Economics
Consumer Insolvencies in Canada Plunge by Most on Record in May
- Insolvency filings slumped 51% to 6,111 in May: Canada’s OSB
- Covid-19 programs, payment deferrals give borrowers some room
Canadian consumer insolvencies, which include bankruptcies and proposals, were down 8.8% in May from April 2020.
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Government support measures and payment deferrals from creditors are keeping Canadian consumers afloat, resulting in the biggest year-over-year decline in insolvencies dating back to 1988.
Filings declined 51% to 6,111 in May, according to data released Thursday by the Office of the Superintendent of Bankruptcy Canada. That’s also the lowest total volume since 2000.