Canadian Bankruptcy Statistics - (1980 - 2013)

NEWS FLASH! April 30, 2013:

Insolvencies decrease by 10.8% in February, 2013 compared with the same month the previous year.

• Consumer Bankruptcies were down by 8.6% for the year ended February 28, 2013 compared with the previous year (70,650/77,326).
• Business Bankruptcies were down by 13% for the year ended February 28, 2013 compared the previous year. (3,175/3,651).
• Proposals were up by 2.9% for the year ended February 28, 2013 compared with the previous year. (48,101/46,764).
• For the 12 months ended February 28, 2013 insolvencies were down by 4.6% compared with the previous year. (121,926/127,741).

April 30, 2013: - Statistics released on the Internet by Industry Canada

A Comparison of the Rates of Change in Business Bankruptcies and Consumer Bankruptcies over the Years 1990 - 2011.

One of the most significant changes in bankruptcies over the last few years is the remarkable decline in business bankruptcies and the even more remarkable increase in the consumer bankruptcy rate. The chart, below illustrates this. In the years 1990 to 2011 business bankruptcies declined 68.7%, while consumer bankruptcies, in the same period increased a whopping 122%!

 

	Business Bankruptcies	Consumer Bankruptcies
2011	3,643	77,993
1990	11,642	42,782
Increase (Decrease)	(7,999)	35,211
% Increase (Decrease)	(68.7%)	121.5%

Bankruptcies and Proposals: 2002-2011

	2004	2005	2006	2007	2008	2009	2010	2011
Cons. Bank.	84,426	84,638	79,218	79,796	90,610	116,381	92,694	77,993
Bus. Bank.	8,128	7,519	6,756	6,307	6,164	5,420	4,072	3,643
Proposals	18,386	19,650	20,655	22,727	26,460	36,640	43,468	46,138
Total	110,940	111,807	106,629	108,830	123,234	158,441	140,234	127,774

 

 

2008 Consumer Bankruptcy Statistics Comparison with U.S. / Per Capita Rates
(Note: N.W.T., Yukon & Nunavut are omitted.)

The latest U.S. bankruptcy statistics for the year ended December 31, 2008 reports 1,074,225 (Note: 1) consumer filings. The U.S. population, projected to December 31, 2008, by the U.S. Bureau of the Census, is 303,825,000. This is a rate of 4.7 filings/thousand.

The latest Canadian bankruptcy statistics for the year ended December 31, 2008 reports consumer insolvency (bankruptcy and consumer proposals) filings of; 115,789. Statistics Canada reports the Canadian population, projected to July 1, 2008 to be 33,213,000. This is a rate of 3.5 filings/thousand. Saskatchewan has the lowest rate in Canada with 1.8 insolvencies per thousand.

 

Jurisdiction	#Cons. Insolv.	Population (,000)	# Bankruptcies per thousand
Atlantic	10,268	2,311	4.4
Quebec	34,276	9,593	3.6
Ontario	50,442	12,942	3.9
Prairies (includes Alberta)	11,856	5,739	2.1
Alberta	7,388	3,512	2.1
B.C.	8,882	4,420	2.0
Canada	115,789	33,213	3.5
U.S. Year Ended Dec. 31, 2007 (Note: 1)	1,416,902	303,825	4.7

Note: 1 The number of reported US consumer bankruptcies and Chapter 13 (Proposals) filings has been increased by 31.9% in order to give the number of people who filed bankruptcy. In accordance with a study reported in September, 2001, Young, Old, and in Between: Who Files for Bankruptcy? By Dr. Teresa Sullivan, Dr. Deborah Thorne and Professor Elizabeth Warren 31.9 % of the filings for the year ended June 30, 2001 were joint filings of husband and wife.

A similar adjustment for Canada was not required because in Canada joint bankruptcy filings are uncommon.

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