Highlights
Read the report Insolvency Statistics in Canada—May 2018.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 5.7% in May 2018 from the previous month. Bankruptcies increased by 7.7% and proposals increased by 4.1%.
The total number of insolvencies in May 2018 was 0.4% higher than the total number of insolvencies in May 2017. Consumer insolvencies increased by 0.8%, while business insolvencies decreased by 11.0%.
For the 12-month period ending May 31, 2018, the total number of insolvencies decreased by 1.1% compared with the 12-month period ending May 31, 2017.
Consumer insolvencies for the 12-month period ending May 31, 2018, decreased by 1.0% compared with the 12-month period ending May 31, 2017. Consumer bankruptcies decreased by 7.8%, while consumer proposals increased by 5.7%. The proportion of proposals in consumer insolvencies increased to 54.2% during the 12-month period ending May 31, 2018, up from 50.7% during the 12-month period ending May 31, 2017. For the 12-month period ending May 31, 2018, consumer insolvency filings accounted for 97.2% of total insolvency filings.
Business insolvencies for the 12-month period ending May 31, 2018, decreased by 4.0% compared with the 12-month period ending May 31, 2017. The two sectors that registered the biggest decrease in the number of insolvencies were administrative and support, waste management and remediation services; and transportation and warehousing. Construction; and other services (except public administration) experienced the biggest increase in insolvencies.
Two Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 2018. Please refer to the CCAA Records List for additional details. 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.