Insolvency statistics in Canada—First quarter of 2022

Glossary

Affiliates: Companies that are subsidiaries of the filing company or that are controlled by the same person as the filing company.

Bankruptcy: The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.

Bankruptcy and Insolvency Act (BIA): a federal act that provides the framework to file and administer insolvencies in Canada.

Business: Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.

Census Metropolitan Area (CMA): Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMAs, go to CMA and CA: Detailed definition.

Companies' Creditors Arrangement Act (CCAA): A federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.

Consumer: An individual with more than 50% of total liabilities related to consumer goods and services.

Corporation: A commercial entity or organization.

Economic Region (ER): Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ERs, go to Economic region (ER).

Individual Business: An individual who has incurred 50% or more of total liabilities as a result of operating a business.

North American Industry Classification System (NAICS): System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.

Proposal: An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.

Table 1: Total BIA Insolvencies
- Volume % Change 12-Month Period Ending 
Q1 2022 Q4 2021 Q1 2021 Q4 2021
to
Q1 2022
Q1 2021
to
Q1 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador  429 406 455 5.7 -5.7 1,723 1,714 0.5

Bankruptcies

143 147 171 -2.7 -16.4 625 679 -8.0

Proposals

286 259 284 10.4 0.7 1,098 1,035 6.1
Prince Edward Island 111 109 104 1.8 6.7 395 393 0.5

Bankruptcies

46 47 43 -2.1 7.0 175 166 5.4

Proposals

65 62 61 4.8 6.6 220 227 -3.1
Nova Scotia 704 697 820 1.0 -14.1 2,908 3,060 -5.0

Bankruptcies

265 285 358 -7.0 -26.0 1,188 1,380 -13.9

Proposals

439 412 462 6.6 -5.0 1,720 1,680 2.4
New Brunswick 746 664 803 12.3 -7.1 2,940 3,042 -3.4

Bankruptcies

265 251 350 5.6 -24.3 1,166 1,396 -16.5

Proposals

481 413 453 16.5 6.2 1,774 1,646 7.8
Quebec 6,719 6,256 6,799 7.4 -1.2 25,117 24,220 3.7

Bankruptcies

2,660 2,807 3,002 -5.2 -11.4 11,031 11,347 -2.8

Proposals

4,059 3,449 3,797 17.7 6.9 14,086 12,873 9.4
Ontario 8,032 7,864 8,148 2.1 -1.4 30,824 31,503 -2.2

Bankruptcies

1,797 2,006 2,015 -10.4 -10.8 7,809 8,484 -8.0

Proposals

6,235 5,858 6,133 6.4 1.7 23,015 23,019 0.0
Manitoba 583 658 621 -11.4 -6.1 2,500 2,380 5.0

Bankruptcies

135 206 191 -34.5 -29.3 751 772 -2.7

Proposals

448 452 430 -0.9 4.2 1,749 1,608 8.8
Saskatchewan 745 718 752 3.8 -0.9 2,765 2,580 7.2

Bankruptcies

179 184 229 -2.7 -21.8 730 826 -11.6

Proposals

566 534 523 6.0 8.2 2,035 1,754 16.0
Alberta 3,529 3,457 3,664 2.1 -3.7 13,960 12,568 11.1

Bankruptcies

621 651 801 -4.6 -22.5 2,639 3,277 -19.5

Proposals

2,908 2,806 2,863 3.6 1.6 11,321 9,291 21.8
British Columbia 2,331 2,139 2,240 9.0 4.1 8,864 8,003 10.8

Bankruptcies

477 481 626 -0.8 -23.8 2,072 2,354 -12.0

Proposals

1,854 1,658 1,614 11.8 14.9 6,792 5,649 20.2
Northwest Territories 21 16 12 31.3 75.0 62 44 40.9

Bankruptcies

1 4 2 -75.0 -50.0 8 7 14.3

Proposals

20 12 10 66.7 100.0 54 37 45.9
Yukon 9 11 7 -18.2 28.6 36 39 -7.7

Bankruptcies

2 2 3 0.0 -33.3 8 12 -33.3

Proposals

7 9 4 -22.2 75.0 28 27 3.7
Nunavut 1 4 2 -75.0 -50.0 11 15 -26.7

Bankruptcies

0 0 0 -- -- 1 1 0.0

Proposals

1 4 2 -75.0 -50.0 10 14 -28.6
Canada 23,960 22,999 24,427 4.2 -1.9 92,105 89,561 2.8

