In 2023, the industry of accommodation and food services registered the highest number of bankruptcies of any industry in Canada, with 539 businesses becoming bankrupt during the calendar year. In addition, a further 127 accommodation and food services' businesses made a formal proposal under the Bankruptcy and Insolvency Act to settle their debts under different terms.
Number of business insolvencies in Canada in 2023, by NAICS category
Bankruptcies: any business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.
Proposals: an offer to creditors to settle debts under conditions other than the existing terms, constituting a formal agreement under the Bankruptcy and Insolvency Act.
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Innovation, Science and Economic Development Canada. (November 3, 2023). Number of business insolvencies in Canada in 2023, by NAICS category [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada. "Number of business insolvencies in Canada in 2023, by NAICS category." Chart. November 3, 2023. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada. (2023). Number of business insolvencies in Canada in 2023, by NAICS category. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada. "Number of Business Insolvencies in Canada in 2023, by Naics Category." Statista, Statista Inc., 3 Nov 2023, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada, Number of business insolvencies in Canada in 2023, by NAICS category Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1116764/business-insolvencies-canada-naics-category/ (last visited November 10, 2024)
Number of business insolvencies in Canada in 2023, by NAICS category [Graph], Innovation, Science and Economic Development Canada, November 3, 2023. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1116764/business-insolvencies-canada-naics-category/
