Canadian business insolvencies up 37.2 per cent in 2022, consumer insolvencies up 11.2 per cent

The variety of insolvencies filed by Canadian companies in 2022 was up 37.2 per cent in contrast with 2021.

The Office of the Superintendent of Bankruptcy says there have been 3,402 business insolvencies final yr, up from 2,480 in 2021.

Business bankruptcies totalled 2,621 for the yr, up from 1,942, whereas proposals filed by companies amounted to 781, up from 538 in 2021.

The federal regulator says the sectors that noticed the largest improve in insolvencies had been lodging and meals providers companies and the development business. The sectors that noticed the largest drop had been mining and oil and gasoline extraction, and finance and insurance coverage.

Insolvency filings by shoppers in 2022 totalled 100,184, up 11.2 per cent from 90,092 in 2021.

The shopper figures included 24,586 bankruptcies, down from 27,461 within the earlier yr, whereas proposals rose to 75,598 in contrast with 62,631 in 2021.