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Insolvency Statistics in Canada—Third Quarter of 2020

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Insolvency Statistics in Canada—Third Quarter of 2020

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Glossary

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.

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.

Census Metropolitan Area (CMA): Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMAs, go to CMA and CA: Detailed definition.

Consumer: An individual with more than 50% of total liabilities related to consumer goods and services.

Corporation: A commercial entity or organization.

Economic Region (ER): Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ERs, go to Economic region (ER).

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.

Table 1: Total Insolvencies
- Volume % Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 to Q3 2020 Q3 2019 to Q3 2020 09-30-2020 09-30-2019 % Change
Newfoundland and Labrador 443 344 803 28.8 -44.8 2,179 3,201 -31.9
Bankruptcies 181 170 377 6.5 -52.0 981 1,484 -33.9
Proposals 262 174 426 50.6 -38.5 1,198 1,717 -30.2
Prince Edward Island 95 91 174 4.4 -45.4 532 741 -28.2
Bankruptcies 39 40 92 -2.5 -57.6 266 392 -32.1
Proposals 56 51 82 9.8 -31.7 266 349 -23.8
Nova Scotia 751 682 1,515 10.1 -50.4 4,274 5,928 -27.9
Bankruptcies 349 311 791 12.2 -55.9 2,013 3,336 -39.7
Proposals 402 371 724 8.4 -44.5 2,261 2,592 -12.8
New Brunswick 766 608 1,269 26.0 -39.6 3,731 4,874 -23.5
Bankruptcies 351 280 623 25.4 -43.7 1,660 2,403 -30.9
Proposals 415 328 646 26.5 -35.8 2,071 2,471 -16.2
Quebec 5,910 4,881 11,146 21.1 -47.0 33,036 44,555 -25.9
Bankruptcies 2,855 2,345 5,401 21.7 -47.1 15,250 21,885 -30.3
Proposals 3,055 2,536 5,745 20.5 -46.8 17,786 22,670 -21.5
Ontario 7,634 7,312 11,726 4.4 -34.9 38,135 44,190 -13.7
Bankruptcies 2,109 2,017 3,892 4.6 -45.8 11,156 15,243 -26.8
Proposals 5,525 5,295 7,834 4.3 -29.5 26,979 28,947 -6.8
Manitoba 567 597 790 -5.0 -28.2 2,813 3,133 -10.2
Bankruptcies 209 181 355 15.5 -41.1 934 1,449 -35.5
Proposals 358 416 435 -13.9 -17.7 1,879 1,684 11.6
Saskatchewan 560 571 849 -1.9 -34.0 3,000 3,450 -13.0
Bankruptcies 173 189 301 -8.5 -42.5 1,108 1,302 -14.9
Proposals 387 382 548 1.3 -29.4 1,892 2,148 -11.9
Alberta 2,812 2,763 4,275 1.8 -34.2 14,263 16,403 -13.0
Bankruptcies 823 763 1,439 7.9 -42.8 4,241 5,616 -24.5
Proposals 1,989 2,000 2,836 -0.6 -29.9 10,022 10,787 -7.1
British Columbia 1,774 1,890 2,962 -6.1 -40.1 9,210 11,066 -16.8
Bankruptcies 575 560 1,095 2.7 -47.5 3,151 4,135 -23.8
Proposals 1,199 1,330 1,867 -9.8 -35.8 6,059 6,931 -12.6
Northwest Territories 15 9 20 66.7 -25.0 55 63 -12.7
Bankruptcies 2 3 5 -33.3 -60.0 12 16 -25.0
Proposals 13 6 15 116.7 -13.3 43 47 -8.5
Yukon 4 16 6 -75.0 -33.3 35 34 2.9
