Bankruptcy Filings lowered in January.
Insolvency Statistics in Canada — January 2010
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 6.7 percent in January 2010 from the previous month. Bankruptcies decreased by 9.4 percent whereas proposals increased by 0.3 percent. Over the last 10 years, the number of insolvencies in January has usually been higher than the number in December. The decrease in insolvencies in January 2010 was the largest decrease recorded for January in 20 years.
The total number of insolvencies in January 2010 was 2.7 percent lower than the total number of insolvencies in January 2009. Consumer insolvencies have decreased by 1.9 percent while business insolvencies have decreased by 18.5 percent.
For the 12-month period ending January 31, 2010, total insolvencies increased by 26.4 percent compared with the 12-month period ending January 31, 2009. This is entirely due to an increase in consumer insolvencies.
Business insolvencies for the 12-month period ending January 31, 2010, fell by 10.3 percent compared with the 12-month period ending January 31, 2009. A reduction in insolvencies in the agriculture, forestry, fishing and hunting; construction; transportation and warehousing; and information and cultural sectors contributed to this decrease.
In January 2010, five Companies’ Creditors Arrangement Act (CCAA) proceedings were filed. For additional details, refer to CCAA Records. Note: Insolvency Statistics in Canada — January 2010, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.
Read the report Insolvency Statistics in Canada — January 2010