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Insolvency statistics in Canada—Fourth quarter of 2020

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 
Q4 2020 Q3 2020 Q4 2019 Q3 2020 to
Q4 2020
Q4 2019 to
Q4 2020
12-31-2020 12-31-2019 % Change
Newfoundland and Labrador 472 443 768 6.5 -38.5 1,883 3,262 -42.3
Bankruptcies 157 181 360 -13.3 -56.4 778 1,501 -48.2
Proposals 315 262 408 20.2 -22.8 1,105 1,761 -37.3
Prince Edward Island 103 95 207 8.4 -50.2 428 759 -43.6
Bankruptcies 44 39 106 12.8 -58.5 204 395 -48.4
Proposals 59 56 101 5.4 -41.6 224 364 -38.5
Nova Scotia 807 751 1,564 7.5 -48.4 3,517 6,099 -42.3
Bankruptcies 362 349 760 3.7 -52.4 1,615 3,244 -50.2
Proposals 445 402 804 10.7 -44.7 1,902 2,855 -33.4
New Brunswick 865 766 1,207 12.9 -28.3 3,389 4,896 -30.8
Bankruptcies 415 351 573 18.2 -27.6 1,502 2,377 -36.8
Proposals 450 415 634 8.4 -29.0 1,887 2,519 -25.1
Quebec 6,630 5,910 11,384 12.2 -41.8 28,282 44,991 -37.1
Bankruptcies 3,145 2,855 5,423 10.2 -42.0 12,972 21,658 -40.1
Proposals 3,485 3,055 5,961 14.1 -41.5 15,310 23,333 -34.4
Ontario 8,409 7,634 11,793 10.2 -28.7 34,751 45,754 -24.0
Bankruptcies 2,343 2,109 3,750 11.1 -37.5 9,749 15,229 -36.0
Proposals 6,066 5,525 8,043 9.8 -24.6 25,002 30,525 -18.1
Manitoba 595 567 846 4.9 -29.7 2,562 3,185 -19.6
Bankruptcies 191 209 310 -8.6 -38.4 815 1,377 -40.8
Proposals 404 358 536 12.8 -24.6 1,747 1,808 -3.4
Saskatchewan 697 560 1,008 24.5 -30.9 2,689 3,557 -24.4
Bankruptcies 235 173 425 35.8 -44.7 918 1,381 -33.5
Proposals 462 387 583 19.4 -20.8 1,771 2,176 -18.6
Alberta 3,329 2,812 4,343 18.4 -23.3 13,249 16,898 -21.6
Bankruptcies 890 823 1,407 8.1 -36.7 3,724 5,744 -35.2
Proposals 2,439 1,989 2,936 22.6 -16.9 9,525 11,154 -14.6
British Columbia 2,099 1,774 2,911 18.3 -27.9 8,398 11,348 -26.0
Bankruptcies 593 575 1,055 3.1 -43.8 2,689 4,224 -36.3
Proposals 1,506 1,199 1,856 25.6 -18.9 5,709 7,124 -19.9
Northwest Territories 8 15 16 -46.7 -50.0 47 68 -30.9
Bankruptcies 0 2 2 -100.0 -100.0 10 10 0.0
Proposals 8 13 14 -38.5 -42.9 37 58 -36.2
Yukon 12 4 11 200.0 9.1 36 33 9.1
Bankruptcies 4 0 5 n/a -20.0 11 13 -15.4
Proposals 8 4 6 100.0 33.3 25 20 25.0
Nunavut 6 4 4 50.0 50.0 13 8 62.5
Bankruptcies 0 1 2 -100.0 -100.0 1 2 -50.0
Proposals 6 3 2 100.0 200.0 12 6 100.0
Canada 24,032 21,335 36,062 12.6 -33.4 99,244 140,858 -29.5
Bankruptcies 8,379 7,667 14,178 9.3 -40.9 34,988 57,155 -38.8
Proposals 15,653 13,668 21,884 14.5 -28.5 64,256 83,703 -23.2
Table 2: Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending 
Q4 2020 Q3 2020 Q4 2019 Q3 2020 to
