Inflation, elevated interest rates, market disruptions drove business failures in key sectors
The year 2024 was a difficult one for many B.C. businesses, with a number of insolvencies occurring in a variety of sectors.
Nationally, business insolvencies for the 12‑month period ending Oct. 31 increased by 41.7 per cent year to year, according to the federal Office of the Superintendent of Bankruptcy (OSB). The October data was the most recent available.
Transportation, warehousing, construction, accommodation and food services registered the biggest increases in insolvency numbers, OSB said. Mining, quarrying and oil and gas extraction registered the biggest decreases.
Various factors have contributed to a challenging…
