Highlights
Read the report Insolvency Statistics in Canada—February 2016.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 21.6 percent in February 2016 from the previous month. Bankruptcies increased by 22.1 percent and proposals increased by 21.1 percent.
The total number of insolvencies in February 2016 was 9.5 percent higher than the total number of insolvencies in February 2015. Consumer insolvencies increased by 9.7 percent, while business insolvencies increased by 3.3 percent.
For the 12-month period ending February 29, 2016, the total number of insolvencies increased by 3.5 percent compared with the 12-month period ending February 28, 2015.
Consumer insolvencies for the 12-month period ending February 29, 2016, increased by 3.8 percent compared with the 12-month period ending February 28, 2015. Consumer bankruptcies decreased by 1.0 percent, while consumer proposals increased by 9.5 percent. The proportion of proposals in consumer insolvencies increased to 48.2 percent during the 12-month period ending February 29, 2016, up from 45.7 percent during the 12-month period ending February 28, 2015. For the 12-month period ending February 29, 2016, consumer insolvency filings accounted for 96.8 percent of the total insolvency filings.
Business insolvencies for the 12-month period ending February 29, 2016, decreased by 3.4 percent compared with the 12-month period ending February 28, 2015. The three sectors that registered the biggest decrease in the number of insolvencies were transportation and warehousing; wholesale trade; and professional, scientific and technical services. Construction experienced the biggest increase in insolvencies.
Six Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in February 2016. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada—February 2016 report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.
Read the report Insolvency Statistics in Canada—February 2016.