Highlights
Read the report Insolvency Statistics in Canada—September 2020.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 18.8% in September 2020 compared to the previous month. Bankruptcies increased by 15.9% and proposals increased by 20.4%.
The total number of insolvencies in September 2020 was 35.3% lower than the total number of insolvencies in September 2019. Consumer insolvencies decreased by 35.8%, while business insolvencies decreased by 7.9%.
For the 12month period ending September 30, 2020, the total number of insolvencies decreased by 19.2% compared with the 12month period ending September 30, 2019.
Consumer insolvencies for the 12month period ending September 30, 2020, decreased by 19.2% compared with the 12month period ending September 30, 2019. Consumer bankruptcies decreased by 29.2%, while consumer proposals decreased by 12.3%. The proportion of proposals in consumer insolvencies increased to 64.4% during the 12month period ending September 30, 2020, up from 59.3% during the 12month period ending September 30, 2019. For the 12month period ending September 30, 2020, consumer insolvency filings accounted for 97.3% of total insolvency filings.
Business insolvencies for the 12month period ending September 30, 2020, decreased by 18.7% compared with the 12month period ending September 30, 2019. The two sectors that registered the biggest decrease in the number of insolvencies were construction, and professional, scientific and technical services. Retail trade as well as arts, entertainment and recreation experienced the biggest increase in insolvencies.
Nine Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in September 2020. 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—September 2020.