Bankruptcies 0 5 3 -100.0 -100.0 12 13 -7.7
Proposals 4 11 3 -63.6 33.3 23 21 9.5
Nunavut 4 3 0 33.3 n/a 11 4 175.0
Bankruptcies 1 0 0 n/a n/a 3 0 n/a
Proposals 3 3 0 0.0 n/a 8 4 100.0
Canada 21,335 19,767 35,535 7.9 -40.0 111,274 137,642 -19.2
Bankruptcies 7,667 6,864 14,374 11.7 -46.7 40,787 57,274 -28.8
Proposals 13,668 12,903 21,161 5.9 -35.4 70,487 80,368 -12.3
Table 2: Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 to Q3 2020 Q3 2019 to Q3 2020 09-30-2020 09-30-2019 % Change
Newfoundland and Labrador 438 343 793 27.7 -44.8 2,161 3,160 -31.6
Bankruptcies 176 169 368 4.1 -52.2 968 1,447 -33.1
Proposals 262 174 425 50.6 -38.4 1,193 1,713 -30.4
Prince Edward Island 95 90 172 5.6 -44.8 527 734 -28.2
Bankruptcies 39 40 91 -2.5 -57.1 262 386 -32.1
Proposals 56 50 81 12.0 -30.9 265 348 -23.9
Nova Scotia 750 680 1,503 10.3 -50.1 4,245 5,875 -27.7
Bankruptcies 348 309 783 12.6 -55.6 1,986 3,292 -39.7
Proposals 402 371 720 8.4 -44.2 2,259 2,583 -12.5
New Brunswick 761 603 1,255 26.2 -39.4 3,713 4,825 -23.0
Bankruptcies 348 277 614 25.6 -43.3 1,647 2,366 -30.4
Proposals 413 326 641 26.7 -35.6 2,066 2,459 -16.0
Quebec 5,542 4,559 10,701 21.6 -48.2 31,276 42,424 -26.3
Bankruptcies 2,553 2,092 5,061 22.0 -49.6 13,913 20,238 -31.3
Proposals 2,989 2,467 5,640 21.2 -47.0 17,363 22,186 -21.7
Ontario 7,461 7,133 11,514 4.6 -35.2 37,356 43,240 -13.6
Bankruptcies 1,980 1,883 3,738 5.2 -47.0 10,610 14,552 -27.1
Proposals 5,481 5,250 7,776 4.4 -29.5 26,746 28,688 -6.8
Manitoba 557 585 781 -4.8 -28.7 2,773 3,098 -10.5
Bankruptcies 200 170 347 17.6 -42.4 903 1,418 -36.3
Proposals 357 415 434 -14.0 -17.7 1,870 1,680 11.3
Saskatchewan 552 564 825 -2.1 -33.1 2,924 3,353 -12.8
Bankruptcies 168 185 285 -9.2 -41.1 1,050 1,246 -15.7
Proposals 384 379 540 1.3 -28.9 1,874 2,107 -11.1
Alberta 2,779 2,726 4,215 1.9 -34.1 14,087 16,181 -12.9
Bankruptcies 795 741 1,396 7.3 -43.1 4,111 5,449 -24.6
Proposals 1,984 1,985 2,819 -0.1 -29.6 9,976 10,732 -7.0
British Columbia 1,750 1,849 2,925 -5.4 -40.2 9,089 10,934 -16.9
Bankruptcies 555 539 1,067 3.0 -48.0 3,079 4,044 -23.9
Proposals 1,195 1,310 1,858 -8.8 -35.7 6,010 6,890 -12.8
Northwest Territories 15 9 18 66.7 -16.7 55 61 -9.8
Bankruptcies 2 3 4 -33.3 -50.0 12 15 -20.0
Proposals 13 6 14 116.7 -7.1 43 46 -6.5
Yukon 4 16 6 -75.0 -33.3 35 34 2.9
Bankruptcies 0 5 3 -100.0 -100.0 12 13 -7.7
Proposals 4 11 3 -63.6 33.3 23 21 9.5
Nunavut 3 3 0 0.0 n/a 8 4 100.0
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 3 3 0 0.0 n/a 8 4 100.0
Canada 20,707 19,160 34,708 8.1 -40.3 108,249 133,923 -19.2
Bankruptcies 7,164 6,413 13,757 11.7 -47.9 38,553 54,466 -29.2
Proposals 13,543 12,747 20,951 6.2 -35.4 69,696 79,457 -12.3
Table 3: Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 to Q3 2020 Q3 2019 to Q3 2020 09-30-2020 09-30-2019 % Change
