NEWS FLASH! August 24, 2010:
Insolvencies decline by 14.4% in June, 2010.
Consumer Bankruptcies were down by 23.9% in June, 2010 compared with the same month in 2009. (8,241/10,823).
Business Bankruptcies were down by 31.5% in June, 2010 compared with the same month in 2009. (353/515).
Proposals were up by 21.8% in June, 2010 compared with the same month in 2009. (3,751/3,080).
For the 12 months ended June 30, 2010 insolvencies were up by 5.1% compared with the 12 months ended JUne 30, 2009. (151,175/143,883).
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 7.1 percent in June 2010 from the previous month. Bankruptcies increased by 4.3 percent whereas proposals increased by 14.0 percent. Over the last 10 years, the total number of insolvencies filed in the month of June was higher than the total number filed in May three times.
The total number of insolvencies in June 2010 was 14.4 percent lower than the total number of insolvencies in June 2009. Consumer insolvencies have decreased by 13.7 percent while business insolvencies have decreased by 28.9 percent.For the 12-month period ending June 30, 2010, total insolvencies increased by 5.1 percent compared with the 12-month period ending June 30, 2009. This is entirely due to an increase in consumer insolvencies.
Business insolvencies for the 12-month period ending June 30, 2010, fell by 16.7 percent compared with the 12-month period ending June 30, 2009. A reduction in insolvencies in the transportation and warehousing; retail trade; and other services (except public administration) sectors contributed to this decrease.
In June 2010, no Companies’ Creditors Arrangement Act (CCAA) proceedings were filed.
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