NEWS FLASH! February 14, 2011:

Insolvencies decline by 1.6% in November, 2010.

Consumer Bankruptcies were down by 6.9% in November, 2010 compared with the same month in 2009. (7,893/8,482).

Business Bankruptcies were down by 15.4% in November, 2010 compared with the same month in 2009. (335/396).

Proposals were up by 12.0% in November, 2010 compared with the same month in 2009. (4,199/3,749).

For the 12 months ended November 30, 2010 insolvencies were down by 10.5% compared with the 12 months ended November 30, 2009. (141,111/157,688).

The comments by the Superintendent of Bankruptcy are as follows:
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 5.2 percent in November 2010 from the previous month. Bankruptcies increased by 1.1 percent, whereas proposals increased by 14.2 percent. Over the past 10 years, there were only three years when the total number of insolvencies filed in the month of November was lower than the total number filed in October.

The total number of insolvencies in November 2010 was 1.6 percent lower than the total number of insolvencies in November 2009. Consumer insolvencies have decreased by 0.9 percent, while business insolvencies have decreased by 17.8 percent.

For the 12-month period ending November 30, 2010, total insolvencies decreased by 10.5 percent compared with the 12-month period ending November 30, 2009. It is worth noting that the total volume of insolvency still remains 21.4 percent higher than the
12-month period (October 2007 – September 2008) preceding the recession.

For the 12-month period ending November 30, 2010, consumer insolvencies decreased by 10.0 percent compared with the 12-month period ending November 30, 2009. Consumer bankruptcies decreased by 19.5 percent, while consumer proposals increased by 22.4 percent. For the same period, 96.3 percent of total insolvencies were filed by consumers.

Business insolvencies for the 12-month period ending November 30, 2010, fell by 22.9 percent compared with the 12-month period ending November 30, 2009. A reduction in the number of insolvencies among the retail trade; manufacturing; transportation and warehousing; accommodation and food services; and construction sectors largely contributed to this decrease.

The proportion of proposals in consumer insolvencies increased to 31.0 percent during the 12-month period ending November 30, 2010, up from 22.8 percent during the 12-month period ending November 30, 2009. This increase may be an indication that consumers are taking advantage of changes to the Bankruptcy and Insolvency Act. The changes, implemented on September 18, 2009, allow consumers more flexibility in filing proposals.

For more information and more detailed analysis please refer to this site.

NEWS FLASH! January 7, 2011:

Insolvencies decline by 9.1% in October, 2010.

Consumer Bankruptcies were down by 11.0% in October, 2010 compared with the same month in 2009. (7,844/8,816).

Business Bankruptcies were down by 31.9% in October, 2010 compared with the same month in 2009. (292/429).

Proposals were down by 2.1% in October, 2010 compared with the same month in 2009. (3,677/3,754).

For the 12 months ended October 31, 2010 insolvencies were down by 9.6% compared with the 12 months ended September 30, 2009. (141,311/156,255).

The comments by the Superintendent of Bankruptcy are as follows:

While the number of insolvencies — bankruptcies and proposals — filed during the 12 months ending October 2010 was less than the number filed during the previous 12 months ending October 2009, the number of consumer insolvencies filed in Canada was still 22.5 percent higher than the pre-recession level of 2007–2008.

It’s important for Canadians to be aware of the risks and possible consequences of taking on a large amount of debt. Significant events, such as a change in employment or income, a change in family status or a serious illness, can cause a huge drain on finances. The combination of a large amount of debt and the sudden occurrence of a major life event could lead to the harsh realities of insolvency.

James Callon
Superintendent of Bankruptcy
Highlights

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 0.2 percent in October 2010 from the previous month. Bankruptcies increased by 0.2 percent, whereas proposals increased by 0.1 percent. Over the past 10 years, there were only two years when the total number of insolvencies filed in the month of October was lower than the total number filed in September.

The total number of insolvencies in October 2010 was 9.1 percent lower than the total number of insolvencies in October 2009. Consumer insolvencies have decreased by 8.1 percent, while business insolvencies have decreased by 31.7 percent.

