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

A man looks at his bills in this stock photo. (RODNAE Productions/Pexels)

The number of insolvencies filed by Canadian businesses in 2022 was up 37.2 per cent compared with 2021.

The Office of the Superintendent of Bankruptcy says there were 3,402 business insolvencies last year, up from 2,480 in 2021.

Business bankruptcies totalled 2,621 for the year, up from 1,942, while proposals filed by businesses amounted to 781, up from 538 in 2021.

The federal regulator says the sectors that saw the biggest increase in insolvencies were accommodation and food services businesses and the construction industry. The sectors that saw the biggest drop were mining and oil and gas extraction, and finance and insurance.

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

The consumer figures included 24,586 bankruptcies, down from 27,461 in the previous year, while proposals rose to 75,598 compared with 62,631 in 2021.

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