A closer look at insolvency statistics

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Consumer insolvencies in BC increased overall by 8.9 percent over August 2016.  Consumer proposals increased 13.8 percent while bankruptcies increased 2.0 percent.

The proportion of proposals in consumer insolvencies in BC increased to 60.5 percent of all insolvencies during September while they account for 57.9 percent of all August 2016 insolvencies.

The increase in the percentage of consumer proposal filings shows their increasing popularity of dealing with debt over bankruptcies and other non-legislated options. It also indicates that consumers are seeing the benefits of using a Licensed Insolvency Trustee over other service providers.

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Consumer insolvencies in BC for the 12-month period ending September 30, 2016, decreased overall by 7.9 percent compared with the 12-month period ending September 30, 2015. Consumer bankruptcies decreased by 24.3 percent, while consumer proposals increased by 7.2 percent. Again, it indicates the popularity of this option for consumers in dealing with debt over bankruptcies and other non-legislated options.

The proportion of proposals in consumer insolvencies in BC increased to 60.5 percent during the 12-month period ending September 30, 2016, up from 51.9 percent during the 12-month period ending September 30, 2015.

For the 12-month period ending September 30, 2016, consumer insolvency filings accounted for 97.0 percent of the total insolvency filings.

 

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