Issue 18-42 Bankruptcies

February 28, 2018

In December 2017, there was a decrease of 13.1% in overall bankruptcies compared to December 2016. Of the 299 bankruptcies, seven were filed by businesses, down from 20 business bankruptcies registered in December last year. Consumer bankruptcies also went down (‑9.9%) in December, compared to the same month a year earlier.

For Canada as a whole, bankruptcies went down by 7.1% in December, compared to the same month last year, with both consumers (‑6.8%) and businesses (-12.8%) registering declines.

Transportation and warehousing saw the largest decrease in the number of businesses filing for bankruptcy (‑59.1% or 13 businesses) compared to December 2016. The largest increase in the number of business bankruptcies in December compared to the same month last year was in other services except public administration industry which grew by seven businesses or 116.7% (this industry includes services such as funeral services, laundry services, repair and maintenance, and professional and religious organizations).

Annual Bankruptcies 2017

In 2017, 4,146 consumers filed for bankruptcy in British Columbia, down 12.1% from the year before. Business bankruptcies fell 21.5% in 2017, from 149 in 2016, to reach 117 filings. Nationally, bankruptcies for both consumers (‑8.5%) and businesses (‑6.4%) also fell in 2017 to reach a combined 60,669 filings.

Data Source: Innovation, Science and Economic Development Canada