Highlights
Read the report Insolvency Statistics in Canada—May 2016.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 1.2 percent in May 2016 from the previous month. Bankruptcies decreased by 2.3 percent and proposals increased by 0.1 percent.
The total number of insolvencies in May 2016 was 11.0 percent higher than the total number of insolvencies in May 2015. Consumer insolvencies increased by 11.1 percent, while business insolvencies increased by 9.0 percent.
For the 12-month period ending May 31, 2016, the total number of insolvencies increased by 4.4 percent compared with the 12-month period ending May 31, 2015.
Consumer insolvencies for the 12-month period ending May 31, 2016, increased by 4.7 percent compared with the 12-month period ending May 31, 2015. Consumer bankruptcies increased by 0.8 percent, while consumer proposals increased by 9.2 percent. The proportion of proposals in consumer insolvencies increased to 48.5 percent during the 12-month period ending May 31, 2016, up from 46.5 percent during the 12-month period ending May 31, 2015. For the 12-month period ending May 31, 2016, consumer insolvency filings accounted for 96.9 percent of the total insolvency filings.
Business insolvencies for the 12-month period ending May 31, 2016, decreased by 3.1 percent compared with the 12-month period ending May 31, 2015. The two sectors that registered the biggest decrease in the number of insolvencies were transportation and warehousing; and wholesale trade. Construction; and real estate and rental and leasing experienced the biggest increase in insolvencies.
Seven Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 2016. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada—May 2016 report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.