Insolvency Statistics in Canada—March 2021 (br04478)

Highlights

Read the report Insolvency Statistics in Canada—March 2021.

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 22.7% in March 2021 compared to the previous month. Bankruptcies increased by 24.9% and proposals increased by 21.6%.

The total number of insolvencies in March 2021 was 15.5% lower than the total number of insolvencies in March 2020. Consumer insolvencies decreased by 15.7%, while business insolvencies decreased by 4.8%.

For the 12month period ending March 31, 2021, the total number of insolvencies decreased by 36.8% compared with the 12month period ending March 31, 2020.

Consumer insolvencies for the 12month period ending March 31, 2021, decreased by 37.0% compared with the 12month period ending March 31, 2020. Consumer bankruptcies decreased by 45.8%, while consumer proposals decreased by 31.5%. The proportion of proposals in consumer insolvencies increased to 67.0% during the 12month period ending March 31, 2021, up from 61.6% during the 12month period ending March 31, 2020. For the 12month period ending March 31, 2021, consumer insolvency filings accounted for 97.2% of total insolvency filings.

Business insolvencies for the 12month period ending March 31, 2021, decreased by 30.2% compared with the 12month period ending March 31, 2020. The two sectors that registered the biggest decrease in the number of insolvencies were construction; and professional, scientific and technical services. Arts, entertainment and recreation; and mining and oil and gas extraction experienced the biggest increase in insolvencies.

Four Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in March 2021. 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—March 2021.