Highlights
Read the report Insolvency Statistics in Canada—May 2014
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 0.1 percent in May 2014 from the previous month. Bankruptcies increased by 1.0 percent, whereas proposals decreased by 1.0 percent.
The total number of insolvencies in May 2014 was 3.7 percent lower than the total number of insolvencies in May 2013. Consumer insolvencies decreased by 3.7 percent, while business insolvencies decreased by 4.9 percent.
For the 12-month period ending May 31, 2014, the total number of insolvencies increased to 122,065 from 122,018, compared with the 12-month period ending May 31, 2013.
Consumer insolvencies for the 12-month period ending May 31, 2014, increased by 0.1 percent compared with the 12-month period ending May 31, 2013. Consumer bankruptcies decreased by 4.0 percent, while consumer proposals increased by 6.0 percent. The proportion of proposals in consumer insolvencies increased to 43.0 percent during the 12-month period ending May 31, 2014, up from 40.6 percent during the 12-month period ending May 31, 2013. For the 12-month period ending May 31, 2014, 96.5 percent of total insolvencies were filed by consumers.
Business insolvencies for the 12-month period ending May 31, 2014, decreased by 0.9 percent compared with the 12-month period ending May 31, 2013. The three sectors that registered the biggest decrease in the number of insolvencies were retail trade, construction, and transportation and warehousing, whereas the real estate and rental and leasing sector experienced the biggest increase in insolvencies.
One Companies’ Creditors Arrangement Act (CCAA) proceeding was filed with the OSB in May 2014. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada—May 2014 report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.