Insolvencies rose 12.1 per cent in 2024, led by business filings
Written by The Canadian Press on February 4, 2025
OTTAWA — Insolvencies rose 12.1 per cent last year compared with 2023, with business insolvencies leading the way, up 28.6 per cent.
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 per cent year-over-year to more than 35,000.
The increase was led by consumer insolvencies, which rose 6.1 per cent, while business insolvencies were down 12.4 per cent in the fourth quarter.
This report by The Canadian Press was first published Feb. 4, 2025.
The Canadian Press