Insolvency Statistics in Canada—July 2020

Highlights

Read the report Insolvency Statistics in Canada—July 2020.

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 3.1% in July 2020 compared to the previous month. Bankruptcies increased by 3.6% and proposals increased by 2.8%.

The total number of insolvencies in July 2020 was 42.5% lower than the total number of insolvencies in July 2019. Consumer insolvencies decreased by 42.7%, while business insolvencies decreased by 35.1%.

For the 12month period ending July 31, 2020, the total number of insolvencies decreased by 10.8% compared with the 12month period ending July 31, 2019.

Consumer insolvencies for the 12month period ending July 31, 2020, decreased by 10.6% compared with the 12month period ending July 31, 2019. Consumer bankruptcies decreased by 21.1%, while consumer proposals decreased by 3.1%. The proportion of proposals in consumer insolvencies increased to 63.5% during the 12month period ending July 31, 2020, up from 58.6% during the 12month period ending July 31, 2019. For the 12month period ending July 31, 2020, consumer insolvency filings accounted for 97.4% of total insolvency filings.

Business insolvencies for the 12month period ending July 31, 2020, decreased by 18.2% compared with the 12month period ending July 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 as well as retail trade experienced the biggest increase in insolvencies.

Five Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in July 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—July 2020.