Business insolvencies in Canada spike in first quarter, consumer insolvencies also rise

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa Taps Business to Create Office to End Rail MonopolySouth Africa has asked companies to help it set up an office to facilitate the entry of private operators onto the continent’s biggest rail network for the first time.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

OpenAI bids for Japan business as it opens Tokyo officeExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

OpenAI makes pitch for business in Japan as it opens Tokyo officeOpenAI CEO Sam Altman said the Tokyo office is the first step in what he hopes is ‘a long-term partnership with the people of Japan, government leaders, businesses and research institutions’
Source: globeandmail - 🏆 5. / 92 Read more »