Newfoundland and Labrador 5 1 10 400.0 -50.0 18 41 -56.1
Bankruptcies 5 1 9 400.0 -44.4 13 37 -64.9
Proposals 0 0 1 n/a -100.0 5 4 25.0
Prince Edward Island 0 1 2 -100.0 -100.0 5 7 -28.6
Bankruptcies 0 0 1 n/a -100.0 4 6 -33.3
Proposals 0 1 1 -100.0 -100.0 1 1 0.0
Nova Scotia 1 2 12 -50.0 -91.7 29 53 -45.3
Bankruptcies 1 2 8 -50.0 -87.5 27 44 -38.6
Proposals 0 0 4 n/a -100.0 2 9 -77.8
New Brunswick 5 5 14 0.0 -64.3 18 49 -63.3
Bankruptcies 3 3 9 0.0 -66.7 13 37 -64.9
Proposals 2 2 5 0.0 -60.0 5 12 -58.3
Quebec 368 322 445 14.3 -17.3 1,760 2,131 -17.4
Bankruptcies 302 253 340 19.4 -11.2 1,337 1,647 -18.8
Proposals 66 69 105 -4.3 -37.1 423 484 -12.6
Ontario 173 179 212 -3.4 -18.4 779 950 -18.0
Bankruptcies 129 134 154 -3.7 -16.2 546 691 -21.0
Proposals 44 45 58 -2.2 -24.1 233 259 -10.0
Manitoba 10 12 9 -16.7 11.1 40 35 14.3
Bankruptcies 9 11 8 -18.2 12.5 31 31 0.0
Proposals 1 1 1 0.0 0.0 9 4 125.0
Saskatchewan 8 7 24 14.3 -66.7 76 97 -21.6
Bankruptcies 5 4 16 25.0 -68.8 58 56 3.6
Proposals 3 3 8 0.0 -62.5 18 41 -56.1
Alberta 33 37 60 -10.8 -45.0 176 222 -20.7
Bankruptcies 28 22 43 27.3 -34.9 130 167 -22.2
Proposals 5 15 17 -66.7 -70.6 46 55 -16.4
British Columbia 24 41 37 -41.5 -35.1 121 132 -8.3
Bankruptcies 20 21 28 -4.8 -28.6 72 91 -20.9
Proposals 4 20 9 -80.0 -55.6 49 41 19.5
Northwest Territories 0 0 2 n/a -100.0 0 2 -100.0
Bankruptcies 0 0 1 n/a -100.0 0 1 -100.0
Proposals 0 0 1 n/a -100.0 0 1 -100.0
Yukon 0 0 0 n/a n/a 0 0 n/a
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 0 0 0 n/a n/a 0 0 n/a
Nunavut 1 0 0 n/a n/a 3 0 n/a
Bankruptcies 1 0 0 n/a n/a 3 0 n/a
Proposals 0 0 0 n/a n/a 0 0 n/a
Canada 628 607 827 3.5 -24.1 3,025 3,719 -18.7
Bankruptcies 503 451 617 11.5 -18.5 2,234 2,808 -20.4
Proposals 125 156 210 -19.9 -40.5 791 911 -13.2
Table 3a: Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 to Q3 2020 Q2 2019 to Q3 2020 09-30-2020 09-30-2019 % Change
Newfoundland and Labrador 2 1 5 100.0 -60.0 7 14 -50.0
Bankruptcies 2 1 4 100.0 -50.0 5 10 -50.0
Proposals 0 0 1 n/a -100.0 2 4 -50.0
Prince Edward Island 0 1 2 -100.0 -100.0 1 4 -75.0
Bankruptcies 0 0 1 n/a -100.0 0 3 -100.0
Proposals 0 1 1 -100.0 -100.0 1 1 0.0
Nova Scotia 1 0 6 n/a -83.3 17 27 -37.0
Bankruptcies 1 0 2 n/a -50.0 15 20 -25.0
Proposals 0 0 4 n/a -100.0 2 7 -71.4
New Brunswick 2 4 11 -50.0 -81.8 12 32 -62.5
Bankruptcies 2 3 7 -33.3 -71.4 10 26 -61.5
Proposals 0 1 4 -100.0 -100.0 2 6 -66.7
Quebec 325 298 393 9.1 -17.3 1,549 1,864 -16.9
Bankruptcies 269 240 302 12.1 -10.9 1,209 1,469 -17.7
Proposals 56 58 91 -3.4 -38.5 340 395 -13.9
Ontario 134 130 102 3.1 31.4 487 534 -8.8
Bankruptcies 103 106 75 -2.8 37.3 368 397 -7.3
Proposals 31 24 27 29.2 14.8 119 137 -13.1
Manitoba 2 5 5 -60.0 -60.0 16 11 45.5
Bankruptcies 2 5 5 -60.0 -60.0 10 10 0.0
