Insolvency Statistics in Canada—February 2020

Highlights

Read the report Insolvency Statistics in Canada—February 2020.

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 2.1% in February 2020 compared to the previous month. Bankruptcies increased by 0.9% and proposals increased by 2.7%.

The total number of insolvencies in February 2020 was 9% higher than the total number of insolvencies in February 2019. Consumer insolvencies increased by 9.2%, while business insolvencies increased by 1.9%.

For the 12-month period ending February 29, 2020, the total number of insolvencies increased by 9.9% compared with the 12-month period ending February 28, 2019.

Consumer insolvencies for the 12-month period ending February 29, 2020, increased by 10.1% compared with the 12-month period ending February 28, 2019. Consumer bankruptcies decreased by 1.7%, while consumer proposals increased by 19%. The proportion of proposals in consumer insolvencies increased to 61.2% during the 12-month period ending February 29, 2020, up from 56.6% during the 12-month period ending February 28, 2019. For the 12-month period ending February 29, 2020, consumer insolvency filings accounted for 97.4% of total insolvency filings.

Business insolvencies for the 12-month period ending February 29, 2020, increased by 3.1% compared with the 12-month period ending February 28, 2019. The three sectors that registered the biggest increase in the number of insolvencies were manufacturing; wholesale trade; as well as arts, entertainment and recreation. The three sectors that registered the biggest increase in the number of insolvencies were manufacturing; wholesale trade; as well as arts, entertainment and recreation. Construction as well as transportation and warehousing experienced the biggest decrease in insolvencies.

Five Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in February 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—February 2020.

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