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OSB: Canadian bankruptcy rises in February

For the 12-month period ended February 28, 2022, the total number of bankruptcies increased by 0.8% compared to the 12-month period ended February 28, 2021.

In February 2022, there were 7,392 bankruptcy filings by consumers and 276 by businesses.

Ontario posted the largest number of consumer bankruptcy (2,526), ​​while Alberta saw the largest percentage increase (up 20% month-on-month). For businesses, Quebec had the highest (148) and although Nova Scotia saw a 300% increase (up 4), Ontario led the volume growth (up 45 to 80).

A recent report by Hoyes, Michaelos & Associates showed that bankrupt Canadians had their highest debt burden in 5 years.

Proposal or bankruptcy?

Consumers continue to use bankruptcy resolutions as the main option, accounting for more than 70% of all filings in the 12 months to February 28, 2022. Businesses still file for bankruptcy.

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