Business and consumer insolvencies rise in May from last year

Canadian insolvencies rose in May from last year as elevated inflation and interest rates continue to hit businesses and consumers.

Data from the Office of the Superintendent of Bankruptcy shows total insolvencies were up 19.2 per cent from May 2023 and up 3.1 per cent from April.

The overall figures came as consumer insolvencies totalled 12,195 in May for a rise of 3.4 per cent from April and an increase of 11.3 per cent from last year. 

Business insolvencies were down from April, falling 3.8 per cent to 530, but up 41.7 per cent from last year.