Business insolvencies rise in 19.2% May from final yr

Article content material

TORONTO — Canadian insolvencies rose in May from final yr as elevated inflation and rates of interest proceed to hit companies and customers.

Data from the Office of the Superintendent of Bankruptcy exhibits complete insolvencies have been up 19.2 per cent from May 2023 and up 3.1 per cent from April.

The general figures got here as client insolvencies totalled 12,195 in May for an increase of three.4 per cent from April and a rise of 11.3 per cent from final yr.

Business insolvencies have been down from April, falling 3.8 per cent to 530, however up 41.7 per cent from final yr.

Some sectors have seen steeper rises although, corresponding to development the place the 92 insolvencies labored out to a 24.3 per cent enhance from April and up 109.1 per cent from May final yr.

The Canadian Association of Insolvency and Restructuring Professionals says client insolvencies are at their highest quantity since October 2019, whereas year-over-year enterprise insolvency ranges have been constantly rising for two.5 years.

Share this text in your social community