Bankruptcies

6,591 7,071 7,791 -6.8 -15.4 28,203 30,701 -8.1

Proposals

17,369 15,928 16,636 9.0 4.4 63,902 58,860 8.6
Table 2: BIA Insolvencies Filed by Consumers
- Volume % Change 12-Month Period Ending 
Q1 2022 Q4 2021 Q1 2021 Q4 2021
to
Q1 2022
Q1 2021
to
Q1 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador  428 403 453 6.2 -5.5 1,712 1,704 0.5

Bankruptcies

142 145 169 -2.1 -16.0 615 669 -8.1

Proposals

286 258 284 10.9 0.7 1,097 1,035 6.0
Prince Edward Island 110 107 104 2.8 5.8 390 392 -0.5

Bankruptcies

45 45 43 0.0 4.7 171 166 3.0

Proposals

65 62 61 4.8 6.6 219 226 -3.1
Nova Scotia 696 690 813 0.9 -14.4 2,890 3,046 -5.1

Bankruptcies

261 281 351 -7.1 -25.6 1,178 1,367 -13.8

Proposals

435 409 462 6.4 -5.8 1,712 1,679 2.0
New Brunswick 739 660 802 12.0 -7.9 2,922 3,020 -3.2

Bankruptcies

259 248 350 4.4 -26.0 1,150 1,383 -16.8

Proposals

480 412 452 16.5 6.2 1,772 1,637 8.2
Quebec 6,253 5,781 6,416 8.2 -2.5 23,504 22,764 3.3

Bankruptcies

2,282 2,419 2,690 -5.7 -15.2 9,705 10,162 -4.5

Proposals

3,971 3,362 3,726 18.1 6.6 13,799 12,602 9.5
Ontario 7,816 7,679 8,018 1.8 -2.5 30,125 30,836 -2.3

Bankruptcies

1,650 1,869 1,922 -11.7 -14.2 7,308 8,000 -8.7

Proposals

6,166 5,810 6,096 6.1 1.1 22,817 22,836 -0.1
Manitoba 574 653 613 -12.1 -6.4 2,468 2,346 5.2

Bankruptcies

130 202 185 -35.6 -29.7 727 742 -2.0

Proposals

444 451 428 -1.6 3.7 1,741 1,604 8.5
Saskatchewan 731 707 734 3.4 -0.4 2,721 2,539 7.2

Bankruptcies

168 176 212 -4.5 -20.8 700 792 -11.6

Proposals

563 531 522 6.0 7.9 2,021 1,747 15.7
Alberta 3,483 3,430 3,632 1.5 -4.1 13,807 12,425 11.1

Bankruptcies

587 632 781 -7.1 -24.8 2,537 3,177 -20.1

Proposals

2,896 2,798 2,851 3.5 1.6 11,270 9,248 21.9
British Columbia 2,292 2,125 2,218 7.9 3.3 8,773 7,886 11.2

Bankruptcies

448 469 612 -4.5 -26.8 2,008 2,275 -11.7

Proposals

1,844 1,656 1,606 11.4 14.8 6,765 5,611 20.6
Northwest Territories 21 16 12 31.3 75.0 62 44 40.9

Bankruptcies

1 4 2 -75.0 -50.0 8 7 14.3

Proposals

20 12 10 66.7 100.0 54 37 45.9
Yukon 9 11 7 -18.2 28.6 36 39 -7.7

Bankruptcies

2 2 3 0.0 -33.3 8 12 -33.3

Proposals

7 9 4 -22.2 75.0 28 27 3.7
Nunavut 1 4 2 -75.0 -50.0 11 14 -21.4

Bankruptcies

0 0 0 -- -- 1 0 --

Proposals

1 4 2 -75.0 -50.0 10 14 -28.6
Canada 23,153 22,266 23,824 4.0 -2.8 89,421 87,055 2.7

