Insolvencies in Canada Declining

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July 18, 2010

To the Top by Alex Proimos

The total number of insolvencies (that is, bankruptcies and proposals) in Canada has been declining! From March to April 2010, they went down by 2.5 percent. Bankruptcies themselves fell by 1.3 percent, while the proposals decreased by 5.2 percent, the Canadian Office of the Superintendent of Bankruptcy reported earlier this week.

If comparing the same four months of 2009 and 2010, this year is much better off. The total number of insolvencies is now 10.1 percent lower than it was a year ago. Business insolvencies fell by 13.2 percent and consumer insolvencies declined by exactly 10 percent. According to the office, the drop in insolvencies in construction, manufacturing, transportation and warehousing, and other services helped the overall fall.

That is fantastic! I am quite proud of the fact that the majority of fresh information, regarding the economy in our country, shows it is not worsening. We certainly can’t say that about other countries, now can we?