Consumer bankruptcy filings rose 16.3% in November 2022 compared to the same month last year, while corporate bankruptcies rose 58.3%, according to the Office of the Superintendent of Bankruptcy of Canada.
For the 12-month period ended November 30, consumer bankruptcy filings increased 9.5% and corporate bankruptcy filings increased 37.8% year-over-year.
The total number of bankruptcies in November 2022 increased by 7.3% month-on-month and 17.5% year-on-year, the office added.
The increase in consumer bankruptcy filings for the 12-month period is due to the increase in consumer filings that are less serious than bankruptcies. It rose 18.9% and accounted for three quarters of all consumer bankruptcies.
The sectors with the largest increases in bankruptcy filings over the year were hospitality and construction.
The largest declines were seen in the mining and oil and gas production, finance and insurance sectors.
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