Insolvency Statistics in Canada—March 2022

Definitions

Bankruptcy
The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.
Bankruptcy and Insolvency Act (BIA)
The federal act that provides the framework to file and administer insolvencies in Canada.
Business
Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.
Consumer
An individual with more than 50% of total liabilities related to consumer goods and services.
Corporation
A commercial entity or organization.
Individual Business
An individual who has incurred 50% or more of total liabilities as a result of operating a business.
North American Industry Classification System (NAICS)
System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.
Proposal
An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.

Note:

Monthly statistics for insolvency volumes tend to vary widely. Quarterly and annual statistics can be more indicative of the evolution of insolvency volume.

Table 1: Total BIA Insolvencies
- Volume % Change 12-Month Period Ending
March 2022 February 2022 March 2021 Feb. 2022
to
Mar. 2022
Mar. 2021
to
Mar. 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador 164 145 175 13.1 -6.3 1,723 1,714 0.5

Bankruptcies

56 43 69 30.2 -18.8 625 679 -8.0

Proposals

108 102 106 5.9 1.9 1,098 1,035 6.1
Prince Edward Island 44 34 43 29.4 2.3 395 393 0.5

Bankruptcies

21 11 16 90.9 31.3 175 166 5.4

Proposals

23 23 27 0.0 -14.8 220 227 -3.1
Nova Scotia 293 217 304 35.0 -3.6 2,908 3,060 -5.0

Bankruptcies

107 79 133 35.4 -19.5 1,188 1,380 -13.9

Proposals

186 138 171 34.8 8.8 1,720 1,680 2.4
New Brunswick 319 215 328 48.4 -2.7 2,940 3,042 -3.4

Bankruptcies

108 78 153 38.5 -29.4 1,166 1,396 -16.5

Proposals

211 137 175 54.0 20.6 1,774 1,646 7.8
Quebec 2,640 2,110 2,644 25.1 -0.2 25,117 24,220 3.7

Bankruptcies

1,022 823 1,167 24.2 -12.4 11,031 11,347 -2.8

Proposals

1,618 1,287 1,477 25.7 9.5 14,086 12,873 9.4
Ontario 3,180 2,606 3,127 22.0 1.7 30,824 31,503 -2.2

Bankruptcies

725 573 782 26.5 -7.3 7,809 8,484 -8.0

Proposals

2,455 2,033 2,345 20.8 4.7 23,015 23,019 0.0
Manitoba 241 185 226 30.3 6.6 2,500 2,380 5.0

Bankruptcies

58 41 75 41.5 -22.7 751 772 -2.7

Proposals

183 144 151 27.1 21.2 1,749 1,608 8.8
Saskatchewan 313 218 303 43.6 3.3 2,765 2,580 7.2

Bankruptcies

79 52 108 51.9 -26.9 730 826 -11.6

Proposals

234 166 195 41.0 20.0 2,035 1,754 16.0
Alberta 1,371 1,183 1,438 15.9 -4.7 13,960 12,568 11.1

Bankruptcies

233 199 319 17.1 -27.0 2,639 3,277 -19.5

Proposals

1,138 984 1,119 15.7 1.7 11,321 9,291 21.8
British Columbia 939 746 870 25.9 7.9 8,864 8,003 10.8

Bankruptcies

169 165 250 2.4 -32.4 2,072 2,354 -12.0

Proposals

770 581 620 32.5 24.2 6,792 5,649 20.2
Northwest Territories 6 7 3 -14.3 100.0 62 44 40.9

Bankruptcies

0 1 1 -100.0 -100.0 8 7 14.3

Proposals

6 6 2 0.0 200.0 54 37 45.9
Yukon 3 2 1 50.0 200.0 36 39 -7.7

Bankruptcies

2 0 0 -- -- 8 12 -33.3

Proposals

1 2 1 -50.0 0.0 28 27 3.7
Nunavut 0 0 1 -- -100.0 11 15 -26.7

Bankruptcies

0 0 0 -- -- 1 1 0.0

Proposals

0 0 1 -- -100.0 10 14 -28.6
Canada 9,513 7,668 9,463 24.1 0.5 92,105 89,561 2.8

Bankruptcies

2,580 2,065 3,073 24.9 -16.0 28,203 30,701 -8.1

Proposals

6,933 5,603 6,390 23.7 8.5 63,902 58,860 8.6
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
March 2022 February 2022 March 2021 Feb. 2022
to
Mar. 2022
Mar. 2021
to
Mar. 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador 164 144 174 13.9 -5.7 1,712 1,704 0.5

