Insolvency statistics in Canada—Second Quarter of 2022

Glossary

Affiliates: Companies that are subsidiaries of the filing company or that are controlled by the same person as the filing company.

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): a 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.

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.

Companies' Creditors Arrangement Act (CCAA): A federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.

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 BIA Insolvencies
- Volume % Change 12-Month Period Ending 
Q2 2022 Q1 2022 Q2 2021 Q1 2022
to
Q1 2022
Q2 2021
to
Q2 2022
06-30-2022 06-30-2021 % Change
Newfoundland and Labrador  494 429 517 15.2 -4.4 1,700 1,887 -9.9

Bankruptcies

190 143 202 32.9 -5.9 613 711 -13.8

Proposals

304 286 315 6.3 -3.5 1,087 1,176 -7.6
Prince Edward Island 116 111 95 4.5 22.1 416 397 4.8

Bankruptcies

47 46 49 2.2 -4.1 173 175 -1.1

Proposals

69 65 46 6.2 50.0 243 222 9.5
Nova Scotia 943 704 802 33.9 17.6 3,049 3,180 -4.1

Bankruptcies

367 265 340 38.5 7.9 1,215 1,409 -13.8

Proposals

576 439 462 31.2 24.7 1,834 1,771 3.6
New Brunswick 797 746 839 6.8 -5.0 2,898 3,273 -11.5

Bankruptcies

296 265 368 11.7 -19.6 1,094 1,484 -26.3

Proposals

501 481 471 4.2 6.4 1,804 1,789 0.8
Quebec 6,670 6,719 6,156 -0.7 8.3 25,631 25,495 0.5

Bankruptcies

2,593 2,660 2,862 -2.5 -9.4 10,762 11,864 -9.3

Proposals

4,077 4,059 3,294 0.4 23.8 14,869 13,631 9.1
Ontario 9,017 8,032 7,703 12.3 17.1 32,138 31,894 0.8

Bankruptcies

2,113 1,797 2,188 17.6 -3.4 7,734 8,655 -10.6

Proposals

6,904 6,235 5,515 10.7 25.2 24,404 23,239 5.0
Manitoba 710 583 645 21.8 10.1 2,565 2,428 5.6

Bankruptcies

199 135 210 47.4 -5.2 740 801 -7.6

Proposals

511 448 435 14.1 17.5 1,825 1,627 12.2
Saskatchewan 807 745 693 8.3 16.5 2,879 2,702 6.6

Bankruptcies

168 179 195 -6.1 -13.8 703 832 -15.5

Proposals

639 566 498 12.9 28.3 2,176 1,870 16.4
Alberta 3,980 3,529 3,706 12.8 7.4 14,234 13,511 5.4

Bankruptcies

668 621 769 7.6 -13.1 2,538 3,283 -22.7

Proposals

3,312 2,908 2,937 13.9 12.8 11,696 10,228 14.4
British Columbia 2,511 2,331 2,316 7.7 8.4 9,059 8,429 7.5

Bankruptcies

490 477 612 2.7 -19.9 1,950 2,406 -19.0

Proposals

2,021 1,854 1,704 9.0 18.6 7,109 6,023 18.0
Northwest Territories 17 21 16 -19.0 6.3 63 51 23.5

Bankruptcies

2 1 3 100.0 -33.3 7 7 0.0

Proposals

15 20 13 -25.0 15.4 56 44 27.3
Yukon 18 9 7 100.0 157.1 47 30 56.7

Bankruptcies

0 2 3 -100.0 -100.0 5 10 -50.0

Proposals

18 7 4 157.1 350.0 42 20 110.0
Nunavut 2 1 2 100.0 0.0 11 14 -21.4

Bankruptcies

0 0 0 -- -- 1 1 0.0

Proposals

2 1 2 100.0 0.0 10 13 -23.1
Canada 26,082 23,960 23,497 8.9 11.0 94,690 93,291 1.5

Bankruptcies

7,133 6,591 7,801 8.2 -8.6 27,535 31,638 -13.0

Proposals

18,949 17,369 15,696 9.1 20.7 67,155 61,653 8.9
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending 
Q2 2022 Q1 2022 Q2 2021 Q1 2022
to
Q2 2022
Q2 2021
to
Q2 2022
06-30-2022 06-30-2021 % Change
Newfoundland and Labrador  488 428 513 14.0 -4.9 1,687 1,874 -10.0

Bankruptcies

184 142 198 29.6 -7.1 601 698 -13.9

Proposals

304 286 315 6.3 -3.5 1,086 1,176 -7.7
Prince Edward Island 116 110 95 5.5 22.1 411 397 3.5

Bankruptcies

47 45 49 4.4 -4.1 169 175 -3.4

Proposals

69 65 46 6.2 50.0 242 222 9.0
Nova Scotia 938 696 800 34.8 17.3 3,028 3,166 -4.4

Bankruptcies

364 261 339 39.5 7.4 1,203 1,397 -13.9

Proposals

574 435 461 32.0 24.5 1,825 1,769 3.2
New Brunswick 793 739 835 7.3 -5.0 2,880 3,252 -11.4

