Highlights
Insolvency Statistics in Canada — October 2009

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 19.0 percent in October 2009 from the previous month, its largest month-to-month decrease since December 2007. Bankruptcies recorded their most significant decrease on record with volumes falling by 27.7 percent compared to the previous month, whereas proposals increased by 15.4 percent. It was only the second time in the past ten years where insolvencies filed in October were lower than in September.

In comparison with the same month last year, the total number of insolvencies in October 2009 was 7.3 percent higher than the number in October 2008. Consumer insolvencies have increased by 8.5 percent while business insolvencies decreased by 13.8 percent. The increases in the total number of insolvencies as well as in consumer insolvencies were the lowest year-to-year increases since August 2008.

For the 12-month period ending October 31, 2009, total insolvencies increased by 31.9 percent compared to the 12-month period ending October 31, 2008. This is entirely due to an increase in consumer insolvencies.

Business insolvencies for the 12-month period ending October 31, 2009 fell by 7.7 percent compared with the 12 months ending October 31, 2008. A reduction in insolvencies in the Construction, Transportation and Warehousing, Agriculture, Forestry, Fishing and Hunting, and Retail Trade sectors contributed to this decrease.

Read the report Insolvency Statistics in Canada — October 2009.