Bankruptcies

56 42 68 33.3 -17.6 615 669 -8.1

Proposals

108 102 106 5.9 1.9 1,097 1,035 6.0
Prince Edward Island 44 34 43 29.4 2.3 390 392 -0.5

Bankruptcies

21 11 16 90.9 31.3 171 166 3.0

Proposals

23 23 27 0.0 -14.8 219 226 -3.1
Nova Scotia 290 213 301 36.2 -3.7 2,890 3,046 -5.1

Bankruptcies

105 78 130 34.6 -19.2 1,178 1,367 -13.8

Proposals

185 135 171 37.0 8.2 1,712 1,679 2.0
New Brunswick 317 213 328 48.8 -3.4 2,922 3,020 -3.2

Bankruptcies

106 77 153 37.7 -30.7 1,150 1,383 -16.8

Proposals

211 136 175 55.1 20.6 1,772 1,637 8.2
Quebec 2,456 1,962 2,485 25.2 -1.2 23,504 22,764 3.3

Bankruptcies

876 704 1,039 24.4 -15.7 9,705 10,162 -4.5

Proposals

1,580 1,258 1,446 25.6 9.3 13,799 12,602 9.5
Ontario 3,089 2,526 3,090 22.3 0.0 30,125 30,836 -2.3

Bankruptcies

664 523 757 27.0 -12.3 7,308 8,000 -8.7

Proposals

2,425 2,003 2,333 21.1 3.9 22,817 22,836 -0.1
Manitoba 237 183 223 29.5 6.3 2,468 2,346 5.2

Bankruptcies

56 39 72 43.6 -22.2 727 742 -2.0

Proposals

181 144 151 25.7 19.9 1,741 1,604 8.5
Saskatchewan 306 214 292 43.0 4.8 2,721 2,539 7.2

Bankruptcies

74 49 98 51.0 -24.5 700 792 -11.6

Proposals

232 165 194 40.6 19.6 2,021 1,747 15.7
Alberta 1,354 1,162 1,421 16.5 -4.7 13,807 12,425 11.1

Bankruptcies

222 184 307 20.7 -27.7 2,537 3,177 -20.1

Proposals

1,132 978 1,114 15.7 1.6 11,270 9,248 21.9
British Columbia 929 732 862 26.9 7.8 8,773 7,886 11.2

Bankruptcies

159 158 247 0.6 -35.6 2,008 2,275 -11.7

Proposals

770 574 615 34.1 25.2 6,765 5,611 20.6
Northwest Territories 6 7 3 -14.3 100.0 62 44 40.9

Bankruptcies

0 1 1 -100.0 -100.0 8 7 14.3

Proposals

6 6 2 0.0 200.0 54 37 45.9
Yukon 3 2 1 50.0 200.0 36 39 -7.7

Bankruptcies

2 0 0 -- -- 8 12 -33.3

Proposals

1 2 1 -50.0 0.0 28 27 3.7
Nunavut 0 0 1 -- -100.0 11 14 -21.4

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

0 0 1 -- -100.0 10 14 -28.6
Canada 9,195 7,392 9,224 24.4 -0.3 89,421 87,055 2.7

Bankruptcies

2,341 1,866 2,888 25.5 -18.9 26,116 28,752 -9.2

Proposals

6,854 5,526 6,336 24.0 8.2 63,305 58,303 8.6
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
March 2022 February 2022 March 2021 Feb. 2022
to
Mar. 2022
Mar. 2021
to
Mar. 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador 0 1 1 -100.0 -100.0 11 10 10.0

