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BC Bankruptcy Statistics – October 2016

January 5, 2017

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Consumer insolvencies decreased by 12.0% in British Columbia last year during the month of October. This was led by a decrease of 19.6% in consumer bankruptcies and a decrease of 5.4% in consumer proposals. In total, there were 796 consumer insolvencies in October and 9,204 consumer filings in 2016.

The decrease in insolvencies during the month of October marks the fifth month in a row where British Columbia’s monthly consumer insolvency filings have declined.

Nationally, consumer insolvency filings decreased by 1.8% during the month of October. Provinces that saw increases in consumer filings, due to weak oil prices, include Manitoba (+41.5%), Saskatchewan (+28.6%), Alberta (+18.0%) and New Brunswick (+17.1%). Provinces that benefited from a weak Canadian dollar in the manufacturing, tourism and film industries exhibited the largest declines in consumer insolvencies. These provinces include British Columbia (-12.0%), Newfoundland and Labrador (-10.0%), Quebec (-6.3%) and Ontario (-5.5%).

Consumer proposals continued to be popular last year in British Columbia with 57% of insolvency filings during the month of October being consumer proposals. Consumer proposals offer many people a legal means to avoiding bankruptcy and settling 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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