Bankruptcies

293 259 364 13.1 -19.5 1,079 1,470 -26.6

Proposals

500 480 471 4.2 6.2 1,801 1,782 1.1
Quebec 6,193 6,253 5,779 -1.0 7.2 23,918 23,984 -0.3

Bankruptcies

2,190 2,282 2,548 -4.0 -14.1 9,347 10,618 -12.0

Proposals

4,003 3,971 3,231 0.8 23.9 14,571 13,366 9.0
Ontario 8,817 7,816 7,565 12.8 16.5 31,377 31,268 0.3

Bankruptcies

1,969 1,650 2,085 19.3 -5.6 7,192 8,202 -12.3

Proposals

6,848 6,166 5,480 11.1 25.0 24,185 23,066 4.9
Manitoba 704 574 638 22.6 10.3 2,534 2,399 5.6

Bankruptcies

195 130 204 50.0 -4.4 718 776 -7.5

Proposals

509 444 434 14.6 17.3 1,816 1,623 11.9
Saskatchewan 794 731 681 8.6 16.6 2,834 2,656 6.7

Bankruptcies

161 168 188 -4.2 -14.4 673 795 -15.3

Proposals

633 563 493 12.4 28.4 2,161 1,861 16.1
Alberta 3,929 3,483 3,660 12.8 7.3 14,076 13,359 5.4

Bankruptcies

640 587 741 9.0 -13.6 2,436 3,177 -23.3

Proposals

3,289 2,896 2,919 13.6 12.7 11,640 10,182 14.3
British Columbia 2,477 2,292 2,298 8.1 7.8 8,952 8,335 7.4

Bankruptcies

465 448 603 3.8 -22.9 1,870 2,339 -20.1

Proposals

2,012 1,844 1,695 9.1 18.7 7,082 5,996 18.1
Northwest Territories 17 21 16 -19.0 6.3 63 51 23.5

Bankruptcies

2 1 3 100.0 -33.3 7 7 0.0

Proposals

15 20 13 -25.0 15.4 56 44 27.3
Yukon 18 9 7 100.0 157.1 47 30 56.7

Bankruptcies

0 2 3 -100.0 -100.0 5 10 -50.0

Proposals

18 7 4 157.1 350.0 42 20 110.0
Nunavut 2 1 2 100.0 0.0 11 13 -15.4

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

2 1 2 100.0 0.0 10 13 -23.1
Canada 25,286 23,153 22,889 9.2 10.5 91,818 90,784 1.1

Bankruptcies

6,510 5,975 7,325 9.0 -11.1 25,301 29,664 -14.7

Proposals

18,776 17,178 15,564 9.3 20.6 66,517 61,120 8.8
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending 
Q2 2022 Q1 2022 Q2 2021 Q1 2022
to
Q2 2022
Q2 2021
to
Q2 2022
06-30-2022 06-30-2021 % Change
Newfoundland and Labrador  6 1 4 500.0 50.0 13 13 0.0

Bankruptcies

6 1 4 500.0 50.0 12 13 -7.7

Proposals

0 0 0 -- -- 1 0 --
Prince Edward Island 0 1 0 -100.0 -- 5 0 --

Bankruptcies

0 1 0 -100.0 -- 4 0 --

Proposals

0 0 0 -- -- 1 0 --
Nova Scotia 5 8 2 -37.5 150.0 21 14 50.0

Bankruptcies

3 4 1 -25.0 200.0 12 12 0.0

Proposals

2 4 1 -50.0 100.0 9 2 350.0
New Brunswick 4 7 4 -42.9 0.0 18 21 -14.3

Bankruptcies

3 6 4 -50.0 -25.0 15 14 7.1

Proposals

1 1 0 0.0 -- 3 7 -57.1
Quebec 477 466 377 2.4 26.5 1,713 1,511 13.4

Bankruptcies

403 378 314 6.6 28.3 1,415 1,246 13.6

Proposals

74 88 63 -15.9 17.5 298 265 12.5
Ontario 200 216 138 -7.4 44.9 761 626 21.6

Bankruptcies

144 147 103 -2.0 39.8 542 453 19.6

Proposals

56 69 35 -18.8 60.0 219 173 26.6
Manitoba 6 9 7 -33.3 -14.3 31 29 6.9

Bankruptcies

4 5 6 -20.0 -33.3 22 25 -12.0

Proposals

2 4 1 -50.0 100.0 9 4 125.0
Saskatchewan 13 14 12 -7.1 8.3 45 46 -2.2

Bankruptcies

7 11 7 -36.4 0.0 30 37 -18.9

Proposals

6 3 5 100.0 20.0 15 9 66.7
Alberta 51 46 46 10.9 10.9 158 152 3.9

Bankruptcies

28 34 28 -17.6 0.0 102 106 -3.8

Proposals

23 12 18 91.7 27.8 56 46 21.7
British Columbia 34 39 18 -12.8 88.9 107 94 13.8

Bankruptcies

25 29 9 -13.8 177.8 80 67 19.4

Proposals

9 10 9 -10.0 0.0 27 27 0.0
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 796 807 608 -1.4 30.9 2,872 2,507 14.6