Q4 2020
Q4 2019 to
Q4 2020
12-31-2020 12-31-2019 % Change
Newfoundland and Labrador 470 438 758 7.3 -38.0 1,873 3,221 -41.9
Bankruptcies 155 176 355 -11.9 -56.3 768 1,466 -47.6
Proposals 315 262 403 20.2 -21.8 1,105 1,755 -37.0
Prince Edward Island 103 95 204 8.4 -49.5 426 749 -43.1
Bankruptcies 44 39 103 12.8 -57.3 203 386 -47.4
Proposals 59 56 101 5.4 -41.6 223 363 -38.6
Nova Scotia 803 750 1,550 7.1 -48.2 3,498 6,040 -42.1
Bankruptcies 359 348 746 3.2 -51.9 1,599 3,193 -49.9
Proposals 444 402 804 10.4 -44.8 1,899 2,847 -33.3
New Brunswick 854 761 1,202 12.2 -29.0 3,365 4,851 -30.6
Bankruptcies 408 348 569 17.2 -28.3 1,486 2,343 -36.6
Proposals 446 413 633 8.0 -29.5 1,879 2,508 -25.1
Quebec 6,247 5,542 10,840 12.7 -42.4 26,683 42,865 -37.8
Bankruptcies 2,827 2,553 5,026 10.7 -43.8 11,714 20,038 -41.5
Proposals 3,420 2,989 5,814 14.4 -41.2 14,969 22,827 -34.4
Ontario 8,224 7,461 11,588 10.2 -29.0 33,992 44,852 -24.2
Bankruptcies 2,215 1,980 3,612 11.9 -38.7 9,213 14,577 -36.8
Proposals 6,009 5,481 7,976 9.6 -24.7 24,779 30,275 -18.2
Manitoba 591 557 837 6.1 -29.4 2,527 3,146 -19.7
Bankruptcies 187 200 303 -6.5 -38.3 787 1,344 -41.4
Proposals 404 357 534 13.2 -24.3 1,740 1,802 -3.4
Saskatchewan 689 552 973 24.8 -29.2 2,640 3,453 -23.5
Bankruptcies 227 168 399 35.1 -43.1 878 1,317 -33.3
Proposals 462 384 574 20.3 -19.5 1,762 2,136 -17.5
Alberta 3,288 2,779 4,286 18.3 -23.3 13,089 16,675 -21.5
Bankruptcies 860 795 1,369 8.2 -37.2 3,602 5,589 -35.6
Proposals 2,428 1,984 2,917 22.4 -16.8 9,487 11,086 -14.4
British Columbia 2,069 1,750 2,888 18.2 -28.4 8,270 11,221 -26.3
Bankruptcies 569 555 1,039 2.5 -45.2 2,609 4,134 -36.9
Proposals 1,500 1,195 1,849 25.5 -18.9 5,661 7,087 -20.1
Northwest Territories 8 15 16 -46.7 -50.0 47 66 -28.8
Bankruptcies 0 2 2 -100.0 -100.0 10 9 11.1
Proposals 8 13 14 -38.5 -42.9 37 57 -35.1
Yukon 12 4 11 200.0 9.1 36 33 9.1
Bankruptcies 4 0 5 n/a -20.0 11 13 -15.4
Proposals 8 4 6 100.0 33.3 25 20 25.0
Nunavut 6 3 2 100.0 200.0 12 6 100.0
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 6 3 2 100.0 200.0 12 6 100.0
Canada 23,364 20,707 35,155 12.8 -33.5 96,458 137,178 -29.7
Bankruptcies 7,855 7,164 13,528 9.6 -41.9 32,880 54,409 -39.6
Proposals 15,509 13,543 21,627 14.5 -28.3 63,578 82,769 -23.2
Table 3: Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending 
Q4 2020 Q3 2020 Q4 2019 Q3 2020 to
Q4 2020
Q4 2019 to
Q4 2020
12-31-2020 12-31-2019 % Change
Newfoundland and Labrador 2 5 10 -60.0 -80.0 10 41 -75.6
Bankruptcies 2 5 5 -60.0 -60.0 10 35 -71.4
Proposals 0 0 5 n/a -100.0 0 6 -100.0
