Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Canada bankruptcies decline at record pace

|
|
 
  
Published: Dec. 15, 2009 at 12:49 PM
Advertisement

OTTAWA, Dec. 15 (UPI) -- Canadian consumer and business bankruptcies fell a record 27.7 percent in October to 8,816, the federal regulator in Ottawa reported Tuesday.

The monthly decline from September levels coincided with a 15.4 percent increase in the number of credit protection proposals filed to 3,640, the Office of the Superintendent of Bankruptcy Canada said in a release.

Despite the monthly decrease, the fallout from the recession was evident from year-over-year figures on insolvencies, which include proposals and bankruptcies.

"For the 12-month period ending Oct. 31, 2009, total insolvencies increased by 31.9 percent compared [with] the 12-month period ending Oct. 31, 2008," the agency said. "This is entirely due to an increase in consumer insolvencies."

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
  
Join the conversation
Most Popular Collections
The making of the Oscars The Chicago Auto Show The Tibetan Moniam Festival in China
Additional Business News Stories
1 of 21
President Obama Signs Smuggling Prevention Act at White House
View Caption
fark
You're a female air traveler and there's no female TSA agent to screen you? No problem, there's...
Despite their efforts to convince you otherwise, many "foodies" can't, in a blind taste test, tell...
Photoshop this urban underground dweller
Kim Jong Un Dead. I repeat - Un Dead
Nothing is more romantic on Valentine's Day than taking your lover on a tour of New York's sewers...
Man arrested for writing 'bomb' on some toilet paper. "His family says the word 'bomb' is often...