Business insolvencies spike in first quarter, consumer insolvencies also rise

  • 📰 BurnabyNOW_News
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 77%

Business News News

Business Business Latest News,Business Business Headlines

OTTAWA — Business insolvencies surged 87.2 per cent year-over-year in the first quarter of 2024, while consumer insolvencies rose 14 per cent.

Data from the Office of the Superintendent of Bankruptcy released Friday shows business insolvencies totalled 2,003, with 1,599 of those being bankruptcies.

“Now that the CEBA loan deadline has passed, businesses have the added financial burden of monthly loan repayments and their accompanying interest payments. These new debt obligations may make the future more difficult to navigate," said CAIRP chair André Bolduc in the press release. "A perfect storm of economic challenges is brewing, with high mortgage renewal rates, soaring rental prices, and elevated costs of everyday necessities," he added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in BUSİNESS

Business Business Latest News, Business Business Headlines