HomeBusinessBankruptcies rise 22.5 per cent compared with last year

Bankruptcies rise 22.5 per cent compared with last year


Statistics Canada says shopper insolvencies rose 22.5 per cent within the third quarter compared with a year earlier, marking the most important proportion improve in 13 years.


The federal company says shopper insolvency filings elevated 2.3 per cent quarter over quarter.


However, shopper filings had been down 25.5 per cent compared with the third quarter in 2019.


Bankruptcy filings by each companies and shoppers had been down all through the pandemic due to authorities subsidy packages.


But filings have been rising steadily as subsidies ended, inflation persists and rates of interest have been rising quickly.


Inflation in September was 6.9 per cent.


This report by The Canadian Press was first revealed Nov. 9, 2022.

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