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BC Bankruptcy Statistics – December 2016

March 8, 2017

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Consumer insolvencies decreased by 22.7% in British Columbia during the month of December.

BC Bankruptcy Statistics for December

Consumer bankruptcies declined by 19.6%, whereas consumer proposals decreased by 25.2%. In total, there were 707 consumer insolvencies in BC during the month of December. This marked the lowest number of consumer insolvencies filed in BC since August 2010. Year to date, there have been 10,806 consumer filings in BC which is down 6.7% for the year.

The decrease in insolvencies during December marked the seventh month in a row where BC had year-over-year declines in consumer insolvencies. With a relatively low unemployment rate in BC, it appears individuals may be able to resolve their financial issues, or at least postpone a formal insolvency filing.

Nationally, consumer insolvency filings decreased by 8.6% during the month of December. Provinces that were negatively affected by weak oil prices, continued to see increasing consumer insolvencies, including Alberta (+19.1%), Saskatchewan (+17.3%) and Newfoundland (+39.5%). On the other hand, provinces that benefitted from a weak Canadian dollar and are strong in manufacturing, tourism and film industry exhibited a substantial decrease in consumer insolvencies. These provinces included BC (-22.7%), Ontario (-18.1%) and Quebec (-4.4%).

Consumer proposals continued to be popular with 54% of insolvency filings in BC being consumer proposals. Consumer proposals offer many people a legal means to avoid bankruptcy and settle with their creditors for a portion of the total amount owing while still retaining their assets.

Source: Office of the Superintendent of Bankruptcy, Insolvency Statistics

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