For the 12-month period ending October 31, 2010, total insolvencies decreased by 9.6 percent compared with the 12-month period ending October 31, 2009.

For the 12-month period ending October 31, 2010, consumer insolvencies decreased by 9.0 percent compared with the 12-month period ending October 31, 2009. Consumer bankruptcies decreased by 18.8 percent, while consumer proposals increased by 25.4 percent. For the same period, 96.9 percent of total insolvencies were filed by consumers.

Business insolvencies for the 12-month period ending October 31, 2010, fell by 22.5 percent compared with the 12-month period ending October 31, 2009. A reduction in the number of insolvencies among the manufacturing; transportation and warehousing; retail trade; accommodation and food services; and construction sectors largely contributed to this decrease.

The proportion of proposals in consumer insolvencies increased to 30.4 percent during the 12-month period ending October 31, 2010, up from 22.2 percent during the 12-month period ending October 31, 2009. This increase may be an indication that consumers are taking advantage of changes to the Bankruptcy and Insolvency Act. The changes, implemented on September 18, 2009, allow consumers more flexibility in filing proposals.

In October 2010, two Companies’ Creditors Arrangement Act (CCAA) proceedings were filed. Please refer to CCAA Records for additional details. Note: The Insolvency Statistics in Canada — October 2010 Report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.

For more information and more detailed analysis please refer to this site.

NEWS FLASH! December 2, 2010:

Insolvencies decline by 26.5% in September, 2010.

Consumer Bankruptcies were down by 36.4% in September, 2010 compared with the same month in 2009. (7,822/12,305).

Business Bankruptcies were down by 39.6% in September, 2010 compared with the same month in 2009. (294/487).

Proposals were up by 12.9% in September, 2010 compared with the same month in 2009. (3,672/3,252).

For the 12 months ended September 30, 2010 insolvencies were down by 8.3% compared with the 12 months ended September 30, 2009. (142,497/155,370).

The comments by the Superintendent of Bankruptcy are as follows:

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 7.6 percent in September 2010 from the previous month. Bankruptcies increased by 9.6 percent, whereas proposals increased by 3.5 percent. Over the past 10 years, there were only two years when the total number of insolvencies filed in the month of September was lower than the total number filed in August.

The total number of insolvencies in September 2010 was 26.5 percent lower than the total number of insolvencies in September 2009. Consumer insolvencies have decreased by 26.4 percent, while business insolvencies have decreased by 29.2 percent.

For the 12-month period ending September 30, 2010, total insolvencies decreased by 8.3 percent compared with the 12-month period ending September 30, 2009. This is mainly due to a decrease in business insolvencies.

Business insolvencies for the 12-month period ending September 30, 2010, fell by 21.0 percent compared with the 12-month period ending September 30, 2009. A reduction in the number of insolvencies in the transportation and warehousing; retail trade; manufacturing; construction; and agriculture, forestry, fishing and hunting sectors largely contributed to this decrease.

During the third quarter of 2010, 31.7 percent of consumers filing for an insolvency procedure chose a proposal over a bankruptcy, compared with 20.8 percent during the third quarter of 2009. This increase may be an indication that consumers are taking advantage of changes to the Bankruptcy and Insolvency Act. The changes, implemented on September 18, 2009, allow consumers more flexibility in filing proposals.

For more information and more detailed analysis please refer to this site.

NEWS FLASH: Insolvencies decline by 12.4% in August, 2010.

Consumer Bankruptcies were down by 25.4% in August, 2010 compared with the same month in 2009. (7,115/9,539).

Business Bankruptcies were down by 21.9% in AUgust, 2010 compared with the same month in 2009. (289/370).

Proposals were up by 36.9% in August, 2010 compared with the same month in 2009. (3,547/2,590).

For the 12 months ended August 31, 2010 insolvencies were down by 2.5% compared with the 12 months ended July 31, 2009. (146,753/150,524).

The Office of the Superintendent of Bankruptcy comments on the Insolvency statistics are:
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 1.9 percent in August 2010 from the previous month. Bankruptcies decreased by 0.4 percent, whereas proposals increased by 7.2 percent. Over the past 10 years, there were only three years when the total number of insolvencies filed in the month of August was higher than the total number filed in July.