Bankruptcies

0 1 1 -100.0 -100.0 10 10 0.0

Proposals

0 0 0 -- -- 1 0 --
Prince Edward Island 0 0 0 -- -- 5 1 400.0

Bankruptcies

0 0 0 -- -- 4 0 --

Proposals

0 0 0 -- -- 1 1 0.0
Nova Scotia 3 4 3 -25.0 0.0 18 14 28.6

Bankruptcies

2 1 3 100.0 -33.3 10 13 -23.1

Proposals

1 3 0 -66.7 -- 8 1 700.0
New Brunswick 2 2 0 0.0 -- 18 22 -18.2

Bankruptcies

2 1 0 100.0 -- 16 13 23.1

Proposals

0 1 0 -100.0 -- 2 9 -77.8
Quebec 184 148 159 24.3 15.7 1,613 1,456 10.8

Bankruptcies

146 119 128 22.7 14.1 1,326 1,185 11.9

Proposals

38 29 31 31.0 22.6 287 271 5.9
Ontario 91 80 37 13.8 145.9 699 667 4.8

Bankruptcies

61 50 25 22.0 144.0 501 484 3.5

Proposals

30 30 12 0.0 150.0 198 183 8.2
Manitoba 4 2 3 100.0 33.3 32 34 -5.9

Bankruptcies

2 2 3 0.0 -33.3 24 30 -20.0

Proposals

2 0 0 -- -- 8 4 100.0
Saskatchewan 7 4 11 75.0 -36.4 44 41 7.3

Bankruptcies

5 3 10 66.7 -50.0 30 34 -11.8

Proposals

2 1 1 100.0 100.0 14 7 100.0
Alberta 17 21 17 -19.0 0.0 153 143 7.0

Bankruptcies

11 15 12 -26.7 -8.3 102 100 2.0

Proposals

6 6 5 0.0 20.0 51 43 18.6
British Columbia 10 14 8 -28.6 25.0 91 117 -22.2

Bankruptcies

10 7 3 42.9 233.3 64 79 -19.0

Proposals

0 7 5 -100.0 -100.0 27 38 -28.9
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 1 -100.0

Bankruptcies

0 0 0 -- -- 0 1 -100.0

Proposals

0 0 0 -- -- 0 0 --
Canada 318 276 239 15.2 33.1 2,684 2,506 7.1

Bankruptcies

239 199 185 20.1 29.2 2,087 1,949 7.1

Proposals

79 77 54 2.6 46.3 597 557 7.2
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
March 2022 February 2022 March 2021 Feb. 2022
to
Mar. 2022
Mar. 2021
to
Mar. 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador 0 0 0 -- -- 4 4 0.0

Bankruptcies

0 0 0 -- -- 3 4 -25.0

Proposals

0 0 0 -- -- 1 0 --
Prince Edward Island 0 0 0 -- -- 2 1 100.0

Bankruptcies

0 0 0 -- -- 2 0 --

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 2 3 1 -33.3 100.0 7 7 0.0

Bankruptcies

1 0 1 -- 0.0 2 7 -71.4

Proposals

1 3 0 -66.7 -- 5 0 --
New Brunswick 1 0 0 -- -- 10 12 -16.7

Bankruptcies

1 0 0 -- -- 9 9 0.0

Proposals

0 0 0 -- -- 1 3 -66.7
Quebec 162 124 142 30.6 14.1 1,408 1,284 9.7

Bankruptcies

134 103 119 30.1 12.6 1,205 1,073 12.3

Proposals

28 21 23 33.3 21.7 203 211 -3.8
Ontario 49 52 26 -5.8 88.5 472 465 1.5

Bankruptcies

38 35 19 8.6 100.0 372 368 1.1

Proposals

11 17 7 -35.3 57.1 100 97 3.1
Manitoba 1 2 1 -50.0 0.0 16 10 60.0

Bankruptcies

1 2 1 -50.0 0.0 12 9 33.3

Proposals

0 0 0 -- -- 4 1 300.0
Saskatchewan 1 1 9 0.0 -88.9 9 18 -50.0

Bankruptcies

1 1 9 0.0 -88.9 6 16 -62.5

Proposals

0 0 0 -- -- 3 2 50.0
Alberta 6 11 9 -45.5 -33.3 83 82 1.2

Bankruptcies

6 7 7 -14.3 -14.3 61 61 0.0

Proposals

0 4 2 -100.0 -100.0 22 21 4.8
British Columbia 5 5 4 0.0 25.0 43 85 -49.4

Bankruptcies

5 2 2 150.0 150.0 32 56 -42.9

Proposals

0 3 2 -100.0 -100.0 11 29 -62.1
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 1 -100.0

