BUSINESS INSOLVENCIES BY SECTOR
Business proposals in the retail sector continued at a similar pattern to the first half of 2023. The Arts/ Entertainment and retail sectors experienced a spike in bankruptcies in January (outliers to previous January numbers), but the numbers started declining significantly in February, bringing them closer to historical patterns. As shown in Figure 4, January 2024 had the highest total insolvencies in the accommodation and food services sector, but this was followed by a significant drop in March. In the construction sector, the total insolvencies have been steadily climbing over the past few years, hitting 92 in both March and May. Real estate bankruptcies were similar year over year, though proposals in June 2024 were up by eight filings year over year.
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Figure 4: Total Insolvencies in Most Affected Sectors
Figure 4: Total Insolvencies in Most Affected Sectors
Total Insolvencies in Most Affected Sectors 2019–2024
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Professional, Scientific and Technical Services Retail Trade Manufacturing Accommodation and Food Services Construction Transportation and Warehousing
RECEIVERSHIPS IN CANADA OVERALL As shown in Figure 5, all months had the highest volume of total receiverships since 2019 or 2020. Court-appointed receiverships in 2024 were much higher than comparable months in 2023 (except February and May) at two to three times the previous year’s monthly numbers (see Figure 6). January had highest value of declared assets under receivership in one month in July 2024, with five to six times the January 2022 and 2023 numbers.
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