Insolvency Statistics in Canada—January 2014

Highlights

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 8.2 percent in January 2014 from the previous month. Bankruptcies increased by 2.3 percent, whereas proposals increased by 16.5 percent.

The total number of insolvencies in January 2014 was 5.4 percent lower than the total number of insolvencies in January 2013. Consumer insolvencies decreased by 5.6 percent, while business insolvencies increased by 1.3 percent.

For the 12-month period ending January 31, 2014, the total number of insolvencies decreased by 0.5 percent compared with the 12-month period ending January 31, 2013.

Consumer insolvencies for the 12-month period ending January 31, 2014, decreased by 0.5 percent compared with the 12-month period ending January 31, 2013. Consumer bankruptcies decreased by 4.1 percent, while consumer proposals increased by 4.8 percent. The proportion of proposals in consumer insolvencies increased to 41.9 percent during the 12-month period ending January 31, 2014, up from 39.8 percent during the 12-month period ending January 31, 2013. For the 12-month period ending January 31, 2014, 96.5 percent of total insolvencies were filed by consumers.

Business insolvencies for the 12-month period ending January 31, 2014, fell by 0.4 percent compared with the 12-month period ending January 31, 2013. The three sectors that registered the biggest decrease in the number of insolvencies were construction, transportation and warehousing, and retail trade, whereas the accommodation and food services sector experienced the biggest rise in insolvencies.

One Companies’ Creditors Arrangement Act (CCAA) proceeding was filed with the OSB in January 2014. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada—January 2014 report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.

Detailed report: Insolvency Statistics in Canada—January 2014

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