Highlights
Read the report Insolvency Statistics in Canada—March 2017.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 19.2% in March 2017 from the previous month. Bankruptcies increased by 25.6% and proposals increased by 13.7%.
The total number of insolvencies in March 2017 was 1.2% higher than the total number of insolvencies in March 2016. Consumer insolvencies increased by 1.3%, while business insolvencies decreased by 1.9%.
For the 12-month period ending March 31, 2017, the total number of insolvencies increased by 1.9% compared with the 12-month period ending March 31, 2016.
Consumer insolvencies for the 12-month period ending March 31, 2017, increased by 2.2% compared with the 12-month period ending March 31, 2016. Consumer bankruptcies decreased by 2.0%, while consumer proposals increased by 6.7%. The proportion of proposals in consumer insolvencies increased to 50.3% during the 12-month period ending March 31, 2017, up from 48.2% during the 12-month period ending March 31, 2016. For the 12-month period ending March 31, 2017, consumer insolvency filings accounted for 97.1% of the total insolvency filings.
Business insolvencies for the 12-month period ending March 31, 2017, decreased by 7.4% compared with the 12-month period ending March 31, 2016. The two sectors that registered the biggest decrease in the number of insolvencies were accommodation and food services; and manufacturing. Transportation and warehousing; and mining and oil and gas extraction experienced the biggest increase in insolvencies.
No Companies’ Creditors Arrangement Act (CCAA) proceeding were filed with the OSB in March 2017. Note: The Insolvency Statistics in Canada—March 2017 report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.