The total number of insolvencies filed increased in May compared to April, but is down more than 2 percent since May 2024, according to data from the Office of the Superintendent of Bankruptcy.
In May, the number of insolvencies was up 2.3 percent over April, but was down 2.6 percent from May last year, the report found.
Consumer insolvencies made up the largest number of filings at 12,004 for May 2025, which included 2,631 bankruptcies and 9,373 proposals.
Consumer proposals are agreements made between a borrower and lender that requires just a portion of the loan to be paid back, reducing the amount owed and the time it takes to pay it back….