Prince Edward Island 0 0 3 n/a -100.0 2 10 -80.0
Bankruptcies 0 0 3 n/a -100.0 1 9 -88.9
Proposals 0 0 0 n/a n/a 1 1 0.0
Nova Scotia 4 1 14 300.0 -71.4 19 59 -67.8
Bankruptcies 3 1 14 200.0 -78.6 16 51 -68.6
Proposals 1 0 0 n/a n/a 3 8 -62.5
New Brunswick 11 5 5 120.0 120.0 24 45 -46.7
Bankruptcies 7 3 4 133.3 75.0 16 34 -52.9
Proposals 4 2 1 100.0 300.0 8 11 -27.3
Quebec 383 368 544 4.1 -29.6 1,599 2,126 -24.8
Bankruptcies 318 302 397 5.3 -19.9 1,258 1,620 -22.3
Proposals 65 66 147 -1.5 -55.8 341 506 -32.6
Ontario 185 173 205 6.9 -9.8 759 902 -15.9
Bankruptcies 128 129 138 -0.8 -7.2 536 652 -17.8
Proposals 57 44 67 29.5 -14.9 223 250 -10.8
Manitoba 4 10 9 -60.0 -55.6 35 39 -10.3
Bankruptcies 4 9 7 -55.6 -42.9 28 33 -15.2
Proposals 0 1 2 -100.0 -100.0 7 6 16.7
Saskatchewan 8 8 35 0.0 -77.1 49 104 -52.9
Bankruptcies 8 5 26 60.0 -69.2 40 64 -37.5
Proposals 0 3 9 -100.0 -100.0 9 40 -77.5
Alberta 41 33 57 24.2 -28.1 160 223 -28.3
Bankruptcies 30 28 38 7.1 -21.1 122 155 -21.3
Proposals 11 5 19 120.0 -42.1 38 68 -44.1
British Columbia 30 24 23 25.0 30.4 128 127 0.8
Bankruptcies 24 20 16 20.0 50.0 80 90 -11.1
Proposals 6 4 7 50.0 -14.3 48 37 29.7
Northwest Territories 0 0 0 n/a n/a 0 2 -100.0
Bankruptcies 0 0 0 n/a n/a 0 1 -100.0
Proposals 0 0 0 n/a n/a 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 0 1 2 -100.0 -100.0 1 2 -50.0
Bankruptcies 0 1 2 -100.0 -100.0 1 2 -50.0
Proposals 0 0 0 n/a n/a 0 0 n/a
Canada 668 628 907 6.4 -26.4 2,786 3,680 -24.3
Bankruptcies 524 503 650 4.2 -19.4 2,108 2,746 -23.2
Proposals 144 125 257 15.2 -44.0 678 934 -27.4
Table 3a: Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending 
Q4 2020 Q3 2020 Q4 2019 Q3 2020 to
Q4 2020
Q4 2019 to
Q4 2020
12-31-2020 12-31-2019 % Change
Newfoundland and Labrador 0 2 4 -100.0 -100.0 3 13 -76.9
Bankruptcies 0 2 2 -100.0 -100.0 3 10 -70.0
Proposals 0 0 2 n/a -100.0 0 3 -100.0
Prince Edward Island 0 0 0 n/a n/a 1 4 -75.0
Bankruptcies 0 0 0 n/a n/a 0 3 -100.0
Proposals 0 0 0 n/a n/a 1 1 0.0
Nova Scotia 2 1 8 100.0 -75.0 11 31 -64.5
Bankruptcies 2 1 8 100.0 -75.0 9 24 -62.5
Proposals 0 0 0 n/a n/a 2 7 -71.4
New Brunswick 5 2 3 150.0 66.7 14 29 -51.7
Bankruptcies 4 2 2 100.0 100.0 12 23 -47.8
Proposals 1 0 1 n/a 0.0 2 6 -66.7
Quebec 329 325 464 1.2 -29.1 1,414 1,862 -24.1
Bankruptcies 280 269 351 4.1 -20.2 1,138 1,453 -21.7
Proposals 49 56 113 -12.5 -56.6 276 409 -32.5
Ontario 111 134 108 -17.2 2.8 490 488 0.4
Bankruptcies 87 103 74 -15.5 17.6 381 362 5.2
Proposals 24 31 34 -22.6 -29.4 109 126 -13.5
Manitoba 1 2 3 -50.0 -66.7 14 13 7.7
Bankruptcies 1 2 2 -50.0 -50.0 9 11 -18.2
