419 7,497 8,135 -1.0 -8.8 90,474 103,184 -12.3

Bankruptcies

2,172 2,234 2,724 -2.8 -20.3 28,272 36,150 -21.8

Proposals

5,247 5,263 5,411 -0.3 -3.0 62,202 67,034 -7.2
Table 3: Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
October 2021 September 2021 October 2020 Sept. 2021 to
Oct. 2021
Oct. 2020 to
Oct. 2021
10-31-2021 10-31-2020 % Change
Newfoundland and Labrador 2 1 0 100.0 -- 13 16 -18.8

Bankruptcies

2 1 0 100.0 -- 13 13 0.0

Proposals

0 0 0 -- -- 0 3 -100.0
Prince Edward Island 0 0 0 -- -- 2 5 -60.0

Bankruptcies

0 0 0 -- -- 1 4 -75.0

Proposals

0 0 0 -- -- 1 1 0.0
Nova Scotia 5 0 4 -- 25.0 15 30 -50.0

Bankruptcies

3 0 3 -- 0.0 12 27 -55.6

Proposals

2 0 1 -- 100.0 3 3 0.0
New Brunswick 1 1 3 0.0 -66.7 17 19 -10.5

Bankruptcies

0 1 3 -100.0 -100.0 11 14 -21.4

Proposals

1 0 0 -- -- 6 5 20.0
Quebec 149 119 133 25.2 12.0 1,454 1,708 -14.9

Bankruptcies

124 98 100 26.5 24.0 1,214 1,305 -7.0

Proposals

25 21 33 19.0 -24.2 240 403 -40.4
Ontario 48 57 67 -15.8 -28.4 594 778 -23.7

Bankruptcies

39 39 46 0.0 -15.2 431 545 -20.9

Proposals

9 18 21 -50.0 -57.1 163 233 -30.0
Manitoba 3 3 2 0.0 50.0 31 39 -20.5

Bankruptcies

3 2 2 50.0 50.0 26 31 -16.1

Proposals

0 1 0 -100.0 -- 5 8 -37.5
Saskatchewan 5 5 0 0.0 -- 50 59 -15.3

Bankruptcies

3 2 0 50.0 -- 39 46 -15.2

Proposals

2 3 0 -33.3 -- 11 13 -15.4
Alberta 10 12 16 -16.7 -37.5 147 168 -12.5

Bankruptcies

8 5 11 60.0 -27.3 96 126 -23.8

Proposals

2 7 5 -71.4 -60.0 51 42 21.4
British Columbia 7 10 15 -30.0 -53.3 82 128 -35.9

Bankruptcies

6 7 13 -14.3 -53.8 54 80 -32.5

Proposals

1 3 2 -66.7 -50.0 28 48 -41.7
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 3 -100.0

Bankruptcies

0 0 0 -- -- 0 3 -100.0

Proposals

0 0 0 -- -- 0 0 --
Canada 230 208 240 10.6 -4.2 2,405 2,953 -18.6

Bankruptcies

188 155 178 21.3 5.6 1,897 2,194 -13.5

Proposals

42 53 62 -20.8 -32.3 508 759 -33.1
Table 3a: Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
October 2021 September 2021 October 2020 Sept. 2021 to
Oct. 2021
Oct. 2020 to
Oct. 2021
10-31-2021 10-31-2020 % Change
Newfoundland and Labrador 0 1 0 -100.0 -- 4 6 -33.3

