Highlights
Insolvency Statistics in Canada—May 2012

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 6.1 percent in May 2012 from the previous month. Bankruptcies increased by 4.8 percent, whereas proposals increased by 8.4 percent.

The total number of insolvencies in May 2012 was 3.6 percent higher than the total number of insolvencies in May 2011. Consumer insolvencies have increased by 3.9 percent, while business insolvencies have decreased by 5.6 percent.

For the 12-month period ending May 31, 2012, the total number of insolvencies decreased by 6.9 percent compared with the 12-month period ending May 31, 2011.

Consumer insolvencies for the 12-month period ending May 31, 2012, decreased by 6.9 percent compared with the 12-month period ending May 31, 2011. Consumer bankruptcies decreased by 13.0 percent, while consumer proposals increased by 5.0 percent. The proportion of proposals in consumer insolvencies increased to 38.0 percent during the 12-month period ending May 31, 2012, up from 33.7 percent during the 12-month period ending May 31, 2011. For the 12-month period ending May 31, 2012, 96.3 percent of total insolvencies were filed by consumers.

Business insolvencies for the 12-month period ending May 31, 2012, fell by 5.7 percent compared with the 12-month period ending May 31, 2011. The four sectors that registered the biggest decrease in the number of insolvencies were retail trade; real estate and rental and leasing; transportation and warehousing; and wholesale trade, whereas the accommodation and food services sector had the biggest rise in insolvencies.

Three Companies’ Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in May 2012. Please refer to the CCAA Records for additional details. Note: The Insolvency Statistics in Canada—May 2012 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—May 2012.