Insolvency rebound among Canadians in Q3

(Ottawa) The number of insolvency cases in Canada edged up in the third quarter compared to the same period last year, with slightly more consumers unable to pay their bills.



The Office of the Superintendent of Bankruptcy said the total number of insolvency cases rose to 21,649 in the third quarter, up from 21,335 a year earlier.

The number of bankruptcies fell to 6,740 from 7,667 a year ago, while the number of proposals – debt settlement offers made to creditors under terms different from the existing ones – rose to 14,909 from 13,668 in the same quarter last year.

The overall increase came as consumer insolvencies reached 21,113 from 20,707 a year ago. The number of consumer bankruptcies fell to 6,324 from 7,164 last year, but consumer proposals fell from 13,543 to 14,789.

Corporate bankruptcies totaled 536 in the quarter, up from 628 in the same quarter last year.

Business bankruptcies totaled 416 in the third quarter, down from 503 a year ago, while proposals fell to 120, from 124 in the same quarter last year.


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