Insolvencies Up in Canada in November, Alberta Helping Lead the Way

The latest figures from the Office of the Superintendent of Bankruptcy Canada show the number of Canadian businesses and consumers financially going under jumped significantly in November compared to a year ago, Globalnews.ca reported. Alberta had some of the highest number of consumer insolvencies. Donna Carson, a financial insolvency trustee with MNP Ltd. Calgary, said she wasn’t surprised. “We’ve been seeing spikes in insolvencies in Alberta for the last two-and-a-half years or so,” Carson said on Friday. Total insolvencies in Alberta in November 2018 — including actual bankruptcies and proposals — for were up 20.2 per cent from November 2017. Consumer insolvencies alone saw a rise of 20.9 per cent. The blame is often put on consumers overspending and racking up too much debt. According to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Canadians owed $1.78 in credit market debt, which includes consumer credit and mortgage and non-mortgage loans, for every dollar of household disposable income in the third quarter. Read more

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