The total number of insolvencies in Canada increased by 6.4 per cent in February from the previous month. Bankruptcies increased by 9.0% and proposals increased by 5.2%. The total number of insolvencies in February was 33.3% lower than the total number in February 2020. Consumer insolvencies decreased by 33.2%, while business insolvencies decreased by 38.0%.

In Saskatchewan, the total number of insolvencies rose about eight per cent month-to-month and fell about 24 per cent year-to-year. The total number of insolvencies in the province in February was 233; 228 of those were consumers.

A proposal is an offer to creditors to settle debts under conditions other than the exiting terms.