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Canadian business insolvencies rise almost 42 per cent from last year

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Nederland Laatste Nieuws,Nederland Headlines

OTTAWA — Canadian business insolvencies were up 41.8 per cent from a year earlier in the third quarter, surpassing pre-pandemic levels.

The Office of the Superintendent of Bankruptcy says 1,129 businesses filed for a bankruptcy or proposal in the third quarter, up 3.6 per cent from the second quarter.Consumer insolvency filings were up 17.

8 per cent from last year, but down 2.4 per cent from the second quarter. The Canadian Association of Insolvency and Restructuring Professionals says businesses are being hit by the withdrawal of COVID-19 support, higher interest rates and softening consumer spending.

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Nederland Laatste Nieuws, Nederland Headlines