Insolvency Statistics in Canada—May 2019
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 4.5% in May 2019 compared to the previous month.
Bankruptcies increased by 5.0% and proposals increased by 4.1%.The total number of insolvencies in May 2019 was 8.3% higher than the total number of insolvencies in May 2018. Consumer insolvencies increased by 8.6%, while business insolvencies increased by 0.3%.
For the 12-month period ending May 31, 2019, the total number of insolvencies increased by 5.2% compared with the 12-month period ending May 31, 2018.
Consumer insolvencies for the 12-month period ending May 31, 2019, increased by 5.2% compared with the 12-month period ending May 31, 2018. Consumer bankruptcies decreased by 2.9%, while consumer proposals increased by 12.1%. The proportion of proposals in consumer insolvencies increased to 57.7% during the 12-month period ending May 31, 2019, up from 54.2% during the 12-month period ending May 31, 2018. For the 12-month period ending May 31, 2019, consumer insolvency filings accounted for 97.2% of total insolvency filings.
Business insolvencies for the 12-month period ending May 31, 2019, increased by 3.4% compared with the 12-month period ending May 31, 2018. The two sectors that registered the biggest increase in the number of insolvencies were transportation and warehousing; and other services (except public administration).
Arts, entertainment and recreation; health care and social assistance, experienced the biggest decrease in insolvencies.
Two Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 2019.
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.
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