Insolvencies Jump In Canada’s Oil Country

5 Sep 2017   Canada

Canada’s oil-producing regions saw the highest increase in insolvencies over the 12 months to June 2017, according to the latest insolvency report by the federal government. Total insolvencies in Alberta were up 11.6 percent over the 12-month period to June, with actual bankruptcies up by 4.5 percent to 5,346, and bankruptcy proposals up by 16.9 percent to 8,015. In Saskatchewan, actual bankruptcies were up 5.5 percent to 1,504, and proposals were up 29.7 percent to 1,682. Total bankruptcies increased 17 percent, making the province the one with the highest increase in total insolvencies. Labrador and Newfoundland completed the top three with total insolvencies up 11.3 percent between June 2016 and June 2017, to 2,436. Actual bankruptcies were down by 7.2 percent, however, while proposals for insolvency increased by 59.7 percent. Excluding consumer insolvencies, where the pattern was the same as in total insolvencies, Alberta businesses had the worst record […]

Tags:

Comments are closed.