Business Insolvencies Surge in January, Driven by Rising Bankruptcies

Business Insolvencies Surge in January, Driven by Rising Bankruptcies

11 Jun, 2024

Business Insolvencies Surge in January, Driven by Rising Bankruptcies

Business insolvencies more than doubled in January compared to a year earlier, also surpassing pre-pandemic levels for the month. The Office of the Superintendent of Bankruptcy reports 759 business insolvencies in January, a 42.4 percent increase from December and a 129.3 percent increase from January 2023.

Before the pandemic, January 2020 saw 308 business insolvencies, which included both bankruptcies and proposals. This January, the most significant increases in business insolvencies were in accommodation and food services, retail trade, and construction.

Business bankruptcies rose more sharply year over year than proposals. Consumer insolvencies also increased in January, but not as sharply. They rose 23.5 percent year over year and remained lower than January 2020 levels.

 


Related News

Canadian Share Market Struggles Amid Trade War Despite Metals Deals

03 Apr, 2025

Canada’s equity market struggled in the first quarter due to…
Read More
Canadian Entrepreneurs Accelerate Growth, Scaling Ambitions Reach New Heights

02 Apr, 2025

Entrepreneurs in Canada are demonstrating resilience by leveraging multiple income…
Read More
Canadian Business Leaders Lose Confidence in U.S. as Reliable Trade Partner

06 Mar, 2025

Canadian business leaders are shifting operations due to trade war…
Read More
Canadian Business Leaders Doubt U.S. as Reliable Trade Partner

03 Mar, 2025

Canadian business leaders are reevaluating their trade relationships amid concerns…
Read More
B.C. Small Business Confidence Lowest in Canada, Survey Reveals

28 Feb, 2025

Confidence among Canadian small businesses is declining, with British Columbia…
Read More
Canadian Business Leaders Urge Trudeau to Recall Parliament for U.S. Trade Deal

13 Feb, 2025

More than 100 Canadian business leaders have urged Prime Minister…
Read More

© 2025 Business International News. All rights reserved | Powered by Cred Matters.