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Canadian business insolvencies in Q3 rose to highest levels since 2009: CAIRP

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Canadian business insolvency filings in the third quarter reached a level not seen since the financial crisis, according to data from the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).

November 13, 2024 at 12:47PM ESTCanadian business insolvency filings in the third quarter reached a level not seen since the financial crisis, according to data from the Canadian Association of Insolvency and Restructuring Professionals .CAIRP said in a press release Tuesday

“Although quarterly business insolvencies have continued to increase year-over-year, the drop from the previous quarter this year suggests that some businesses are beginning to adjust to the current economic conditions,” André Bolduc, a licensed insolvency trustee and CAIRP chair, said in the release.

According to CAIRP, businesses insolvencies during the third quarter remained 58.6 per cent higher than the level seen before the COVID-19 pandemic in the third quarter of 2019. Monthly data also showed business insolvencies during the month of September rose 11.5 per cent from the previous year and 8.3 per cent compared to August of this year.

 

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