Canada reeling under increase in bankruptcies cases in September
07 Nov 2008
The global financial crisis and the impact of the impeding recession has affected world economies. Canada today is reeling under the number of bankruptcies cases rising to 18.7 per cent in September than that of the corresponding period in August.
According to a report from the superintendent of bankruptcy, in September there were 8,836 bankruptcies in the country, an increase of 1,400 cases reported in August and an increase of around 2,000 cases reported for the corresponding period in September 2007.
The September figures showed an increase of 18.7 per cent from that of August and a 28.4 percent increase from September 2007.
The number of bankruptcies over 12 months through September was up 6.4 per cent to 91,434 from 85,969 in the corresponding 12-month period through September 2007.
The consumer bankruptcies increased 19.6 per cent in September at 8,347 from 6,977 in August, and has increased about 2,000 than in September 2007.
The number of consumer bankruptcies over 12 months through September was 85,243 consumer bankruptcies, an increase of 7.2 per cent from 79,546 in the 12-month period through September 2007.
The business bankruptcies rose by 4.3 per cent from 469 in August to 489 in September, and around 40 more than in September 2007. Whereas the business bankruptcies for the 12-month period through September 2008 was down 3.6 per cent to 6,191 from 6,423 in the 12-month period through September 2007.
