The number of consumer insolvency files increased by 16.3% in November 2022 compared to the same month the previous year, while that for business insolvencies increased by 58.3%, the Office of the Superintendent of Bankruptcy of Canada.
For the 12-month period ended November 30, the number of consumer insolvency files increased by 9.5% compared to the previous year, and the number of business insolvency files increased by 37 .8%.
The total number of insolvency cases in November 2022 rose 7.3% month-over-month and 17.5% year-over-year, the office added.
The increase in the number of consumer insolvency files for the 12-month period is attributable to the growth in the number of consumer proposals, which are less serious than bankruptcies. It increased by 18.9% and accounted for three quarters of all consumer insolvency cases.
The sectors that saw the largest increases in insolvency filings during the year were accommodation and food services and construction.
The mining and oil and natural gas extraction industry and the finance and insurance industry recorded the largest declines.