Consumer insolvencies edge lower

Consumer insolvencies edge lower

Consumer insolvencies edge lower

The overall number of consumer insolvencies moved lower in May but there were some regional spikes.

The Office of the Superintendent of Bankruptcy Canada has just released figures showing a 1% decrease in the 12 month period ending May 31, 2018. Consumer bankruptcies decreased by 7.8%, while consumer proposals increased by 5.7%.

The proportion of proposals in consumer insolvencies increased to 54.2% during the 12-month period ending May 31, 2018, up from 50.7% during the 12-month period ending May 31, 2017.

Month-over-month consumer insolvencies increased by 5.7% with New Brunswick (10.2%) and Newfoundland and Labrador (19.1%) posting the largest gains.

The largest year-over-year increases were in PEI (43.5%) and Newfoundland and Labrador (25.2%).

Business insolvencies for the 12-month period ending May 31, 2018, decreased by 4.0% compared with the 12-month period ending May 31, 2017.

 


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