Highlights
Read the report Insolvency Statistics in Canada—March 2022.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 24.1% in March 2022 compared to the previous month. Bankruptcies increased by 24.9% and proposals increased by 23.7%.
The total number of insolvencies in March 2022 was 0.5% higher than the total number of insolvencies in March 2021. Consumer insolvencies decreased by 0.3%, while business insolvencies increased by 33.1%.
For the 12month period ending March 31, 2022, the total number of insolvencies increased by 2.8% in comparison to the 12month period ending March 31, 2021.
Consumer insolvencies for the 12month period ending March 31, 2022, increased by 2.7% in comparison to the 12month period ending March 31, 2021. Consumer bankruptcies decreased by 9.2%, while consumer proposals increased by 8.6%. The proportion of proposals in consumer insolvencies increased to 70.8% during the 12month period ending March 31, 2022, up from 67% during the 12month period ending March 31, 2021. For the 12month period ending March 31, 2022, consumer insolvency filings accounted for 97.1% of total insolvency filings.
Business insolvencies for the 12month period ending March 31, 2022, increased by 7.1% compared with the 12month period ending March 31, 2021. The sectors that registered the biggest decrease in the number of insolvencies were real estate and rental and leasing, and retail trade. Transportation and warehousing, and construction experienced the biggest increase in insolvencies.
Two Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in March 2022. Please refer to the CCAA Records List for additional details.