NEWS FLASH! December 5, 2007: The bankruptcy statistics for October, 2007 were released on the Internet today. The insolvency rate (consumer bankruptcies, business bankruptcies and proposals) rose by 5.0% in October, 2007 compared with the same month the previous year.
The regional disparity continues. In the West insolvencies are down 12.2% for the year to date, while in the East they are up by 9.2% year to date. These statistics, for the West, reflect the strong demand and high prices for petroleum, wheat, metals and other commodities, driven by fast-growing Asian economies like China and India. In eastern Canada the predominant influence is weak demand and profitability for manufacturers, driven by a slowing U.S. economy, a high Canadian dollar and stagnation in the region’s big forest-products industry.
Consumer Bankruptcies were up 5.1% compared with the same month last year.
Business Bankruptcies were down by 12.8% compared with the same month last year.
Proposals rose by 9.8% compared with the same month last year.
Year to Date Insolvencies rose by 2.3% compared to the same period last year.
Consumer Bankruptcies were up 0.9% compared with the same period last year.
Business Bankruptcies down 6.8% compared with the same period last year.
Proposals rose 10.5% compared with the same period last year.
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