In 2021, the industry of accommodation and food services registered the highest number of bankruptcies of any industry in Canada, with 296 businesses becoming bankrupt during the calendar year. In addition, a further 71 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 2021, 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. (January 27, 2022). Number of business insolvencies in Canada in 2021, by NAICS category [Graph]. In Statista. Retrieved May 22, 2022, from https://www.statista.com/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada. "Number of business insolvencies in Canada in 2021, by NAICS category." Chart. January 27, 2022. Statista. Accessed May 22, 2022. https://www.statista.com/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada. (2022). Number of business insolvencies in Canada in 2021, by NAICS category. Statista. Statista Inc.. Accessed: May 22, 2022. https://www.statista.com/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada. "Number of Business Insolvencies in Canada in 2021, by Naics Category." Statista, Statista Inc., 27 Jan 2022, https://www.statista.com/statistics/1116764/business-insolvencies-canada-naics-category/
Innovation, Science and Economic Development Canada, Number of business insolvencies in Canada in 2021, by NAICS category Statista, https://www.statista.com/statistics/1116764/business-insolvencies-canada-naics-category/ (last visited May 22, 2022)