Bankruptcies

623 616 476 1.1 30.9 2,234 1,974 13.2

Proposals

173 191 132 -9.4 31.1 638 533 19.7
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending 
Q2 2022 Q1 2022 Q2 2021 Q1 2022
to
Q2 2022
Q2 2021
to
Q2 2022
06-30-2022 06-30-2021 % Change
Newfoundland and Labrador  0 0 2 -- -100.0 2 5 -60.0

Bankruptcies

0 0 2 -- -100.0 1 5 -80.0

Proposals

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

Bankruptcies

0 1 0 -100.0 -- 2 0 --

Proposals

0 0 0 -- -- 0 0 --
Nova Scotia 1 5 1 -80.0 0.0 7 8 -12.5

Bankruptcies

1 1 0 0.0 -- 3 7 -57.1

Proposals

0 4 1 -100.0 -100.0 4 1 300.0
New Brunswick 1 2 3 -50.0 -66.7 8 11 -27.3

Bankruptcies

1 2 3 -50.0 -66.7 7 9 -22.2

Proposals

0 0 0 -- -- 1 2 -50.0
Quebec 410 402 332 2.0 23.5 1,486 1,318 12.7

Bankruptcies

366 342 283 7.0 29.3 1,288 1,116 15.4

Proposals

44 60 49 -26.7 -10.2 198 202 -2.0
Ontario 139 127 97 9.4 43.3 514 432 19.0

Bankruptcies

113 95 77 18.9 46.8 408 339 20.4

Proposals

26 32 20 -18.8 30.0 106 93 14.0
Manitoba 3 5 4 -40.0 -25.0 15 9 66.7

Bankruptcies

2 3 4 -33.3 -50.0 10 8 25.0

Proposals

1 2 0 -50.0 -- 5 1 400.0
Saskatchewan 4 3 6 33.3 -33.3 7 22 -68.2

Bankruptcies

1 3 3 -66.7 -66.7 4 18 -77.8

Proposals

3 0 3 -- 0.0 3 4 -25.0
Alberta 19 20 28 -5.0 -32.1 74 88 -15.9

Bankruptcies

14 16 18 -12.5 -22.2 57 66 -13.6

Proposals

5 4 10 25.0 -50.0 17 22 -22.7
British Columbia 13 19 8 -31.6 62.5 48 61 -21.3

Bankruptcies

10 14 3 -28.6 233.3 39 43 -9.3

Proposals

3 5 5 -40.0 -40.0 9 18 -50.0
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 590 584 481 1.0 22.7 2,163 1,955 10.6

Bankruptcies

508 477 393 6.5 29.3 1,819 1,612 12.8

Proposals

82 107 88 -23.4 -6.8 344 343 0.3
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending 
Q2 2022 Q1 2022 Q2 2021 Q1 2022
to
Q2 2022
Q2 2021
to
Q2 2022
06-30-2022 06-30-2021 % Change
Newfoundland and Labrador  6 1 2 500.0 200.0 11 8 37.5

Bankruptcies

6 1 2 500.0 200.0 11 8 37.5

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 4 3 1 33.3 300.0 14 6 133.3

Bankruptcies

2 3 1 -33.3 100.0 9 5 80.0

Proposals

2 0 0 -- -- 5 1 400.0
New Brunswick 3 5 1 -40.0 200.0 10 10 0.0

Bankruptcies

2 4 1 -50.0 100.0 8 5 60.0

Proposals

1 1 0 0.0 -- 2 5 -60.0
Quebec 67 64 45 4.7 48.9 227 193 17.6

Bankruptcies

37 36 31 2.8 19.4 127 130 -2.3

Proposals

30 28 14 7.1 114.3 100 63 58.7
Ontario 61 89 41 -31.5 48.8 247 194 27.3

Bankruptcies

31 52 26 -40.4 19.2 134 114 17.5

Proposals

30 37 15 -18.9 100.0 113 80 41.3
Manitoba 3 4 3 -25.0 0.0 16 20 -20.0

Bankruptcies

2 2 2 0.0 0.0 12 17 -29.4

Proposals

1 2 1 -50.0 0.0 4 3 33.3
Saskatchewan 9 11 6 -18.2 50.0 38 24 58.3

Bankruptcies

6 8 4 -25.0 50.0 26 19 36.8

Proposals

3 3 2 0.0 50.0 12 5 140.0
Alberta 32 26 18 23.1 77.8 84 64 31.3

Bankruptcies

14 18 10 -22.2 40.0 45 40 12.5

Proposals

18 8 8 125.0 125.0 39 24 62.5
British Columbia 21 20 10 5.0 110.0 59 33 78.8

Bankruptcies

15 15 6 0.0 150.0 41 24 70.8

Proposals

6 5 4 20.0 50.0 18 9 100.0
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 206 223 127 -7.6 62.2 709 552 28.4

Bankruptcies

115 139 83 -17.3 38.6 415 362 14.6

Proposals

91 84 44 8.3 106.8 294 190 54.7