Bankruptcies continue to decline on a monthly basis in Canada as the economy recovers.
Total bankruptcies in the country fell 4 per cent in November from a month earlier, while proposals slipped 0.1 per cent, the Office of the Superintendent of Bankruptcy Canada said Thursday. A proposal is an offer to creditors to settle debts under conditions other than the existing terms.
Consumer bankruptcies, which soared for much of last year, fell 3.8 per cent in November, extending a 28.4-per-cent slide in October. Business bankruptcies fell 7.7 per cent, after registering an 11.9-per-cent slide in October.
Insolvencies have been declining on a monthly basis as the labour market stabilized and the economy returned to growth in the fall. They are still higher than year-earlier levels though, with total insolvencies - which include bankruptcies and proposals - 12.8 per cent higher than last November.