Annual Statistical Report for the 2007 calendar year — Introduction

This Annual Statistical Report contains statistical tabulations for 2007. Following are pertinent definitions, some caveats as to the sources of some of the data and the methodology used to obtain the information for Table 8, entitled "Bankruptcies and Proposals Reported for 2007 by Major Urban Centres."

Definitions

Consumer Bankruptcy

A bankruptcy where an individual has not incurred liabilities as a result of a business venture or where liabilities attributable to a business venture constitute less than 50 percent of the total liabilities owed.

Business Bankruptcy

A bankruptcy that is chiefly attributable to liabilities incurred as a result of carrying on a commercial venture or business; includes proprietorships, partnerships and limited companies.

Proposal

A proceeding under the Bankruptcy and Insolvency Act whereby the debtor, with approval of the creditors and the court, is granted a composition of the debts, an extension of time to pay the debts or a schema to otherwise satisfy the creditors.

Caveat

All of the following statistical tabulations having assets and liabilities as part of their information variables reflect the amounts as they were declared by the debtors in the course of completing their sworn Statement of Affairs.

Methodology

The statistical tabulation "Bankruptcies and Proposals Reported for 2007 by Major Urban Centres" was formulated according to the requirements of the  "Postal delivery area – Geographical classification code conversion table".  This table is issued by the Standards Division of Statistics Canada and shows urban centres having a population of at least 50,000 inhabitants.