Alberta has seen an 18.5% spike in personal insolvency over this last year.

Thats according to Zaki Alam, a Senior VP with MNP Limited, where he specializes in consumer and corporate insolvency.

Alam says a series of lay-offs in the oil-patch is much to blame, but the downturn in the price of oil has had far reaching effects.

Even business like restaurants, all these businesses have started to see a pull-back in the amount of business theyre getting.

Alam also says that a number of business are taking extraordinary measures to stave off layoffs or corporate insolvency, such as a roll back of overtime hours, and job-sharing.

Alam says many Alberta companies have come to a realization, which may mean a slower build of industrial …

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