A Closer Look at November 2017 Insolvency Stats

Consumer insolvencies in BC increased in November 2017 by 14.7 percent from October 2017.  Consumer proposals increased 11.7 percent while bankruptcies decreased 19.7 percent.

The proportion of proposals in consumer insolvencies in BC accounted for 60.32 percent during November 2017 while they accounted for 55.22 percent for all insolvencies across Canada for the same period.

Consumer insolvencies in BC for the 12-month period ending November, 2017, decreased by 0.9 percent compared with the 12-month period ending November, 2016. Consumer bankruptcies decreased by 1.7 percent, while consumer proposals decreased by 0.4 percent. Consumer insolvencies in all of Canada are down by 1.3 percent over the same period last year.  BC accounted for 8.24 percent of all insolvencies in Canada in November 2017.

The proportion of proposals in consumer insolvencies in BC was 60.32 percent during the 12-month period ending November, 2017, slightly up from 60.0 percent during the 12-month period ending November 2016.  It indicates the popularity of consumer proposals as a way for consumers to deal with their debt and with dealing with a Licensed Insolvency Trustee over other unregulated service providers.

While insolvencies across Canada are down overall by 1.7 percent, bankruptcies are down 11.8 percent but proposals are up by 9.2 percent.

The insolvency statistics indicate the increasing benefits of the protections provided to consumers under the Bankruptcy and Insolvency Act over other non-legislated options, whether that is a consumer proposal or a bankruptcy.   It also indicates that consumers are seeing the benefits of seeking the professional advice of a Licensed Insolvency Trustee rather than those of other non regulated service providers.

If you would like to know exact details of how a consumer proposal or a bankruptcy would benefit you in dealing with debt, call us at (604) 605-3335 to schedule a free consultation.

Call us.  It’s not too late.

See this article for more on Canadian insolvency statistics for July 2017.