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Bankruptcy

Sergey Kishan

Fewer businesses and consumers filed for bankruptcies this July as the number of insolvencies continue to drop from year-earlier levels.

The total number of insolvencies - which include bankruptcies and proposals - fell 13 per cent in July from the previous month, the Office of the Superintendent of Bankruptcy Canada said Monday. Bankruptcies fell 13.5 per cent while proposals dropped 11.8 per cent.

Levels are down sharply from a year ago. Total insolvencies have tumbled 21.1 per cent from last July, with consumer insolvencies dropping 20.8 per cent and business insolvencies decreasing 29.7 per cent.

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The recent recession, which ended almost a year ago, was characterized by a sharp increase in the number of consumer bankruptcies, though there were far fewer business bankruptcies than in prior downturns.

July insolvencies typically drop from June, the monthly report said, based on patterns over the last decade.

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About the Author

Tavia Grant has worked at The Globe and Mail since early 2005, covering topics from employment and currency markets to trade, microfinance and Latin American economies. She previously worked for Bloomberg News in Toronto and Zurich, writing on mining, stocks, currencies and secret Swiss bank accounts. More

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