Highlights
Read the report Insolvency Statistics in Canada—October 2020.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 6.1% in October 2020 compared to the previous month. Bankruptcies increased by 3.9% and proposals increased by 7.4%.
The total number of insolvencies in October 2020 was 38.0% lower than the total number of insolvencies in October 2019. Consumer insolvencies decreased by 38.4%, while business insolvencies decreased by 23.1%.
For the 12month period ending October 31, 2020, the total number of insolvencies decreased by 23.7% compared with the 12month period ending October 31, 2019.
Consumer insolvencies for the 12month period ending October 31, 2020, decreased by 23.8% compared with the 12month period ending October 31, 2019. Consumer bankruptcies decreased by 33.7%, while consumer proposals decreased by 17.2%. The proportion of proposals in consumer insolvencies increased to 65.0% during the 12month period ending October 31, 2020, up from 59.8% during the 12month period ending October 31, 2019. For the 12month period ending October 31, 2020, consumer insolvency filings accounted for 97.2% of total insolvency filings.
Business insolvencies for the 12month period ending October 31, 2020, decreased by 20.4% compared with the 12month period ending October 31, 2019. The two sectors that registered the biggest decrease in the number of insolvencies were construction, and professional, scientific and technical services. Retail trade as well as arts, entertainment and recreation experienced the biggest increase in insolvencies.
Four Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in October 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—October 2020.