Canadian Business Insolvencies Surged 87% Higher In Q1
Canada’s increasingly hostile business environment is starting to show up in the data. Office of the Superintendent of Bankruptcy (OSB) data shows a sharp increase for business insolvencies in Q1 2024. A weak consumer combined with a soaring cost of doing business has led to a surge in businesses seeking protection from creditors. Experts warn the issue is likely much worse, since the vast majority of businesses that shutter don’t make an insolvency filing, they simply close their business.
Canadian Business Insolvencies Jump 87% Higher
Canadian business insolvencies have climbed sharply over the past few months. The OSB received 2,003 business insolvency filings in Q1 2024, an increase of 31.7% from the previous quarter. First quarter filings were a whopping 87.2% higher than the same quarter last year. …[Continue Reading]