Business insolvencies spike in first quarter, consumer insolvencies also rise

Business insolvencies surged 87.2 per cent year-over-year in the first quarter of 2024, while consumer insolvencies rose 14 per cent.

Data from the Office of the Superintendent of Bankruptcy released Friday shows business insolvencies totalled 2,003, with 1,599 of those being bankruptcies. 

The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) said that's by far the largest year-over-year increase in business insolvencies in 37 years of records. 

Business insolvencies rose 31.7 per cent from the fourth quarter of 2023.