Archive for June, 2010

Canadian Insolvencies decline by 6.5% in March, 2010.

Thursday, June 10th, 2010

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NEWS FLASH! June 10, 2010:

Insolvencies decline by 6.5% in March, 2010.

Consumer Bankruptcies were down by 17.0% in March, 2010 compared with the same month in 2009. (8,784/10,578).

Business Bankruptcies were down by 20.5% in March, 2010 compared with the same month in 2009. (403/507).

Proposals were up by 30.9% in March, 2010 compared with the same month in 2009. (4,135/3,159).

For the 12 months ended March 31, 2010 insolvencies were up by 18.1% compared with the 12 months ended March 31, 2009. (156,402/132,405).

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 15.9 percent in March 2010 from the previous month. Bankruptcies increased by 15.5 percent whereas proposals increased by 16.6 percent. Over the last 10 years, the total number of insolvencies filed in the month of March was higher than the total number filed in February, except on one occasion.

The total number of insolvencies in March 2010 was 6.5 percent lower than the total number of insolvencies in March 2009. Consumer insolvencies have decreased by 6.1 percent while business insolvencies have decreased by 14.5 percent.

For the 12-month period ending March 31, 2010, total insolvencies increased by 18.1 percent compared with the 12-month period ending March 31, 2009. This is entirely due to an increase in consumer insolvencies.

Business insolvencies for the 12-month period ending March 31, 2010, fell by 11.6 percent compared with the 12-month period ending March 31, 2009. A reduction in insolvencies in the construction; transportation and warehousing; agriculture, forestry, fishing and hunting; and manufacturing sectors contributed to this decrease.

For more information and more detailed analysis please refer to this site.

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The First Canadian Law Apps for the iPhone, the iPod Touch and the iPad.

Wednesday, June 2nd, 2010

lawappsbannersmallThe Canadian Law Site has launched its website www.LawApps.ca, featuring 30 Law Apps for the iPhone, iPod Touch and the iPad. The Canadian Law Site is the first company to make available Canadian Law Apps.

These apps will appeal to the legal profession, trustees in bankruptcy and other professionals required to be up to date with the law. Some of the apps are the Divorce Act, including Child Support Amounts by Province, the Bankruptcy and Insolvency Act and the Ontario PPSA (Personal Property Security Act). The law apps are accessible without WiFi or an Internet connection. They are lightning fast and cost a fraction of the cost of traditional law books.

The most expensive app is $9.99; most are $6.99 and five apps are free. The apps are organized so you can find references up to 10 times faster than with a traditional Act. You can copy and paste key sections to Notes or to an email message as well as bookmark key Sections.

These Law Apps will be an excellent tool for the practitioner as he or she will always have critical information at hand without lugging around heavy law books. They will also be invaluable in court for looking up references on the fly.

For more information please refer to the Canadian Law Apps website, including their FAQ page.

Posted in Canadian Bankruptcy News | 3 Comments »