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Business and consumer insolvencies rise in May from last year

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TORONTO — Canadian insolvencies rose in May from last year as elevated inflation and interest rates continue to hit businesses and consumers.

Data from the Office of the Superintendent of Bankruptcy shows total insolvencies were up 19.2 per cent from May 2023 and up 3.1 per cent from April.

Business insolvencies were down from April, falling 3.8 per cent to 530, but up 41.7 per cent from last year. -- The US Gulf Coast is probably the only place in the world where two men with virtually no experience running an energy business could upend a vast industry while becoming billionaires in the process.

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