OTTAWA — Business insolvencies surged 87.2 per cent year-over-year in the first quarter of 2024, while consumer insolvencies rose 14 per cent.
Small and medium-sized businesses are particularly challenged as they have fewer options for restructuring, he said. Some choose to just shut their doors instead of pursuing formal insolvency proceedings.“The number of consumer insolvencies returned to pre-pandemic levels this quarter, and the risk of insolvency still looms large for many Canadians,” said Bolduc.
An interest-rate cut from the Bank of Canada may be coming soon, but many Canadians have accumulated significant debt, including credit card debt, or have locked in higher mortgage rates, said Bolduc. -- The world’s biggest bond market is back in celebration mode after its worst month in more than a year.