Business insolvencies surged 87.2 per cent year-over-year in the first quarter of 2024, while consumer insolvencies rose 14 per cent.
The Canadian Association of Insolvency and Restructuring Professionals said that’s by far the largest year-over-year increase in business insolvencies in 37 years of records.The association said in a press release that it’s seeing signs of a significant rise in distress among Canadian businesses as they deal with pandemic debt, higher costs, declining consumer spending and higher interest rates.
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.
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