Volume of Insolvency Filings
In 2023, a total of 128,043 insolvencies were filed with the Office of the Superintendent of Bankruptcy (OSB), representing a 23.6% increase from 2022. The total volume of insolvencies in 2023 has risen compared to 2020, 2021 and 2022 but remains lower than the volume of insolvencies filed in the pre-pandemic year 2019. Consumer insolvencies increased from 100,184 fillings in 2022 to 123,233 fillings in 2023. The share of proposals among consumer insolvency filings grew by 3.2% from 75.5% in 2022 to 78.7% in 2023. Business insolvencies increased from 3,402 in 2022 to 4,810 in 2023. The number of business insolvencies in 2023 constitutes the highest volume since 2010.
Note that…
In 2023, the Canadian…
