Personal Bankruptcies on the Rise

Kate Yule
Friday, November 20, 2009

Personal bankruptcies in Canada spiked in September, raising fears that the economy isn’t rebounding as strongly from the recession as previously thought.

The Office of the Superintendent of Bankruptcy says there was a 45.5 per cent rise in personal bankruptcies in September compared to the previous year.

There were 15,465 personal bankruptcies declared in September 2009.

The number of businesses that failed rose 1.6 per cent in September 2009 compared to the same month last year.

The office says that seasonal variations may be behind some of the increase, noting that for the past seven years there were more insolvencies in September than in August.