Canadian Bankruptcy and Proposal Filings Reached a New High in 2005.
Canadian bankruptcy and proposal filings reached a new high in 2005 with 111,807 filings. The previous high was in 2003 when there were 111,415 filings.
The latest bankruptcy statistics for December, 2005 were released on the internet by Industry Canada on February 3, 2006. Bankruptcies remain high despite Canada’s very strong economy. Personal bankruptcies and personal proposals for 2005 again exceed 100,000. Business bankruptcies carry on with a downward trend started more than a decade ago with a 2005 decline of 7.5 % from 2004.
There is a clear and noticable division in the consumer bankruptcy rate in Canada based on geography:
The maritimes and Newfoundland and Labrador saw an increase in bankruptcies in 2005 over 2004 of 7.6% (10,137/9,423).
Ontario and Quebec experienced a slight increase in 2005 over 2004 of 1.3% (59,161/58,408).
The West saw a decline in bankruptcies in 2005 over 2004 of 7.6% (22,774/24,654).
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