Highlights
Read the report Insolvency Statistics in Canada—July 2021.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 11.8% in July 2021 compared to the previous month. Bankruptcies decreased by 16.7% and proposals decreased by 9.5%.
The total number of insolvencies in July 2021 was 0.6% lower than the total number of insolvencies in July 2020. Consumer insolvencies increased by 0.3%, while business insolvencies decreased by 26.6%.
For the 12month period ending July 31, 2021, the total number of insolvencies decreased by 22.6% compared with the 12month period ending July 31, 2020.
Consumer insolvencies for the 12month period ending July 31, 2021, decreased by 22.6% compared with the 12month period ending July 31, 2020. Consumer bankruptcies decreased by 31.6%, while consumer proposals decreased by 17.5%. The proportion of proposals in consumer insolvencies increased to 67.7% during the 12month period ending July 31, 2021, up from 63.5% during the 12month period ending July 31, 2020. For the 12month period ending July 31, 2021, consumer insolvency filings accounted for 97.4% of total insolvency filings.
Business insolvencies for the 12month period ending July 31, 2021, decreased by 21.2% compared with the 12month period ending July 31, 2020. The two sectors that registered the biggest decrease in the number of insolvencies were construction and retail trade. Mining and oil and gas extraction; and finance and insurance experienced the biggest increase in insolvencies.
No Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in July 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.