(OTTAWA) The number of insolvency cases filed by Canadian businesses in 2022 increased 37.2% from the previous year, the Office of the Superintendent of Bankruptcy said.
A total of 3,402 business insolvency cases were registered last year, compared to 2,480 in 2021.
Business bankruptcies stood at 2,621 for the year, down from 1,942 a year earlier, while business proposals filed stood at 781, down from 538 in 2021.
The federal regulator pointed out that the sectors that saw the biggest increase in insolvency cases were accommodation and food services and construction. The mining and oil and gas extraction sector and the finance and insurance sector have seen the largest declines in the number of insolvency files.
Consumer insolvency filings in 2022 were 100,184, up 11.2% from 90,092 in 2021.
Consumer data included 24,586 bankruptcies, down from 27,461 the previous year, while proposals rose to 75,598, down from 62,631 in 2021.