Issue 18-01: Bankruptcies

January 2, 2018

Total bankruptcies in B.C. fell 13.9% from October 2016 to October 2017. Of the 298 bankruptcies, four were file by businesses, down from six a year earlier. Consumer bankruptcies declined 13.5% over the same period.

For Canada as a whole, there was a 4.7% drop in bankruptcies in October, compared to the same month a year earlier. Consumer bankruptcies fell 5.3% from October 2016 to October 2017; however, there was an 8.2% jump in business bankruptcies.

Across the nation, the largest rise in businesses filing for bankruptcy was in retail trade, where 10 more businesses went bankrupt in October 2017, compared to the same month a year earlier, an increase of 58.5%. The manufacturing (+52.9% or 9 businesses) and accommodation and food services (+24.3% or 9 businesses) industries also recorded notable growth in bankruptcies.

The biggest drops in bankruptcies were in the wholesale trade (-60.0% or 9 businesses) and administrative and support, waste management and remediation services (-56.3% or 9 businesses) industries.

Data Source: Innovation, Science and Economic Development Canada