Proposals 0 0 1 n/a -100.0 5 2 150.0
Saskatchewan 5 2 2 150.0 150.0 13 8 62.5
Bankruptcies 5 1 2 400.0 150.0 11 5 120.0
Proposals 0 1 0 -100.0 n/a 2 3 -33.3
Alberta 29 13 35 123.1 -17.1 96 117 -17.9
Bankruptcies 24 12 23 100.0 4.3 76 83 -8.4
Proposals 5 1 12 400.0 -58.3 20 34 -41.2
British Columbia 20 18 7 11.1 185.7 85 54 57.4
Bankruptcies 15 15 6 0.0 150.0 54 36 50.0
Proposals 5 3 1 66.7 400.0 31 18 72.2
Northwest Territories 0 0 0 n/a n/a 0 1 -100.0
Bankruptcies 0 0 0 n/a n/a 0 0 n/a
Proposals 0 0 0 n/a n/a 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 0 1 2 -100.0 -100.0 1 2 -50.0
Bankruptcies 0 1 2 -100.0 -100.0 1 2 -50.0
Proposals 0 0 0 n/a n/a 0 0 n/a
Canada 502 500 636 0.4 -21.1 2,142 2,622 -18.3
Bankruptcies 418 408 472 2.5 -11.4 1,694 2,012 -15.8
Proposals 84 92 164 -8.7 -48.8 448 610 -26.6
Table 3b: Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending 
Q4 2020 Q3 2020 Q4 2019 Q3 2020 to
Q4 2020
Q4 2019 to
Q4 2020
12-31-2020 12-31-2019 % Change
Newfoundland and Labrador 2 3 6 -33.3 -66.7 7 28 -75.0
Bankruptcies 2 3 3 -33.3 -33.3 7 25 -72.0
Proposals 0 0 3 n/a -100.0 0 3 -100.0
Prince Edward Island 0 0 3 n/a -100.0 1 6 -83.3
Bankruptcies 0 0 3 n/a -100.0 1 6 -83.3
Proposals 0 0 0 n/a n/a 0 0 n/a
Nova Scotia 2 0 6 n/a -66.7 8 28 -71.4
Bankruptcies 1 0 6 n/a -83.3 7 27 -74.1
Proposals 1 0 0 n/a n/a 1 1 0.0
New Brunswick 6 3 2 100.0 200.0 10 16 -37.5
Bankruptcies 3 1 2 200.0 50.0 4 11 -63.6
Proposals 3 2 0 50.0 n/a 6 5 20.0
Quebec 54 43 80 25.6 -32.5 185 264 -29.9
Bankruptcies 38 33 46 15.2 -17.4 120 167 -28.1
Proposals 16 10 34 60.0 -52.9 65 97 -33.0
Ontario 74 39 97 89.7 -23.7 269 414 -35.0
Bankruptcies 41 26 64 57.7 -35.9 155 290 -46.6
Proposals 33 13 33 153.8 0.0 114 124 -8.1
Manitoba 3 8 6 -62.5 -50.0 21 26 -19.2
Bankruptcies 3 7 5 -57.1 -40.0 19 22 -13.6
Proposals 0 1 1 -100.0 -100.0 2 4 -50.0
Saskatchewan 3 6 33 -50.0 -90.9 36 96 -62.5
Bankruptcies 3 4 24 -25.0 -87.5 29 59 -50.8
Proposals 0 2 9 -100.0 -100.0 7 37 -81.1
Alberta 12 20 22 -40.0 -45.5 64 106 -39.6
Bankruptcies 6 16 15 -62.5 -60.0 46 72 -36.1
Proposals 6 4 7 50.0 -14.3 18 34 -47.1
British Columbia 10 6 16 66.7 -37.5 43 73 -41.1
Bankruptcies 9 5 10 80.0 -10.0 26 54 -51.9
Proposals 1 1 6 0.0 -83.3 17 19 -10.5
Northwest Territories 0 0 0 n/a n/a 0 1 -100.0
Bankruptcies 0 0 0 n/a n/a 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 166 128 271 29.7 -38.7 644 1,058 -39.1
Bankruptcies 106 95 178 11.6 -40.4 414 734 -43.6
Proposals 60 33 93 81.8 -35.5 230 324 -29.0
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