Highlights
Read the report Insolvency Statistics in Canada—May 2021.
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 7.1% in May 2021 compared to the previous month. Bankruptcies decreased by 9.3% and proposals decreased by 6.0%.
The total number of insolvencies in May 2021 was 20.9% higher than the total number of insolvencies in May 2020. Consumer insolvencies increased by 21.7%, while business insolvencies decreased by 4.1%.
For the 12-month period ending May 31, 2021, the total number of insolvencies decreased by 29.1% compared with the 12-month period ending May 31, 2020.
Consumer insolvencies for the 12-month period ending May 31, 2021, decreased by 29.3% compared with the 12-month period ending May 31, 2020. Consumer bankruptcies decreased by 37.6%, while consumer proposals decreased by 24.4%. The proportion of proposals in consumer insolvencies increased to 67.1% during the 12-month period ending May 31, 2021, up from 62.7% during the 12-month period ending May 31, 2020. For the 12-month period ending May 31, 2021, consumer insolvency filings accounted for 97.3% of total insolvency filings.
Business insolvencies for the 12-month period ending May 31, 2021, decreased by 22.5% compared with the 12-month period ending May 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 educational services experienced the biggest increase in insolvencies.
Three Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 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.