Insolvencies were down in 2017

Insolvencies were down in 2017

Insolvencies were down in 2017

There was a decrease in the number of consumers becoming officially insolvent in 2017 according to figures from the Office of the Superintendent of Bankruptcy Canada.

Consumer insolvencies overall declined by 2.9% in the 12-months to January 31, 2018 compared to the same period of a year earlier.

Bankruptcies were down 8.8% although consumer proposals were up 3%.

In the month from December 2017 to January 2018 there was an increase in insolvencies, up 8.3% to a total of 9,308. Newfoundland & Labrador saw a 39% rise to 228, while Quebec (13.3%), Alberta (12.8%) and Saskatchewan (11%) also posted double-figure rises.