The total number of insolvencies in August 2010 was 12.4 percent lower than the total number of insolvencies in August 2009. Consumer insolvencies have decreased by 12.1 percent, while business insolvencies have decreased by 20.6 percent.

For the 12-month period ending August 31, 2010, total insolvencies decreased by 2.5 percent compared with the 12-month period ending August 31, 2009. This is mainly due to a decrease in business insolvencies.

Business insolvencies for the 12-month period ending August 31, 2010, fell by 18.5 percent compared with the 12-month period ending August 31, 2009. A reduction in the number of insolvencies in the professional, scientific and technical services; administrative and support, waste management and remediation services; and real estate and rental and leasing sectors contributed to this decrease.

From 1989 to 2009, the proportion of insolvent consumers between 18 and 34 years of age has fallen steadily (from 12.9 percent to 4.4 percent among those 18 to 24 years of age and 43.0 percent to 22.3 percent among those 25 to 34 years of age). Over the same period, the proportion of insolvent consumers among older age groups has increased (from 11.3 percent to 24.7 percent among those 45 to 54 years of age and among those 55 years of age and above the proportion has more than quadrupled from 4.6 percent to 20.6 percent).

In August 2010, one Companies’ Creditors Arrangement Act (CCAA) proceeding was filed. Please refer to CCAA Records for additional details. Note: The Insolvency Statistics in Canada – August 2010 Report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.

For more information and more detailed analysis please refer to this site.

NEWS FLASH! September 20, 2010:

Consumer Bankruptcies were down by 30.6% in July, 2010 compared with the same month in 2009. (7,141/10,294).

Business Bankruptcies were down by 31.9% in July, 2010 compared with the same month in 2009. (294/432).

Proposals were up by 14.4% in July, 2010 compared with the same month in 2009. (3,308/2,891).

For the 12 months ended July 31, 2010 insolvencies were up by 0.6% compared with the 12 months ended July 31, 2009. (148,301/147,387).

The Office of the Superintendent of Bankruptcy comments on the Insolvency statistics are:

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 13.0 percent in July 2010 from the previous month. Bankruptcies decreased by 13.5 percent whereas proposals decreased by 11.8 percent. Over the last 10 years, there were only two years when the total number of insolvencies filed in the month of July was higher than the total number filed in June.

The total number of insolvencies in July 2010 was 21.1 percent lower than the total number of insolvencies in July 2009. Consumer insolvencies have decreased by 20.8 percent while business insolvencies have decreased by 29.7 percent.

For the 12-month period ending July 31, 2010, total insolvencies increased by 0.6 percent compared with the 12-month period ending July 31, 2009. This is entirely due to an increase in consumer insolvencies.

Business insolvencies for the 12-month period ending July 31, 2010, fell by 18.4 percent compared with the 12-month period ending July 31, 2009. A reduction in insolvencies in the manufacturing; transportation and warehousing; other services (except public administration); and retail trade sectors contributed to this decrease.

In July 2010, no Companies’ Creditors Arrangement Act (CCAA) proceedings were filed.

For more information and more detailed analysis please refer to this site.

NEWS FLASH! August 24, 2010:

Insolvencies decline by 14.4% in June, 2010.

Consumer Bankruptcies were down by 23.9% in June, 2010 compared with the same month in 2009. (8,241/10,823).

Business Bankruptcies were down by 31.5% in June, 2010 compared with the same month in 2009. (353/515).

Proposals were up by 21.8% in June, 2010 compared with the same month in 2009. (3,751/3,080).

For the 12 months ended June 30, 2010 insolvencies were up by 5.1% compared with the 12 months ended JUne 30, 2009. (151,175/143,883).

The Office of the Superintendent of Bankruptcy comments on the Insolvency statistics are:

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 7.1 percent in June 2010 from the previous month. Bankruptcies increased by 4.3 percent whereas proposals increased by 14.0 percent. Over the last 10 years, the total number of insolvencies filed in the month of June was higher than the total number filed in May three times.