Bankruptcies

5,975 6,492 7,320 -8.0 -18.4 26,116 28,752 -9.2

Proposals

17,178 15,774 16,504 8.9 4.1 63,305 58,303 8.6
Table 3: BIA Insolvencies Filed by Businesses
- Volume % Change 12-Month Period Ending 
Q1 2022 Q4 2021 Q1 2021 Q4 2021
to
Q1 2022
Q1 2021
to
Q1 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador  1 3 2 -66.7 -50.0 11 10 10.0

Bankruptcies

1 2 2 -50.0 -50.0 10 10 0.0

Proposals

0 1 0 -100.0 -- 1 0 --
Prince Edward Island 1 2 0 -50.0 -- 5 1 400.0

Bankruptcies

1 2 0 -50.0 -- 4 0 --

Proposals

0 0 0 -- -- 1 1 0.0
Nova Scotia 8 7 7 14.3 14.3 18 14 28.6

Bankruptcies

4 4 7 0.0 -42.9 10 13 -23.1

Proposals

4 3 0 33.3 -- 8 1 700.0
New Brunswick 7 4 1 75.0 600.0 18 22 -18.2

Bankruptcies

6 3 0 100.0 -- 16 13 23.1

Proposals

1 1 1 0.0 0.0 2 9 -77.8
Quebec 466 475 383 -1.9 21.7 1,613 1,456 10.8

Bankruptcies

378 388 312 -2.6 21.2 1,326 1,185 11.9

Proposals

88 87 71 1.1 23.9 287 271 5.9
Ontario 216 185 130 16.8 66.2 699 667 4.8

Bankruptcies

147 137 93 7.3 58.1 501 484 3.5

Proposals

69 48 37 43.8 86.5 198 183 8.2
Manitoba 9 5 8 80.0 12.5 32 34 -5.9

Bankruptcies

5 4 6 25.0 -16.7 24 30 -20.0

Proposals

4 1 2 300.0 100.0 8 4 100.0
Saskatchewan 14 11 18 27.3 -22.2 44 41 7.3

Bankruptcies

11 8 17 37.5 -35.3 30 34 -11.8

Proposals

3 3 1 0.0 200.0 14 7 100.0
Alberta 46 27 32 70.4 43.8 153 143 7.0

Bankruptcies

34 19 20 78.9 70.0 102 100 2.0

Proposals

12 8 12 50.0 0.0 51 43 18.6
British Columbia 39 14 22 178.6 77.3 91 117 -22.2

Bankruptcies

29 12 14 141.7 107.1 64 79 -19.0

Proposals

10 2 8 400.0 25.0 27 38 -28.9
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 1 -100.0

Bankruptcies

0 0 0 -- -- 0 1 -100.0

Proposals

0 0 0 -- -- 0 0 --
Canada 807 733 603 10.1 33.8 2,684 2,506 7.1

Bankruptcies

616 579 471 6.4 30.8 2,087 1,949 7.1

Proposals

191 154 132 24.0 44.7 597 557 7.2
Table 3a: BIA Insolvencies Filed by Corporations
- Volume % Change 12-Month Period Ending 
Q1 2022 Q4 2021 Q1 2021 Q4 2021
to
Q1 2022
Q1 2021
to
Q1 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador  0 1 1 -100.0 -100.0 4 4 0.0

