The number of insolvencies registered an upswing in February, according to new data from Statistics Canada.
StatsCan reports that the total number of insolvencies, which includes both outright bankruptcies and consumer proposals, rose by 3.5% in February, compared to the prior month. The number of bankruptcies increased by 2%, whereas the number of proposals rose by 4.5%.
On a year-over-year basis, the total number of insolvencies in February was up by 5.1%, with consumer insolvencies rising by 5.4% over that period. At the same time, business insolvencies decreased by 5.1%.
StatsCan also says that for the 12-month period that ended Feb. 28, the total number of insolvencies increased by 3.2%, compared with the same period a year ago (12 months ending Feb. 28, 2018).
Among consumers, the total number of insolvencies increased by 3.3% over the 12-month period ending Feb. 28. Bankruptcies were down by 4.7% over that time frame, while consumer proposals jumped by 10.5%.
Business insolvencies decreased by 1.6% over the same 12-month period, led by a decline in the number that occurred in the manufacturing sector.