Bankruptcies

0 0 0 -- -- 0 1 -100.0

Proposals

0 0 0 -- -- 0 0 --
Canada 227 198 192 14.6 18.2 2,054 1,969 4.3

Bankruptcies

187 150 158 24.7 18.4 1,704 1,604 6.2

Proposals

40 48 34 -16.7 17.6 350 365 -4.1
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
March 2022 February 2022 March 2021 Feb. 2022
to
Mar. 2022
Mar. 2021
to
Mar. 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador 0 1 1 -100.0 -100.0 7 6 16.7

Bankruptcies

0 1 1 -100.0 -100.0 7 6 16.7

Proposals

0 0 0 -- -- 0 0 --
Prince Edward Island 0 0 0 -- -- 3 0 --

Bankruptcies

0 0 0 -- -- 2 0 --

Proposals

0 0 0 -- -- 1 0 --
Nova Scotia 1 1 2 0.0 -50.0 11 7 57.1

Bankruptcies

1 1 2 0.0 -50.0 8 6 33.3

Proposals

0 0 0 -- -- 3 1 200.0
New Brunswick 1 2 0 -50.0 -- 8 10 -20.0

Bankruptcies

1 1 0 0.0 -- 7 4 75.0

Proposals

0 1 0 -100.0 -- 1 6 -83.3
Quebec 22 24 17 -8.3 29.4 205 172 19.2

Bankruptcies

12 16 9 -25.0 33.3 121 112 8.0

Proposals

10 8 8 25.0 25.0 84 60 40.0
Ontario 42 28 11 50.0 281.8 227 202 12.4

Bankruptcies

23 15 6 53.3 283.3 129 116 11.2

Proposals

19 13 5 46.2 280.0 98 86 14.0
Manitoba 3 0 2 -- 50.0 16 24 -33.3

Bankruptcies

1 0 2 -- -50.0 12 21 -42.9

Proposals

2 0 0 -- -- 4 3 33.3
Saskatchewan 6 3 2 100.0 200.0 35 23 52.2

Bankruptcies

4 2 1 100.0 300.0 24 18 33.3

Proposals

2 1 1 100.0 100.0 11 5 120.0
Alberta 11 10 8 10.0 37.5 70 61 14.8

Bankruptcies

5 8 5 -37.5 0.0 41 39 5.1

Proposals

6 2 3 200.0 100.0 29 22 31.8
British Columbia 5 9 4 -44.4 25.0 48 32 50.0

Bankruptcies

5 5 1 0.0 400.0 32 23 39.1

Proposals

0 4 3 -100.0 -100.0 16 9 77.8
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 91 78 47 16.7 93.6 630 537 17.3

Bankruptcies

52 49 27 6.1 92.6 383 345 11.0

Proposals

39 29 20 34.5 95.0 247 192 28.6
Table 4: BIA Insolvencies by NAICS Sectors
- Volume % Change 12-Month Period Ending
March 2022 February 2022 March 2021 Feb. 2022
to
Mar. 2022
Mar. 2021
to
Mar. 2022
03-31-2022 03-31-2021 % Change
Agriculture, Forestry, Fishing and Hunting 6 18 7 -66.7 -14.3 68 57 19.3

Bankruptcies

6 17 6 -64.7 0.0 59 46 28.3

Proposals

0 1 1 -100.0 -100.0 9 11 -18.2
Mining and Oil and Gas Extraction 1 3 5 -66.7 -80.0 34 44 -22.7