Proposals 0 0 0 n/a n/a 6 1 500.0
Saskatchewan 2 2 4 0.0 -50.0 10 7 42.9
Bankruptcies 1 1 2 0.0 -50.0 8 4 100.0
Proposals 1 1 2 0.0 -50.0 2 3 -33.3
Alberta 13 22 37 -40.9 -64.9 102 106 -3.8
Bankruptcies 12 13 31 -7.7 -61.3 75 82 -8.5
Proposals 1 9 6 -88.9 -83.3 27 24 12.5
British Columbia 18 32 16 -43.8 12.5 72 61 18.0
Bankruptcies 15 16 12 -6.3 25.0 45 37 21.6
Proposals 3 16 4 -81.3 -25.0 27 24 12.5
Northwest Territories 0 0 1 n/a -100.0 0 1 -100.0
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 0 0 1 n/a -100.0 0 1 -100.0
Yukon 0 0 0 n/a n/a 0 0 n/a
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 0 0 0 n/a n/a 0 0 n/a
Nunavut 1 0 0 n/a n/a 3 0 n/a
Bankruptcies 1 0 0 n/a n/a 3 0 n/a
Proposals 0 0 0 n/a n/a 0 0 n/a
Canada 500 495 582 1.0 -14.1 2,276 2,661 -14.5
Bankruptcies 408 385 441 6.0 -7.5 1,748 2,058 -15.1
Proposals 92 110 141 -16.4 -34.8 528 603 -12.4
Table 3b: Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending
Q3 2020 Q2 2020 Q3 2019 Q2 2020 to Q3 2020 Q3 2019 to Q3 2020 09-30-2020 09-30-2019 % Change
Newfoundland and Labrador 3 0 5 n/a -40.0 11 27 -59.3
Bankruptcies 3 0 5 n/a -40.0 8 27 -70.4
Proposals 0 0 0 n/a n/a 3 0 n/a
Prince Edward Island 0 0 0 n/a n/a 4 3 33.3
Bankruptcies 0 0 0 n/a n/a 4 3 33.3
Proposals 0 0 0 n/a n/a 0 0 n/a
Nova Scotia 0 2 6 -100.0 -100.0 12 26 -53.8
Bankruptcies 0 2 6 -100.0 -100.0 12 24 -50.0
Proposals 0 0 0 n/a n/a 0 2 -100.0
New Brunswick 3 1 3 200.0 0.0 6 17 -64.7
Bankruptcies 1 0 2 n/a -50.0 3 11 -72.7
Proposals 2 1 1 100.0 100.0 3 6 -50.0
Quebec 43 24 52 79.2 -17.3 211 267 -21.0
Bankruptcies 33 13 38 153.8 -13.2 128 178 -28.1
Proposals 10 11 14 -9.1 -28.6 83 89 -6.7
Ontario 39 49 110 -20.4 -64.5 292 416 -29.8
Bankruptcies 26 28 79 -7.1 -67.1 178 294 -39.5
Proposals 13 21 31 -38.1 -58.1 114 122 -6.6
Manitoba 8 7 4 14.3 100.0 24 24 0.0
Bankruptcies 7 6 3 16.7 133.3 21 21 0.0
Proposals 1 1 1 0.0 0.0 3 3 0.0
Saskatchewan 6 5 20 20.0 -70.0 66 90 -26.7
Bankruptcies 4 3 14 33.3 -71.4 50 52 -3.8
Proposals 2 2 6 0.0 -66.7 16 38 -57.9
Alberta 20 15 23 33.3 -13.0 74 116 -36.2
Bankruptcies 16 9 12 77.8 33.3 55 85 -35.3
Proposals 4 6 11 -33.3 -63.6 19 31 -38.7
British Columbia 6 9 21 -33.3 -71.4 49 71 -31.0
Bankruptcies 5 5 16 0.0 -68.8 27 54 -50.0
Proposals 1 4 5 -75.0 -80.0 22 17 29.4
Northwest Territories 0 0 1 n/a -100.0 0 1 -100.0
Bankruptcies 0 0 1 n/a -100.0 0 1 -100.0
Proposals 0 0 0 n/a n/a 0 0 n/a
Yukon 0 0 0 n/a n/a 0 0 n/a
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 0 0 0 n/a n/a 0 0 n/a
Nunavut 0 0 0 n/a n/a 0 0 n/a
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 0 0 0 n/a n/a 0 0 n/a
Canada 128 112 245 14.3 -47.8 749 1,058 -29.2
Bankruptcies 95 66 176 43.9 -46.0 486 750 -35.2
Proposals 33 46 69 -28.3 -52.2 263 308 -14.6
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