Insolvencies rose 12.1 per cent last year compared with 2023, with business insolvencies leading the way, up 28.6 per cent.
Construction, transportation and warehousing, and accommodation and food services were the sectors that saw the biggest increases in insolvencies in 2024, according to the Office of the Superintendent of Bankruptcy. Insolvencies include both bankruptcies and proposals.
The Canadian Association of Insolvency and Restructuring Professionals says 2024 saw a 15-year high in business and consumer insolvencies – about 375 insolvencies per day.
Association chair Andre Bolduc says businesses and consumers should expect continued pressure in 2025 amid potential tariffs and mortgage renewals.
“The rise in consumer…
