The Office of the Superintendent of Bankruptcy says the number of Canadian insolvencies increased 8.4 per cent over the past 12 months to September.
The number of consumer insolvencies (bankruptcies and proposals) increased to 8.5 per cent compared with the same period a year earlier, while business insolvencies grew by 4.1 per cent.
The mining, oil and gas extraction sector led the way on the business side, growing by 55.2 per cent, followed by information and cultural industries at 42.1 per cent. The finance and insurance sector was up 27.6 per cent.
(Sponsored)
‘Prenup of business law’: Reasonable expectations in shareholder disputes
The scenario: You’re a 60 per cent shareholder. Your business partner holds the other 40 per cent. And you’ve just found a third party who wants to buy you out.
How Carleton is using simulation and visualization to improve training, design and human performance
From healthcare to aviation to architecture, simulation and visualization tools have become an essential part of training, analysis and decision-making in sectors that rely on precision. At Carleton University, researchers
Consumer insolvencies grew the most in Newfoundland and Labrador and Alberta at about 15 per cent.
Regionally, business insolvencies in the past 12 months rose almost 71 per cent in Newfoundland and Labrador, followed by 75 per cent in Prince Edward Island, 23.4 per cent in British Columbia and 9.9 per cent in Alberta. Ontario and Quebec together accounted for 83 per cent of total business insolvencies in Canada but each province experienced modest growth of 4.1 and 2.6 per cent respectively.
Saskatchewan was the only province to experience a decrease as the number of business insolvencies fell 14.9 per cent.