Bankruptcies

0 1 0 -100.0 -- 4 5 -20.0

Proposals

0 0 0 -- -- 0 1 -100.0
Prince Edward Island 0 0 0 -- -- 1 1 0.0

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 0 0 2 -- -100.0 5 18 -72.2

Bankruptcies

0 0 2 -- -100.0 4 16 -75.0

Proposals

0 0 0 -- -- 1 2 -50.0
New Brunswick 1 1 0 0.0 -- 11 11 0.0

Bankruptcies

0 1 0 -100.0 -- 8 9 -11.1

Proposals

1 0 0 -- -- 3 2 50.0
Quebec 131 100 113 31.0 15.9 1,267 1,512 -16.2

Bankruptcies

112 88 87 27.3 28.7 1,095 1,182 -7.4

Proposals

19 12 26 58.3 -26.9 172 330 -47.9
Ontario 30 40 41 -25.0 -26.8 404 499 -19.0

Bankruptcies

26 32 30 -18.8 -13.3 327 375 -12.8

Proposals

4 8 11 -50.0 -63.6 77 124 -37.9
Manitoba 0 3 0 -100.0 -- 14 16 -12.5

Bankruptcies

0 2 0 -100.0 -- 11 10 10.0

Proposals

0 1 0 -100.0 -- 3 6 -50.0
Saskatchewan 0 0 0 -- -- 20 9 122.2

Bankruptcies

0 0 0 -- -- 17 7 142.9

Proposals

0 0 0 -- -- 3 2 50.0
Alberta 7 10 12 -30.0 -41.7 90 98 -8.2

Bankruptcies

6 4 9 50.0 -33.3 65 72 -9.7

Proposals

1 6 3 -83.3 -66.7 25 26 -3.8
British Columbia 3 4 12 -25.0 -75.0 42 82 -48.8

Bankruptcies

2 4 10 -50.0 -80.0 28 54 -48.1

Proposals

1 0 2 -- -50.0 14 28 -50.0
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 3 -100.0

Bankruptcies

0 0 0 -- -- 0 3 -100.0

Proposals

0 0 0 -- -- 0 0 --
Canada 172 159 180 8.2 -4.4 1,858 2,255 -17.6

Bankruptcies

146 132 138 10.6 5.8 1,560 1,733 -10.0

Proposals

26 27 42 -3.7 -38.1 298 522 -42.9
Table 3b: Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
October 2021 September 2021 October 2020 Sept. 2021 to
Oct. 2021
Oct. 2020 to
Oct. 2021
10-31-2021 10-31-2020 % Change
Newfoundland and Labrador 2 0 0 -- -- 9 10 -10.0

Bankruptcies

2 0 0 -- -- 9 8 12.5

Proposals

0 0 0 -- -- 0 2 -100.0
Prince Edward Island 0 0 0 -- -- 1 4 -75.0

Bankruptcies

0 0 0 -- -- 0 4 -100.0

Proposals

0 0 0 -- -- 1 0 --
Nova Scotia 5 0 2 -- 150.0 10 12 -16.7

Bankruptcies

3 0 1 -- 200.0 8 11 -27.3

Proposals

2 0 1 -- 100.0 2 1 100.0
New Brunswick 0 0 3 -- -100.0 6 8 -25.0

Bankruptcies

0 0 3 -- -100.0 3 5 -40.0

Proposals

0 0 0 -- -- 3 3 0.0
Quebec 18 19 20 -5.3 -10.0 187 196 -4.6

Bankruptcies

12 10 13 20.0 -7.7 119 123 -3.3

Proposals

6 9 7 -33.3 -14.3 68 73 -6.8
Ontario 18 17 26 5.9 -30.8 190 279 -31.9

Bankruptcies

13 7 16 85.7 -18.8 104 170 -38.8

Proposals

5 10 10 -50.0 -50.0 86 109 -21.1
Manitoba 3 0 2 -- 50.0 17 23 -26.1

Bankruptcies

3 0 2 -- 50.0 15 21 -28.6

Proposals

0 0 0 -- -- 2 2 0.0
Saskatchewan 5 5 0 0.0 -- 30 50 -40.0

Bankruptcies

3 2 0 50.0 -- 22 39 -43.6

Proposals

2 3 0 -33.3 -- 8 11 -27.3
Alberta 3 2 4 50.0 -25.0 57 70 -18.6

Bankruptcies

2 1 2 100.0 0.0 31 54 -42.6

Proposals

1 1 2 0.0 -50.0 26 16 62.5
British Columbia 4 6 3 -33.3 33.3 40 46 -13.0

Bankruptcies

4 3 3 33.3 33.3 26 26 0.0

Proposals

0 3 0 -100.0 -- 14 20 -30.0
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 49 60 18.4 -3.3 547 698 -21.6

Bankruptcies

42 23 40 82.6 5.0 337 461 -26.9

Proposals

16 26 20 -38.5 -20.0 210 237 -11.4
Table 4: Insolvencies by NAICS Economic Sectors, Canada
- Volume % Change 12-Month Period Ending
October 2021 September 2021 October 2020 Sept. 2021 to
Oct. 2021
Oct. 2020 to
Oct. 2021
10-31-2021 10-31-2020 % Change
Agriculture, Forestry, Fishing and Hunting 4 2 4 100.0 0.0 53 58 -8.6

Bankruptcies

4 1 2 300.0 100.0 43 43 0.0

Proposals

0 1 2 -100.0 -100.0 10 15 -33.3
Mining and Oil and Gas Extraction 1 0 11 -- -90.9 45 34 32.4

