Insolvency numbers continue to climb in Canada, according to the latest data from the Office of the Superintendent of Bankruptcy (OSB).
In September, the total number of insolvencies, including both bankruptcies and debt restructuring proposals, rose by 5.8% from the previous month. Bankruptcies were up by 5.0% and the number of proposals increased by 6.3%, the OSB reported.
The total number of insolvencies in September was 18.4% higher than same month in 2018. Consumer insolvencies were up 19.3%, whereas business insolvencies dropped by 12.8% from September 2018.
The OSB also reported that, for the 12-month period ending Sept. 30, the total volume of insolvencies increased by 8.4% from the prior 12-month period.
Consumer bankruptcies decreased by 1.8% year over year, but consumer proposals increased by 17.0%. Business insolvencies also increased by 4.1% in the 12 months ended Sept. 30.