The total number of insolvencies in June 2010 was 14.4 percent lower than the total number of insolvencies in June 2009. Consumer insolvencies have decreased by 13.7 percent while business insolvencies have decreased by 28.9 percent.For the 12-month period ending June 30, 2010, total insolvencies increased by 5.1 percent compared with the 12-month period ending June 30, 2009. This is entirely due to an increase in consumer insolvencies.

Business insolvencies for the 12-month period ending June 30, 2010, fell by 16.7 percent compared with the 12-month period ending June 30, 2009. A reduction in insolvencies in the transportation and warehousing; retail trade; and other services (except public administration) sectors contributed to this decrease.

In June 2010, no Companies’ Creditors Arrangement Act (CCAA) proceedings were filed.

For more information and more detailed analysis please refer to this site.

NEWS FLASH! July 14, 2010:

Insolvencies decline by 10.1% in April, 2010.

Consumer Bankruptcies were down by 21.1% in April, 2010 compared with the same month in 2009. (8,633/10,936).

Business Bankruptcies were down by 17.8% in April, 2010 compared with the same month in 2009. (435/529).

Proposals were up by 31.1% in April, 2010 compared with the same month in 2009. (3,920/2,990).

For the 12 months ended April 30, 2010 insolvencies were up by 14.0% compared with the 12 months ended April 30, 2009. (154,935/135,927).

The Office of the Superintendent of Bankruptcy comments on the Insolvency statistics are:

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 2.5 percent in April 2010 from the previous month. Bankruptcies decreased by 1.3 percent whereas proposals decreased by 5.2 percent. Over the last 10 years, the total number of insolvencies filed in the month of April was lower than the total number filed in March on six occasions.

The total number of insolvencies in April 2010 was 10.1 percent lower than the total number of insolvencies in April 2009. Consumer insolvencies have decreased by 10.0 percent while business insolvencies have decreased by 13.2 percent.

For the 12-month period ending April 30, 2010, total insolvencies increased by 14.0 percent compared with the 12-month period ending April 30, 2009. This is entirely due to an increase in consumer insolvencies.

Business insolvencies for the 12-month period ending April 30, 2010, fell by 11.9 percent compared with the 12-month period ending April 30, 2009. A reduction in insolvencies in the transportation and warehousing; construction; manufacturing; and other services (except public administration) sectors contributed to this decrease.

For more information and more detailed analysis please refer to this site.

NEWS FLASH! April 12, 2010:

Insolvencies decline by 2.7% in January, 2010.

Consumer Bankruptcies were down by 11.9% in January, 2010 compared with the same month in 2009. (6,998/7,944).

Business Bankruptcies were down by 21.0% in January, 2010 compared with the same month in 2009. (354/448).

Proposals were up by 31.3% in January, 2010 compared with the same month in 2009. (3,128/2,383).

For the 12 months ended January 31, 2010 insolvencies were up by 26.4% compared with the 12 months ended January 31, 2009. (158,146/125,087).

For more information and more detailed analysis please refer to this site.

NEWS FLASH! March 3, 2010:
2009 Records the highest number of Insolvencies in History.

Consumer Bankruptcies were up 28.4% in 2009 compared with 2008 (116,381/90,160).

Business Bankruptcies were down by 12.1% in 2009 compared with 2008 (5,420/6,164).

Proposals were up by 38.5% in 2009 compared with 2008 (36,640/26,460).

Total Insolvencies were up by 28.6% in 2009 compared with 2008 (158,441/123,234).

For more information and more detailed analysis please refer to this site.

NEWS FLASH! January 21, 2010:
Canadian Insolvencies Increased by 12.8% for the Month of November, 2009 compared with the Same Month in 2008.

Consumer Bankruptcies were up 3.9% compared with the same month the previous year.

Business Bankruptcies were down by 21.7% compared with the same month the previous year.

Proposals were up by 48.6% compared with the same month the previous year.

For the 12 months ended November 30, 2009 Insolvencies were up by 31.4% compared with the previous year; (2009:157,688 – 2008:119.982).

For more information and more detailed analysis please refer to this site.