2024 Q1 business insolvencies increased 87.2% YoY, marking the largest surge in 37 years, driven by pandemic debt, higher costs, declining consumer spending, and higher interest rates.
Business insolvencies surged 87.2% year-over-year in Q1 2024, with 2,000 cases (87% being bankruptcies), marking the largest increase in 37 years. Consumer insolvencies also rose 14%, totalling nearly 34,000 cases. The Canadian Association of Insolvency and Restructuring Professionals links this to pandemic debt, higher costs, declining consumer spending, and higher interest rates.
May 03, 2024
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