Highlights
Read the report Insolvency Statistics in Canada—August 2018.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 6.7% in August 2018 compared to the previous month. Bankruptcies increased by 4.7% and proposals increased by 8.3%.
The total number of insolvencies in August 2018 was 3.1% higher than the total number of insolvencies in August 2017. Consumer insolvencies increased by 3.3%, while business insolvencies decreased by 4.1%.
For the 12-month period ending August 31, 2018, the total number of insolvencies increased by 0.4% compared with the 12-month period ending August 31, 2017.
Consumer insolvencies for the 12-month period ending August 31, 2018, increased by 0.5% compared with the 12-month period ending August 31, 2017. Consumer bankruptcies decreased by 6.4%, while consumer proposals increased by 7.0%. The proportion of proposals in consumer insolvencies increased to 54.8% during the 12-month period ending August 31, 2018, up from 51.4% during the 12-month period ending August 31, 2017. For the 12-month period ending August 31, 2018, consumer insolvency filings accounted for 97.2% of total insolvency filings.
Business insolvencies for the 12-month period ending August 31, 2018, decreased by 3.7% compared with the 12-month period ending August 31, 2017. The two sectors that registered the biggest decrease in the number of insolvencies were mining, oil and gas extraction; and administrative and support, waste management and remediation services. The biggest increase in insolvencies was experienced by the construction sector and the management of companies and enterprises sector.
Two Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in August 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.
Read the report Insolvency Statistics in Canada—August 2018.