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Insolvency Statistics in Canada—August 2020

Highlights

Read the report Insolvency Statistics in Canada—August 2020.

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 2.4% in August 2020 compared to the previous month. Bankruptcies decreased by 2.1% and proposals decreased by 2.5%.

The total number of insolvencies in August 2020 was 42.4% lower than the total number of insolvencies in August 2019. Consumer insolvencies decreased by 42.7%, while business insolvencies decreased by 25.5%.

For the 12 month period ending August 31, 2020, the total number of insolvencies decreased by 14.9% compared with the 12 month period ending August 31, 2019.

Consumer insolvencies for the 12 month period ending August 31, 2020, decreased by 14.7% compared with the 12 month period ending August 31, 2019. Consumer bankruptcies decreased by 25.0%, while consumer proposals decreased by 7.6%. The proportion of proposals in consumer insolvencies increased to 63.9% during the 12 month period ending August 31, 2020, up from 58.9% during the 12 month period ending August 31, 2019. For the 12 month period ending August 31, 2020, consumer insolvency filings accounted for 97.4% of total insolvency filings.

Business insolvencies for the 12 month period ending August 31, 2020, decreased by 18.9% compared with the 12 month period ending August 31, 2019. The two sectors that registered the biggest decrease in the number of insolvencies were construction, and accommodation and food services. Retail trade as well as arts, entertainment and recreation experienced the biggest increase in insolvencies.

One Companies’ Creditors Arrangement Act (CCAA) proceeding was filed with the OSB in August 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—August 2020.

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