Consumer, business insolvencies kept rising in November

Business insolvencies rose 41.8 per cent year-over-year in the third quarter of 2023, surpassing pre-pandemic levels.

However, consumer insolvencies in the third quarter were still below pre-pandemic levels.

In November, that trend continued — business insolvencies were higher than in November 2019, while consumer insolvencies were a little lower.

On the heels of that data, MNP LTD, Canada’s largest insolvency practice, reported an all-time low in Canadians’ current debt perception.

Twenty-two per cent of respondents in an Ipsos survey commissioned by the firm saying they perceive their current debt situation as much worse compared to a year ago. Based on a five-year lookback, 28% saw a darkening in their debt picture.

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