April 17th, 2024

Business insolvencies leap higher in January from a year earlier, led by bankruptcies

By The Canadian Press on March 5, 2024.

Business insolvencies more than doubled in January compared with a year earlier, and far surpassing pre-pandemic levels for the month. A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. THE CANADIAN PRESS/Adrian Wyld

OTTAWA – Business insolvencies more than doubled in January compared with a year earlier as they also surpassed pre-pandemic levels for the month.

The Office of the Superintendent of Bankruptcy says there were 759 business insolvencies in January, up 42.4 per cent from December and up 129.3 per cent from January 2023.

Before the pandemic began, January 2020 saw 308 business insolvencies, which included both bankruptcies and proposals.

The biggest increases in business insolvencies this January were in accommodation and food services, retail trade, and construction.

Business bankruptcies also rose more sharply year over year than proposals.

Consumer insolvencies also rose in January, but not nearly as sharply. They rose 23.5 per cent year over year and remained lower than January 2020.

This report by The Canadian Press was first published March 5, 2024.

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