Insolvencies have remained low during the pandemic, and numbers declined again in October, according to new data from the Office of the Superintendent of Bankruptcy (OSB).

The total number of insolvencies, both bankruptcies and proposals, was down by 0.7% in October compared to the previous month, it reported.

Bankruptcies decreased by 1.2%, and consumer proposals slipped by 0.5%.

Compared with October 2020, the total number of insolvencies was down 8.7%.

The OSB also reported that, for the 12‑month period ended Oct. 31, the total number of insolvencies dropped by 12.5% compared with the same period in 2020.

Consumer bankruptcies were down 21.8%, and consumer proposals decreased by 7.2%.

At the same time, business insolvencies fell by 18.6%.

The retail trade and accommodation and food services sectors led the decline in business insolvencies, the OSB said.