Highlights
Read the report Insolvency Statistics in Canada—December 2020.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 7.4% in December 2020 compared to the previous month. Bankruptcies decreased by 3.0% and proposals decreased by 9.7%.
The total number of insolvencies in December 2020 was 27.8% lower than the total number of insolvencies in December 2019. Consumer insolvencies decreased by 27.9%, while business insolvencies decreased by 25.9%.
For the 12month period ending December 31, 2020, the total number of insolvencies decreased by 29.5% compared with the 12month period ending December 31, 2019.
Consumer insolvencies for the 12month period ending December 31, 2020, decreased by 29.7% compared with the 12month period ending December 31, 2019. Consumer bankruptcies decreased by 39.6%, while consumer proposals decreased by 23.2%. The proportion of proposals in consumer insolvencies increased to 65.9% during the 12month period ending December 31, 2020, up from 60.3% during the 12month period ending December 31, 2019. For the 12month period ending December 31, 2020, consumer insolvency filings accounted for 97.2% of total insolvency filings.
Business insolvencies for the 12month period ending December 31, 2020, decreased by 24.3% compared with the 12month period ending December 31, 2019. The two sectors that registered the biggest decrease in the number of insolvencies were construction, and manufacturing. Arts, entertainment and recreation as well as management of companies and enterprises experienced the biggest increase in insolvencies.
One Companies’ Creditors Arrangement Act (CCAA) proceedings was filed with the OSB in December 2020. 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.
Read the report Insolvency Statistics in Canada—December 2020.