Insolvencies rose 12.1 percent last year compared with 2023, with business insolvencies leading the way, up 28.6 percent.
The Canadian Association of Insolvency and Restructuring Professionals says 2024 saw a 15-year high in business and consumer insolvencies, indicating mounting financial pressures.
Construction, transportation and warehousing, and accommodation and food services were the sectors that saw the biggest increases in insolvencies last year, according to the Office of the Superintendent of Bankruptcy. Insolvencies include both bankruptcies and proposals.
Association chair Andre Bolduc says businesses and consumers should expect continued pressure in 2025 amid potential tariffs and mortgage renewals.
Insolvency filings in the fourth quarter of 2024 rose 5.2 percent year-over-year to more than 35,000….