Insolvency Statistics in Canada—March 2014

Highlights

Detailed report: Insolvency Statistics in Canada—March 2014

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 8.3 percent in March 2014 from the previous month. Bankruptcies increased by 7.5 percent, whereas proposals increased by 9.2 percent.

The total number of insolvencies in March 2014 was 2.1 percent higher than the total number of insolvencies in March 2013. Consumer insolvencies increased by 2.1 percent, while business insolvencies increased by 3.0 percent.

For the 12-month period ending March 31, 2014, the total number of insolvencies increased by 1.6 percent compared with the 12-month period ending March 31, 2013.

Consumer insolvencies for the 12-month period ending March 31, 2014, increased by 1.6 percent compared with the 12-month period ending March 31, 2013. Consumer bankruptcies decreased by 2.4 percent, while consumer proposals increased by 7.6 percent. The proportion of proposals in consumer insolvencies increased to 42.5 percent during the 12-month period ending March 31, 2014, up from 40.1 percent during the 12-month period ending March 31, 2013. For the 12-month period ending March 31, 2014, 96.5 percent of total insolvencies were filed by consumers.

Business insolvencies for the 12-month period ending March 31, 2014, increased by 0.2 percent compared with the 12-month period ending March 31, 2013. The three sectors that registered the biggest increase in the number of insolvencies were professional, scientific and technical services; accommodation and food services; and real estate and rental and leasing, whereas the construction and retail trade sectors experienced the biggest decrease in insolvencies.

Three Companies’ Creditors Arrangement Act (CCAA) proceeding were filed with the OSB in March 2014. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada—March 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—March 2014

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