Insolvency activity dipped in November 2019, but remained elevated from the previous year, according to new data from the Office of the Superintendent of Bankruptcy Canada (OSB).
Total insolvencies dropped by 10.3% in November 2019 compared to October 2019. Total bankruptcies were down by 12% and consumer bankruptcy proposals decreased by 9.1%, OSB reported.
While insolvencies were down a month-over-month basis, November insolvencies were up by 4.0% from the same month in 2018.
For the 12-month period ending Nov. 30, 2019, the total number of insolvencies was up by 8.7% compared with the same period in 2018.
For the year ended Nov. 30, consumer proposals were up by 17.4%, while consumer bankruptcies were down by 1.9%. Overall, consumer insolvencies were up by 8.9% from the same period in 2018.
Business insolvencies for the 12 months ended Nov. 30 rose by 2.3% compared with the comparable period in 2018, OSB said.