broken_legs
04-16-2009, 11:28 PM
Alberta, B.C. lead in bankruptcy rise
Virginia Galt
14:27 EST Thursday, Apr 16, 2009
The economic distress that came late to the West was reflected in Canada's most recent insolvency statistics Thursday, with Alberta and British Columbia leading the country in the increase in bankruptcies.
The number of bankruptcies across Canada in February was up 22.1 per cent from a year earlier and 13.1 per cent higher than in January, the federal office of the Superintendent of Bankruptcy said in its monthly report. In total, there were 9,495 consumer and business bankruptcies in February.
Bankruptcies were up 67.4 per cent year-over-year in Alberta and 44.8 per cent in B.C.
“Alberta, in particular, was riding high [on the oil boom], and when you are riding that high, you have farther to fall,” Laurie Campbell, executive director of Credit Canada, said in an interview.
Ontario, which entered the recession earlier because of the downturn in the manufacturing sector, reported a more moderate 22.3 per cent increase from a year earlier.
Consumers accounted for the increase in overall bankruptcies, while business bankruptcies were down 16.6 per cent year over year.
Ms. Campbell said high levels of personal debt, combined with rising unemployment, are expected to increase the number of consumer bankruptcies over the next few months.
The number of bankruptcies by province, in February, and percentage change from a year earlier:
Newfoundland and Labrador: 223 (up 16.1 per cent)
Prince Edward Island: 47 (down 14.8 per cent)
Nova Scotia: 323 (down 3.9 per cent)
New Brunswick: 211 (up 1.9 per cent)
Quebec: 3,075 (up 15.3 per cent)
Ontario: 3,572 (up 22.3 per cent)
Manitoba: 187 (up 14.7 per cent)
Saskatchewan: 167 (up 20.1 per cent)
Alberta: 750 (up 67.4 per cent)
British Columbia: 937 (up 44.8 per cent
Virginia Galt
14:27 EST Thursday, Apr 16, 2009
The economic distress that came late to the West was reflected in Canada's most recent insolvency statistics Thursday, with Alberta and British Columbia leading the country in the increase in bankruptcies.
The number of bankruptcies across Canada in February was up 22.1 per cent from a year earlier and 13.1 per cent higher than in January, the federal office of the Superintendent of Bankruptcy said in its monthly report. In total, there were 9,495 consumer and business bankruptcies in February.
Bankruptcies were up 67.4 per cent year-over-year in Alberta and 44.8 per cent in B.C.
“Alberta, in particular, was riding high [on the oil boom], and when you are riding that high, you have farther to fall,” Laurie Campbell, executive director of Credit Canada, said in an interview.
Ontario, which entered the recession earlier because of the downturn in the manufacturing sector, reported a more moderate 22.3 per cent increase from a year earlier.
Consumers accounted for the increase in overall bankruptcies, while business bankruptcies were down 16.6 per cent year over year.
Ms. Campbell said high levels of personal debt, combined with rising unemployment, are expected to increase the number of consumer bankruptcies over the next few months.
The number of bankruptcies by province, in February, and percentage change from a year earlier:
Newfoundland and Labrador: 223 (up 16.1 per cent)
Prince Edward Island: 47 (down 14.8 per cent)
Nova Scotia: 323 (down 3.9 per cent)
New Brunswick: 211 (up 1.9 per cent)
Quebec: 3,075 (up 15.3 per cent)
Ontario: 3,572 (up 22.3 per cent)
Manitoba: 187 (up 14.7 per cent)
Saskatchewan: 167 (up 20.1 per cent)
Alberta: 750 (up 67.4 per cent)
British Columbia: 937 (up 44.8 per cent