July Records 15 Percent In Insolvencies Rate

There has been a decline in the number of Canadian citizens that have filed for insolvency or consumer proposals. The number dropped by 15.6 percent in July, unlike the previous month. Nonetheless, the figure is still 3.5 percent higher over the years.

The Office of the Superintendent of Bankruptcy Canada made it clear in a recent report, the decrease of bankruptcy rate in every province during that month. However, some years showed a sharp rise. The areas to see the largest increase in percentage in just a year till the end of July 2016 were Yukon and Nunavut. The number for Yukon was 10 and Nunavut were 50. Despite this, the number was insignificantly low.

The percentages in Alberta were high, as well as the real numbers which increased by 35.5 percent to 12,180. The bankruptcy rate in the year ending July of 2016 dropped lower, in places like Ontario, Quebec, BC and New Brunswick. Meanwhile, PEI, Newfoundland and Labrador, Manitoba and Northern Territories along with Nova Scotia and Saskatchewan experienced an increase in insolvencies.