Canadian Consumer and Business Insolvencies on Track for Large Gains In 2019

Canada is on track this year to record the largest increase in consumer insolvency filings in a decade and the first increase in business insolvencies since 2001, says a national association of insolvency and restructuring professionals, Try-City News reported. The total number of Canadian insolvencies increased 8.4 per cent over the past 12 months to September, according to a report from the federal government's Office of the Superintendent of Bankruptcy. The number of consumer insolvencies — which accounted for the vast majority of filings — increased to 8.5 per cent compared with the same period a year earlier, while business insolvencies grew by 4.1 per cent. "We're very confident that 2019 as a calendar year will also be the first increase in business insolvencies that we would have experienced since 2001," says Grant Christensen, CEO of the Canadian Association of Insolvency and Restructuring Professionals. Read more