Bankruptcies

1 2 3 -50.0 -66.7 28 27 3.7

Proposals

0 1 2 -100.0 -100.0 6 17 -64.7
Utilities 0 1 1 -100.0 -100.0 3 4 -25.0

Bankruptcies

0 1 1 -100.0 -100.0 2 4 -50.0

Proposals

0 0 0 -- -- 1 0 --
Construction 57 32 39 78.1 46.2 389 299 30.1

Bankruptcies

40 21 28 90.5 42.9 285 236 20.8

Proposals

17 11 11 54.5 54.5 104 63 65.1
Manufacturing 22 22 28 0.0 -21.4 220 220 0.0

Bankruptcies

17 18 27 -5.6 -37.0 169 170 -0.6

Proposals

5 4 1 25.0 400.0 51 50 2.0
Wholesale Trade 16 11 8 45.5 100.0 110 124 -11.3

Bankruptcies

13 10 4 30.0 225.0 90 97 -7.2

Proposals

3 1 4 200.0 -25.0 20 27 -25.9
Retail Trade 25 28 32 -10.7 -21.9 275 313 -12.1

Bankruptcies

21 26 25 -19.2 -16.0 225 230 -2.2

Proposals

4 2 7 100.0 -42.9 50 83 -39.8
Transportation and Warehousing 34 30 19 13.3 78.9 230 142 62.0

Bankruptcies

26 19 15 36.8 73.3 183 111 64.9

Proposals

8 11 4 -27.3 100.0 47 31 51.6
Information and Cultural Industries 6 16 3 -62.5 100.0 53 38 39.5

Bankruptcies

4 5 3 -20.0 33.3 34 28 21.4

Proposals

2 11 0 -81.8 -- 19 10 90.0
Finance and Insurance 4 0 5 -- -20.0 38 48 -20.8

Bankruptcies

2 0 4 -- -50.0 28 38 -26.3

Proposals

2 0 1 -- 100.0 10 10 0.0
Real Estate and Rental and Leasing 9 4 12 125.0 -25.0 105 142 -26.1

Bankruptcies

6 2 11 200.0 -45.5 70 110 -36.4

Proposals

3 2 1 50.0 200.0 35 32 9.4
Professional, Scientific and Technical Services 27 17 5 58.8 440.0 203 148 37.2

Bankruptcies

20 11 3 81.8 566.7 163 122 33.6

Proposals

7 6 2 16.7 250.0 40 26 53.8
Management of Companies and Enterprises 9 9 4 0.0 125.0 74 83 -10.8

Bankruptcies

9 6 4 50.0 125.0 58 63 -7.9

Proposals

0 3 0 -100.0 -- 16 20 -20.0
Administrative and Support, Waste Management and Remediation Services 21 25 13 -16.0 61.5 169 121 39.7

Bankruptcies

13 17 7 -23.5 85.7 123 89 38.2

Proposals

8 8 6 0.0 33.3 46 32 43.8
Educational Services 3 1 3 200.0 0.0 26 38 -31.6

Bankruptcies

3 1 2 200.0 50.0 21 31 -32.3

Proposals

0 0 1 -- -100.0 5 7 -28.6
Health Care and Social Assistance 7 8 5 -12.5 40.0 74 70 5.7

Bankruptcies

4 5 3 -20.0 33.3 55 54 1.9

Proposals

3 3 2 0.0 50.0 19 16 18.8
Arts, Entertainment and Recreation 5 8 4 -37.5 25.0 76 104 -26.9

Bankruptcies

5 7 3 -28.6 66.7 59 82 -28.0

Proposals

0 1 1 -100.0 -100.0 17 22 -22.7
Accommodation and Food Services 42 25 33 68.0 27.3 384 377 1.9

Bankruptcies

32 18 26 77.8 23.1 313 305 2.6

Proposals

10 7 7 42.9 42.9 71 72 -1.4
Other Services (except Public Administration) 24 18 13 33.3 84.6 148 131 13.0

Bankruptcies

17 13 10 30.8 70.0 117 104 12.5

Proposals

7 5 3 40.0 133.3 31 27 14.8
Public Administration 0 0 0 -- -- 4 3 33.3

Bankruptcies

0 0 0 -- -- 4 2 100.0

Proposals

0 0 0 -- -- 0 1 -100.0
Total 318 276 239 15.2 33.1 2,683 2,506 7.1
Bankruptcies 239 199 185 20.1 29.2 2,086 1,949 7.0
Proposals 79 77 54 2.6 46.3 597 557 7.2