Insolvencies in Canada surged by a third in January compared with a year ago as consumers struggled with rising prices and higher interest rates, the Office of the Superintendent of Bankruptcy said Wednesday.
filed in the first month of the year, up 33.7 per cent from 6,779 in January 2022.
"The impacts of high inflation and numerous interest rate hikes are taking their toll on Canadians," said Andre Bolduc, a licensed insolvency trustee and vice-chairman of the Canadian Association of Insolvency and Restructuring Professionals. Meanwhile, business insolvency filings for January were up 55.4 per cent compared with a year ago as they totalled 331, up from 213 in January 2022.
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