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Insolvency activity picked up in November, according to new data from the Office of the Superintendent of Bankruptcy (OSB).

The agency reported that the overall number of both bankruptcies and consumer proposals rose by 8.9% month over month in November, with bankruptcies up by 8.3% and consumer proposals jumping 9.2%.

Compared with the same month in 2020, the number of insolvencies was up by 2.5% in November.

Despite the monthly uptick, insolvencies were still down by 8.9% for the 12‑month period ended Nov. 30 compared with the same period in 2020, the OSB reported.

Business insolvencies were down by 15.4% in the period, while consumer insolvencies came in 8.7% lower year over year.

In the 12-month period, the decline in the number of insolvencies was led by the retail, accommodation and food services sectors, the OSB said.