Bankruptcies

0 0 8 -- -100.0 33 24 37.5

Proposals

1 0 3 -- -66.7 12 10 20.0
Utilities 0 0 1 -- -100.0 2 6 -66.7

Bankruptcies

0 0 1 -- -100.0 1 5 -80.0

Proposals

0 0 0 -- -- 1 1 0.0
Construction 42 25 28 68.0 50.0 342 390 -12.3

Bankruptcies

30 20 24 50.0 25.0 268 285 -6.0

Proposals

12 5 4 140.0 200.0 74 105 -29.5
Manufacturing 18 17 15 5.9 20.0 226 268 -15.7

Bankruptcies

13 9 9 44.4 44.4 174 185 -5.9

Proposals

5 8 6 -37.5 -16.7 52 83 -37.3
Wholesale Trade 10 3 6 233.3 66.7 102 148 -31.1

Bankruptcies

10 2 5 400.0 100.0 82 112 -26.8

Proposals

0 1 1 -100.0 -100.0 20 36 -44.4
Retail Trade 23 27 23 -14.8 0.0 254 415 -38.8

Bankruptcies

18 20 14 -10.0 28.6 202 292 -30.8

Proposals

5 7 9 -28.6 -44.4 52 123 -57.7
Transportation and Warehousing 18 17 20 5.9 -10.0 178 178 0.0

Bankruptcies

16 12 14 33.3 14.3 145 137 5.8

Proposals

2 5 6 -60.0 -66.7 33 41 -19.5
Information and Cultural Industries 2 3 7 -33.3 -71.4 37 55 -32.7

Bankruptcies

2 1 6 100.0 -66.7 31 42 -26.2

Proposals

0 2 1 -100.0 -100.0 6 13 -53.8
Finance and Insurance 2 2 4 0.0 -50.0 52 35 48.6

Bankruptcies

2 2 1 0.0 100.0 46 26 76.9

Proposals

0 0 3 -- -100.0 6 9 -33.3
Real Estate and Rental and Leasing 10 18 13 -44.4 -23.1 127 133 -4.5

Bankruptcies

8 10 6 -20.0 33.3 99 87 13.8

Proposals

2 8 7 -75.0 -71.4 28 46 -39.1
Professional, Scientific and Technical Services 23 13 15 76.9 53.3 172 178 -3.4

Bankruptcies

21 7 15 200.0 40.0 144 132 9.1

Proposals

2 6 0 -66.7 -- 28 46 -39.1
Management of Companies and Enterprises 2 2 4 0.0 -50.0 65 93 -30.1

Bankruptcies

2 2 1 0.0 100.0 51 67 -23.9

Proposals

0 0 3 -- -100.0 14 26 -46.2
Administrative and Support, Waste Management and Remediation Services 12 18 12 -33.3 0.0 134 124 8.1

Bankruptcies

9 16 10 -43.8 -10.0 99 87 13.8

Proposals

3 2 2 50.0 50.0 35 37 -5.4
Educational Services 3 3 3 0.0 0.0 29 33 -12.1

Bankruptcies

2 3 3 -33.3 -33.3 24 27 -11.1

Proposals

1 0 0 -- -- 5 6 -16.7
Health Care and Social Assistance 3 8 13 -62.5 -76.9 65 65 0.0

Bankruptcies

3 7 11 -57.1 -72.7 45 52 -13.5

Proposals

0 1 2 -100.0 -100.0 20 13 53.8
Arts, Entertainment and Recreation 5 6 10 -16.7 -50.0 69 116 -40.5

Bankruptcies

4 6 6 -33.3 -33.3 51 93 -45.2

Proposals

1 0 4 -- -75.0 18 23 -21.7
Accommodation and Food Services 37 36 37 2.8 0.0 330 461 -28.4

Bankruptcies

29 32 30 -9.4 -3.3 256 374 -31.6

Proposals

8 4 7 100.0 14.3 74 87 -14.9
Other Services (except Public Administration) 15 8 14 87.5 7.1 120 160 -25.0

Bankruptcies

15 5 12 200.0 25.0 100 122 -18.0

Proposals

0 3 2 -100.0 -100.0 20 38 -47.4
Public Administration 0 0 0 -- -- 3 3 0.0

Bankruptcies

0 0 0 -- -- 3 2 50.0

Proposals

0 0 0 -- -- 0 1 -100.0
Canada 230 208 240 10.6 -4.2 2,405 2,953 -18.6

Bankruptcies

188 155 178 21.3 5.6 1,897 2,194 -13.5

Proposals

42 53 62 -20.8 -32.3 508 759 -33.1