Highlights
Read the report Insolvency Statistics in Canada—May 2020.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 8.2% in May 2020 compared to the previous month. Bankruptcies decreased by 3.9% and proposals decreased by 10.3%.
The total number of insolvencies in May 2020 was 50.3% lower than the total number of insolvencies in May 2019. Consumer insolvencies decreased by 50.6%, while business insolvencies decreased by 38.9%.
For the 12month period ending May 31, 2020, the total number of insolvencies decreased by 2.0% compared with the 12month period ending May 31, 2019.
Consumer insolvencies for the 12month period ending May 31, 2020, decreased by 1.8% compared with the 12month period ending May 31, 2019. Consumer bankruptcies decreased by 13.4%, while consumer proposals increased by 6.8%. The proportion of proposals in consumer insolvencies increased to 62.7% during the 12month period ending May 31, 2020, up from 57.7% during the 12month period ending May 31, 2019. For the 12month period ending May 31, 2020, consumer insolvency filings accounted for 97.5% of total insolvency filings.
Business insolvencies for the 12month period ending May 31, 2020, decreased by 11.3% compared with the 12month period ending May 31, 2019. The two sectors that registered the biggest decrease in the number of insolvencies were construction; and accommodation and food services. Arts, entertainment and recreation experienced the biggest increase in insolvencies.
Ten Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 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.