Consumer insolvencies in Canada hit highest number since COVID pandemic began
Global News
During the pandemic, consumer and business insolvency numbers dropped as emergency aid helped buoy individuals and firms alike.
Consumer insolvencies were up 16.3 per cent in November 2022 compared with the same month the year prior, and business insolvencies were up 58.3 per cent.
Meanwhile, consumer insolvencies for the 12-month period ended Nov. 30, 2022 were up 9.5 per cent compared with a year earlier.
Business insolvencies for the 12-month period were up 37.8 per cent.
Total insolvencies in November 2022 were up 7.3 per cent month over month, and up 17.5 per cent year over year.
Insolvency firm Bromwich+Smith said consumer insolvencies in November were at their highest level since March 2020.
“This is the first time we have seen numbers close to pre-pandemic levels,” said licensed insolvency trustee Michelle Statz in a news release from Bromwich+Smith.
During the pandemic, consumer and business insolvency numbers dropped as emergency aid helped buoy individuals and firms alike.
Consumer insolvencies in November 2022 were still below pre-pandemic levels, down more than 20 per cent compared with November 2019.
