(Dreamstime)

By Canadian Press

Government financial support pushes Canadian insolvencies to lowest level in 20 years

Feb 5, 2021 | 12:00 PM

OTTAWA – Canadian insolvency filings hit a 20-year low last year as government financial support offset the shock and economic uncertainty caused by COVID-19.

The Office of the Superintendent of Bankruptcy says there were 99,244 consumer bankruptcies and proposals along with business bankruptcies in 2020, down 30 per cent from the prior year.

Total insolvencies plunged almost 40 per cent from the peak in 2009, with consumer insolvencies down 30 per cent from 2019 to an 18-year-low.

Consumer filings decreased 33.5 per cent in the fourth quarter.

All provinces registered lower consumer filings in 2020, with Prince Edward Island leading with a 43.1 per cent decrease while Manitoba had the smallest decrease at 19.7 per cent.

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Business insolvencies fell 24 per cent to reach their lowest level since tracking began in 1987.

(The Canadian Press)