Alberta insolvencies on the rise as COVID relief comes to an end yyc
show 1,402 insolvency filings in the province in November, the most since March 2020 when there were 1,492. There were also 1,402 in February of 2020. Filings dropped to 1,000 in April 2020 as pandemic-related support programs such as CERB began to come online.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Filings in Alberta bottomed out at 881 in August 2020, and fluctuated between 900 and 1,200 a month over the next 18 months.Article content Michelle Statz, a licensed insolvency trustee with Bromwhich+Smith, said they have been waiting for the other shoe to drop in the wake of the expiration of financial pandemic supports.Article content
“As trustees, we have been speculating since then when are they going to increase, because at some point that’s not sustainable,” she said. “At some point there’s going to be some kind of stressors that impact this and we’re going to see insolvencies go up.”
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