Highlights
Insolvency Statistics in Canada — October 2011

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 3.2Footnote r percent in October 2011 from the previous month. Bankruptcies decreased by 3.7 percent, whereas proposals decreased by 2.4Footnote r percent.

The total number of insolvencies in October 2011 was 12.2Footnote r percent lower than the total number of insolvencies in October 2010. Consumer insolvencies have decreased by 12.9 percent, while business insolvencies have increased by 8.1Footnote r percent.

For the 12-month period ending October 31, 2011, the total number of insolvencies decreased by 8.2 percent compared with the 12-month period ending October 31, 2010.

Consumer insolvencies for the 12-month period ending October 31, 2011, decreased by 8.1 percent compared with the 12-month period ending October 31, 2010. Consumer bankruptcies decreased by 15.0 percent, while consumer proposals increased by 7.4 percent. The proportion of proposals in consumer insolvencies increased to 35.8 percent during the 12-month period ending October 31, 2011, up from 30.6 percent during the 12-month period ending October 31, 2010. For the 12-month period ending October 31, 2011, 96.3 percent of total insolvencies were filed by consumers.

Business insolvencies for the 12-month period ending October 31, 2011, fell by 9.4Footnote r percent compared with the 12-month period ending October 31, 2010. The two sectors that registered the biggest decrease in the number of insolvencies were retail trade; and transportation and warehousing.

Four Companies’ Creditors Arrangement Act (CCAA) proceedings initiated in October 2011 were filed with the OSB. Please refer to the CCAA records for additional details. Note: The Insolvency Statistics in Canada – October 2011 report, which pertains to bankruptcies and proposals filed under the BIA, does not include CCAA filings.

Read the report Insolvency Statistics in Canada – October 2011.


Footnotes

  • r Revised on January 19, 2012, due to an error in the total volume of business proposals in October 2011.