NEWS FLASH! May 5, 2010:
Insolvencies decline by 6.7% in February, 2010.
Consumer Bankruptcies were down by 15.7% in February, 2010 compared with the same month in 2009. (7,606/9,020).
Business Bankruptcies were down by 27.2% in February, 2010 compared with the same month in 2009. (346/475).
Proposals were up by 25.5% in February, 2010 compared with the same month in 2009. (3,546/2,825).
For the 12 months ended February 28, 2010 insolvencies were up by 23.3% compared with the 12 months ended February 28, 2009. (157,324/127,578).
The Office of the Superintendent of Bankruptcy comments on the Insolvency statistics are:
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 9.7 percent in February 2010 from the previous month. Bankruptcies increased by 8.2 percent whereas proposals increased by 13.4 percent. Over the last 10 years, monthly variations between the months of January and February have been mostly positive. Total number of insolvencies filed in the month of February has been lower than the number filed in January only on one occasion over the past 10 years.
In comparison with the same month last year, the total number of insolvencies in February 2010 was 6.7 percent lower than the total number of insolvencies in February 2009. Consumer insolvencies have decreased by 5.7 percent while business insolvencies have decreased by 25.6 percent.
For the 12-month period ending February 28, 2010, total insolvencies increased by 23.3 percent compared with the 12-month period ending February 28, 2009. This is entirely due to an increase in consumer insolvencies.
Business insolvencies for the 12-month period ending February 28, 2010, fell by 11.6 percent compared with the 12-month period ending February 28, 2009. A reduction in insolvencies in agriculture, forestry, fishing and hunting; transportation and warehousing; construction; wholesale trade; and information and cultural industries sectors contributed to this decrease.
For more information and more detailed analysis please refer to this site.