Bankruptcies

0 0 1 -- -100.0 3 4 -25.0

Proposals

0 1 0 -100.0 -- 1 0 --
Prince Edward Island 1 0 0 -- -- 2 1 100.0

Bankruptcies

1 0 0 -- -- 2 0 --

Proposals

0 0 0 -- -- 0 1 -100.0
Nova Scotia 5 1 4 400.0 25.0 7 7 0.0

Bankruptcies

1 1 4 0.0 -75.0 2 7 -71.4

Proposals

4 0 0 -- -- 5 0 --
New Brunswick 2 4 1 -50.0 100.0 10 12 -16.7

Bankruptcies

2 3 0 -33.3 -- 9 9 0.0

Proposals

0 1 1 -100.0 -100.0 1 3 -66.7
Quebec 402 418 332 -3.8 21.1 1,408 1,284 9.7

Bankruptcies

342 357 284 -4.2 20.4 1,205 1,073 12.3

Proposals

60 61 48 -1.6 25.0 203 211 -3.8
Ontario 127 131 90 -3.1 41.1 472 465 1.5

Bankruptcies

95 105 72 -9.5 31.9 372 368 1.1

Proposals

32 26 18 23.1 77.8 100 97 3.1
Manitoba 5 0 2 -- 150.0 16 10 60.0

Bankruptcies

3 0 1 -- 200.0 12 9 33.3

Proposals

2 0 1 -- 100.0 4 1 300.0
Saskatchewan 3 0 9 -- -66.7 9 18 -50.0

Bankruptcies

3 0 9 -- -66.7 6 16 -62.5

Proposals

0 0 0 -- -- 3 2 50.0
Alberta 20 15 18 33.3 11.1 83 82 1.2

Bankruptcies

16 13 12 23.1 33.3 61 61 0.0

Proposals

4 2 6 100.0 -33.3 22 21 4.8
British Columbia 19 8 15 137.5 26.7 43 85 -49.4

Bankruptcies

14 7 10 100.0 40.0 32 56 -42.9

Proposals

5 1 5 400.0 0.0 11 29 -62.1
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 1 -100.0

Bankruptcies

0 0 0 -- -- 0 1 -100.0

Proposals

0 0 0 -- -- 0 0 --
Canada 584 578 472 1.0 23.7 2,054 1,969 4.3

Bankruptcies

477 486 393 -1.9 21.4 1,704 1,604 6.2

Proposals

107 92 79 16.3 35.4 350 365 -4.1
Table 3b: BIA Insolvencies Filed by Individual Businesses
- Volume % Change 12-Month Period Ending 
Q1 2022 Q4 2021 Q1 2021 Q4 2021
to
Q1 2022
Q1 2021
to
Q1 2022
03-31-2022 03-31-2021 % Change
Newfoundland and Labrador  1 2 1 -50.0 0.0 7 6 16.7

Bankruptcies

1 2 1 -50.0 0.0 7 6 16.7

Proposals

0 0 0 -- -- 0 0 --
Prince Edward Island 0 2 0 -100.0 -- 3 0 --

Bankruptcies

0 2 0 -100.0 -- 2 0 --

Proposals

0 0 0 -- -- 1 0 --
Nova Scotia 3 6 3 -50.0 0.0 11 7 57.1

Bankruptcies

3 3 3 0.0 0.0 8 6 33.3

Proposals

0 3 0 -100.0 -- 3 1 200.0
New Brunswick 5 0 0 -- -- 8 10 -20.0

Bankruptcies

4 0 0 -- -- 7 4 75.0

Proposals

1 0 0 -- -- 1 6 -83.3
Quebec 64 57 51 12.3 25.5 205 172 19.2

Bankruptcies

36 31 28 16.1 28.6 121 112 8.0

Proposals

28 26 23 7.7 21.7 84 60 40.0
Ontario 89 54 40 64.8 122.5 227 202 12.4

Bankruptcies

52 32 21 62.5 147.6 129 116 11.2

Proposals

37 22 19 68.2 94.7 98 86 14.0
Manitoba 4 5 6 -20.0 -33.3 16 24 -33.3

Bankruptcies

2 4 5 -50.0 -60.0 12 21 -42.9

Proposals

2 1 1 100.0 100.0 4 3 33.3
Saskatchewan 11 11 9 0.0 22.2 35 23 52.2

Bankruptcies

8 8 8 0.0 0.0 24 18 33.3

Proposals

3 3 1 0.0 200.0 11 5 120.0
Alberta 26 12 14 116.7 85.7 70 61 14.8

Bankruptcies

18 6 8 200.0 125.0 41 39 5.1

Proposals

8 6 6 33.3 33.3 29 22 31.8
British Columbia 20 6 7 233.3 185.7 48 32 50.0

Bankruptcies

15 5 4 200.0 275.0 32 23 39.1

Proposals

5 1 3 400.0 66.7 16 9 77.8
Northwest Territories 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --

Bankruptcies

0 0 0 -- -- 0 0 --

Proposals

0 0 0 -- -- 0 0 --
Canada 223 155 131 43.9 70.2 630 537 17.3

Bankruptcies

139 93 78 49.5 78.2 383 345 11.0

Proposals

84 62 53 35.5 58.5 247 192 28.6